Sales market update: house prices see biggest January rise since 2020 🏡
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Rightmove's monthly House Price Index shows a positive outlook for house prices in 2024:
🔸 There has been some tentatively promising activity in the first week of the year, markedly stronger than a year ago, as more prospective buyers and sellers seem to have the confidence to get their 2024 moving plans started early...
🔸 Average new seller asking prices rise by +1.3% (+£4,571) month-on-month to £359,748, the biggest December to January increase in prices since 2020
🔸 Though average prices are still -0.7% lower than at this time last year
🔸 The number of new properties coming onto the market for sale is +15% higher than in the same period last year
🔸 Buyer demand in the first week of 2024 is also +5% higher than in the same period last year
🔸 However, competitive pricing from sellers is still vital, with the number of new properties coming to market outpacing the rise in demand
🔸 The number of sales agreed is +20% higher than during the first week of last year, indicating a strong return of buyer confidence when compared with the unsettled post-mini-Budget period a year ago
🔸 Since Christmas, Rightmove has seen nine of its ten busiest days on record for people getting a Mortgage in Principle to see what they can afford to borrow, another early sign of movers getting their 2024 plans in place
🔸 The average 5-year mortgage rate is now 4.86%, compared to 6.11% at the July 2023 peak
🔸 While there may be more surprises to come, early indicators suggest a more stable year for the mortgage market after its volatility from September 2022 onwards
📩 Download Rightmove's HPI Report, click here 📩
Need advice on how to best sell your property? Contact Sales expert Lisa for the best advice on how to plan your sale (lisa.dahl-parsisson@cavendishproperty.co.uk) 📧
📸 Lisa Dahl-Parsisson: Head of Valuations and Asset Management at Cavendish Residential 📸
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🌟 Instant online valuation (immediate response, 60-70% accurate)... Click here 🌟
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