Positive start to the year continues... Here's the latest round up from the Sales Market 💹
#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
Latest House Price Index from Rightmove:
Stronger buyer demand and sales as market marches into Spring 🌻
🔸 The average price of newly marketed properties rises by 1.5% (+£5,279) this month to £368,118, higher than the historic average March increase of 1.0% and the biggest for 10 months as the market continues its recovery after a muted 2023
🔸 The positive start to the year continues, paving the way for a greater number of home purchases than last year
🔸 With average asking prices still £4,776 below the May 2023 peak, more are seeing a window of opportunity to buy
🔸 The number of sales being agreed is now 13% higher than at this time last year
🔸 Buyer demand is now 8% above last year, led by the less mortgage-rate-sensitive larger homes sector and London
🔸 However, despite a better-than-expected start to the year, the market remains sensitive to pricing and external events:
🔸 Rightmove’s real time data shows the growth in buyer demand was tempered somewhat by a lacklustre Spring
Budget, with no direct help for first-time buyers or mortgage market innovations
🔸 The average time to find a buyer is 71 days, the longest at this time of year since 2019. Attractively priced
properties are quickly being cherry-picked, but over-optimistically priced sellers are taking longer to find a buyer
🔸 The average 5-year mortgage rate is now 4.84% compared to 4.64% five weeks ago, as rates edge up to higher
levels
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📸 Left to right: Emma, Rosie, Lisa and Gary at Cavendish Residential 📸
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#CAVENDISHEXPERTS! The logical choice for Lettings, Sales and Property Management in Nottingham | Cavendish Residential | One Fletcher Gate NG1 1QS | 0115 941 0656 | www.cavendishproperty.co.uk
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