Average Price
The average price of property coming to the market for sale rises by 0.6% (+£2,335) this month to a new record of £379,517. The seasonality of the property market means that we have now seen a May price record for the last five years.
Supply & Demand
The number of available homes for sale continues to run at a ten-year high, now standing at 14% ahead of this time last year, whereas the year-to-date buyer demand is 3% ahead of the same period last year.
The number of sales agreed in April was 5% ahead of the same period in 2024. This indicates that those buyers who are in the market are serious and are taking advantage of the good choice to get deals done.
Interest Rates
Mortgage lenders have been reviewing affordability criteria and slowly reducing interest rates, helping buyers to borrow more. Rightmove’s weekly mortgage tracker shows that the lowest available two-year fixed mortgage rate is now 3.72%, down from 4.75% last year. The much anticipated second Bank Rate cut of the year has also now finally arrived, which could spur on further rate reductions from lenders.
The current base rate stands at 4.25%, with the next meeting due on 19th of June.
Regional Trends: North East
The average price for homes in the North East is £195,479 with a 0.7% increase since last month, and a 2.8% increase since the same period last year. On average, it takes 51 days to sell a property in the North East region.
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Source: Rightmove
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