Average Price
Average new seller asking prices have fallen this month by 1.8% (-£6,589) to £364,833. This compares to an average drop over the previous ten years of 1.1% in November. This seasonal slowdown in prices is typical in November, with the Christmas lull arriving early this year.
Supply & Demand
Supply and demand still remain fundamentally stable across the national picture, reflected in relatively stable transaction figures and continued listings. However, the decade-high number of homes available on the market continues to restrict price growth, with many new sellers keen to avoid standing out by over-pricing compared with their competition.
Interest Rates
As well as the forthcoming Budget, many would-be home-movers will have their eyes on the mortgage rate trend and how their affordability is affected. The average two-year fixed mortgage rate is currently 4.41%, which is down from 5.06% at this time last year.
Though the decision to hold the Bank Rate in November rather than cut it will be disappointing to movers, there is still a good chance of a rate cut in December, which would be a welcome early Christmas present for movers.
The current base rate stands at 4%, with the next meeting due on the 18th of December.
Regional Trends: North East
The average price for homes in the North East is £194,267, with a 2.4% 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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