Average Price
The average price of property coming to the market for sale rises by 1.4% (+£5,312) this month to a new record of £377,182. This is the first monthly price record since May 2024. In a sign of continuing market resilience, this month’s price increase is larger than the average April increase of 1.2%, despite the number of available homes for sale remaining at a 10-year high for the time of year.
Supply & Demand
Overall, across the full month of March, new buyer demand was 5% higher than at the same time last year, and the number of new sellers coming to market was 4% higher.
Interest Rates
The current average five-year fixed mortgage rate of 4.72% is only slightly lower than the average of this time last year, which was 4.84%.
The current base rate stands at 4.5%, with the next meeting due on 8th of May.
Regional Trends: North East
The average price for homes in the North East is £194,213 with a 0.3% increase since last month, and a 2.2% increase since the same period last year. On average, it takes 55 days to sell a property in the North East region.
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Source: Rightmove
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