Average Price
Average new seller asking prices drop by 1.2% (-£4,531) this month to £373,709. The continued decade-high level of housing supply for sale is limiting price growth, compounded by the start of the traditional summer holiday season. Summer sellers typically need to work harder compared to the spring to capture distracted buyers’ attention.
Tempting pricing from new sellers is helping to improve buyer affordability, enticing new buyers into enquiring, and helping year-on-year growth in the numbers of sales being agreed.
The North East, which is the least expensive region of Great Britain, has seen a 1.2% increase in prices this month, continuing the trend of cheaper areas seeing faster price growth.
Supply & Demand
Realistic and competitive pricing from new sellers in response to the high-competition market is driving an increase in buyer activity. The number of property sales being agreed is 5% higher than at this time last year, and highest at this time of year since 2021.
Encouragingly for future sales, the number of potential buyers contacting estate agents about available homes for sale is 6% higher than last year. Another knock-on effect of the more muted price trends is improved buyer affordability.
Interest Rates
Rightmove’s mortgage tracker shows that the average two-year fixed mortgage rate is now 4.53% compared with 5.34% at this time last year. For someone purchasing a home at the average asking price, this equates to a saving of nearly £150 per month on a new mortgage over 30 years and with a 20% deposit.
The current base rate stands at 4.25%, with the next meeting due on 7th of August.
Regional Trends: North East
The average price for homes in the North East is £196,844 with a 1.2 increase, and a 2.0% 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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