Average Price
The average price of properties coming to the sale market rises by 0.8% this month (+£2,974) to £370,759. September nearly always sees a rise in prices from August, but this year’s increase is double the long-term average. This rise in prices beyond the usual seasonal norm has been driven by a strong recovery in activity this summer.
Supply & Demand
The number of sales being agreed between buyers and sellers is up by 27% compared to this time in 2023- a strong rebound compared with last year’s more subdued market. The number of potential buyers contacting agents is also up by 15% compared with this time last year. Buyer choice has been improving, and the average number of available homes for sale per estate agency branch is at its highest since 2014 at 33 homes, but still only up by 3% when compared with the more normal pre-pandemic 2019 market.
Interest Rates
Rightmove’s weekly mortgage tracker shows that the average 5-year fixed rate is now 4.67%. While this is lower than the peak of 6.11% in July 2023, it is still nearly double the 2.34% of this time three years ago, before the first of 14 consecutive Bank Rate rises. While some can afford to move and are seizing the current window of opportunity to act, others will still need to wait for mortgage rates to reduce and affordability to improve further.
Regional Trends: North East
The average price for homes in the North East is £193,706 with a 0.5% increase since last month, and a 5.0% 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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