The January House Price Index has landed, with the message of a strong start for the property market this year!
According to Rightmove’s data from the first week of the year, there has been a 15% increase in the number of properties coming to market for sale, which is fantastic news for anyone who has been waiting to see more variety in the types of property available.
Combined with a 5% increase in buyer demand, these two figures mean that we are still looking at a competitive market during the first few months of the year as the increase in demand still outweighs the number of homes listed for sale.
Rightmove has reported that, during the period 27th December 2023 to 14th January 2024, it experienced nine of its ten busiest days for people seeking a mortgage in principle since the service first launched in 2022. This is another early sign that more prospective buyers are now preparing their finances ahead of a move this year.
Sellers, even with the increased demand, competitive pricing is key. Choosing an experienced agent who knows the local market well is as important as ever when deciding on a pricing strategy for your property. Buyer confidence is high, with a 20% increase in sales being agreed compared to last year, so now is the perfect time to take advantage by putting your home on the market.
Buyers, if you have been waiting for a more stable mortgage rate before seeking an agreement in principle, then now could be the perfect time for you to revisit the rates lenders have to offer. While there is still the chance for surprises, five-year rates have decreased considerably from their peak in July last year and are now averaging at 4.86%. With the market settling, you can now be more confident in your home purchase, whether you are a first-time buyer or taking the next step on the ladder.
Wherever you’re at in your property journey, Redbrik is here to guide you through.
Book a valuation with us today to get started.