Average Price
The average price of newly-listed homes for sale for the month of June is £376,191. Summer is typically slower than the spring, with more buyers distracted by sporting events, holidays and better weather, and therefore needing to be tempted by sellers with an attractive price.
The number of homes for sale remains at historically high levels for this time of year, driving price falls as competition to attract a buyer remains fierce among sellers. In a market where choice is high and buyers are more selective, pricing correctly from the outset is increasingly important, with over a third of new listings that come to market not going on to sell.
Supply & Demand
Buyer demand across the month of May is down 10% year-on-year but remains broadly in line with what we’ve seen so far this year. Higher mortgage rates are continuing to weigh on activity as many household budgets are squeezed, while the wider choice of homes for sale is encouraging buyers to take a less urgent approach unless a property really stands out on its price or presentation.
The number of new listed homes coming to the market for sale is down by 5% compared with this time last year, which is another suggestion that the market is settling into its typical seasonal pattern a little earlier than usual. However, the number of listings remains higher than in recent years, up 6% on 2024 and 12% on 2023.
Interest Rates
Mortgage affordability has improved slightly this month, with Rightmove’s daily mortgage tracker showing that the average two-year fixed rate has fallen to 5.07%, from 5.18% at this time last month, reducing the average monthly mortgage payment by around £30.
The current base rate set by the Bank of England stands at 3.75%, with the next meeting due on the 30th of July.
Regional Trends: North East
The average price for homes in the North East is £200,887 with no month-on-month change and a 3.2% increase since the same period last year. On average, it takes 52 days to sell a property in the North East region.
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Source: Rightmove
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