The housing market has began 2024 with a lift in exercise from consumers and sellers.
Common new vendor asking costs rose by 1.3 per cent in January comapred to December, mentioned Rightmove.
That’s equal to a £4,571 improve, taking the typical new asking worth to £359,748, mentioned the property portal.
It marks the largest December to January improve in costs since 2020, though common costs stay 0.7 per cent decrease than a 12 months in the past.
New 12 months increase
Rightmove described the market in January as ‘tentatively promising’, as each purchaser and vendor exercise jumped.
The variety of new properties coming onto the marketplace for sale was 15 per cent larger than in the identical interval final 12 months.
And purchaser demand within the first week of 2024 was additionally 5 per cent larger than in the identical interval final 12 months.
In actual fact, since Christmas, Rightmove has recorded 9 of its 10 busiest days on document for folks getting a Mortgage in Precept to see what they will afford to borrow.
The variety of gross sales agreed rose sharply year-on-year too, by 20 per cent.
Tim Bannister Rightmove’s director of property science, mentioned: “After a stop-start market in 2023, the preliminary indicators counsel a smoother 12 months for movers in 2024.
“Extra new sellers are actually coming into the market, and with extra assured pricing. Whereas the elevated stage of purchaser exercise that we’re additionally seeing might justify a few of this elevated pricing confidence from sellers, it’s essential that sellers who’re eager to discover a purchaser don’t get carried away with New Yr enthusiasm when setting their worth expectations.
“Elevated mortgage charges and the broader cost-of-living squeeze are nonetheless limiting consumers’ spending energy. Correct and sensible pricing for his or her native space is the recipe for fulfillment for sellers seeking to get transferring in 2024, and it’s been confirmed that over-optimistic pricing makes a transfer a lot much less possible.”