Average Price
Average new seller asking prices rise by 0.4% (+£1,517) this month to £370,257. It is the attractive pricing which has continued to drive stronger buying activity in the high supply market, with the number of sales being agreed now 4% higher than at this time last year.
Supply & Demand
Rightmove’s real-time market data has detected no immediate sign of movers changing their plans due to stamp duty and mansion tax rumours. If the government changed the way stamp duty works on properties over £500,000, more than half (59%) of sales in the capital would be affected. By contrast, it is 22% on average across the rest of England, and in the North East it is just 8%.
The number of homes for sale in the south of England is up by 9% on this time last year, compared to 2% across the rest of Great Britain. However, the overall number of sales being agreed is up by 4% on last year. Improved buyer affordability, sensible pricing, and high choice of property are encouraging many to buy.
Interest Rates
We’re now just over a year on from the first Bank Rate cut in over four years in August 2024. Since then, the average two-year fixed mortgage rate has reduced from 5.03% to 4.52%.
The current base rate stands at 4%, with the next meeting due on the 6th of November.
Regional Trends: North East
The average price for homes in the North East is £194,737, with a 0.5% increase since the same period last year. On average, it takes 54 days to sell a property in the North East region.
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Source: Rightmove
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