With 2023 in the rear-view mirror, it’s already shaping up to be an interesting year for the UK property market as we head into 2024.
Rightmove shared their data for the first week of 2024 on the 15th of January, revealing a little of what could be to come later this year.
Property asking prices on the rise
The biggest December to January property price increase Rightmove has experienced since 2020 has just occurred, with the prices of newly listed UK properties up by 1.3% month on month.
That means the average asking price for a newly listed property increased on average by £4,500, with the new average asking price now almost £360,000, providing sellers some hope that property prices could continue to rise.
It was also reported that the number of potential buyers reaching out to real estate agents about properties for sale was 5% higher for the first week of January 2024 than it was for the same period at the start of 2023.
This suggests buyers are regaining some of their confidence in the UK property market.
Buyers are eager to move in 2024
Compared to the start of 2023, the number of properties reaching sale agreed is 20% higher for the start of 2024.
The average time it takes to find a buyer for a property is still high, with it taking an average of 71 days to secure a buyer in December 2023, but an increase in the volume of properties reaching sale agreed suggests we could see wait times reduce in 2024.
The volume of properties put onto the market for sale is also 15% higher than it was for the start of 2023, meaning there are more options for those looking to buy a new property in 2024.
This suggests both buyers and sellers are starting to regain some confidence in the UK property market into the New Year.
Paul Nurding - Managing Director of Embrace Financial Services, said that mortgage customer confidence was definitely on the up.
Time will tell how the UK property market will fair in 2024, and we are holding a quiet optimism. If 2024 is the year to finally make the big move you’ve been thinking about, get in touch with your local branch today to explore your options.
Source: Rightmove - House prices see biggest January rise since 2020, 15/01/24
Reeds Rains E-marketing Executive
