This month, new seller asking prices increased by 0.9%, equivalent to £3,091 in actual money, reaching £362,839, as noted by Rightmove. This rise aligns with the expected seasonal trend for February.
Average prices have risen by 0.1% compared to last year, marking a reversal from the continuous annual declines since August 2023, suggesting a strengthening market trend.
In the first six weeks of this year, the number of agreed sales is 16% higher than last year. This indicates that early-bird buyers perceive favourable market conditions in 2024 and are taking advantage of the opportunity to make moves.
However, the market remains highly price-sensitive. Accurately priced properties find buyers quickly, while those with inflated price tags linger on the market, potentially missing out on the crucial spring moving season.
Rightmove’s Tim Bannister said:
“We said that February would be an important indicator for the year ahead, and the question was whether the Rightmove Boxing Day bounce in buyer activity would keep its spring into March or lose momentum.
“It’s proved to be the former, with the number of sales agreed to continue to considerably outstrip last year. Early-bird Boxing Day buyers got a head start in cherry-picking from a record level of new property choices and have now been joined by many other buyers who also believe that 2024 offers the right market conditions to move.
“Mortgage rates have fallen considerably from their peak and are now remaining broadly stable after the uncertainty of late 2022 and 2023. Momentum to move in 2024 is continuing to build, but prospective sellers mustn’t get carried away.
“Buyers now have more choice of property for sale, and many are still very price-sensitive, with mortgage rates remaining elevated. Sellers who are serious about moving this year would be well-advised to ride this wave of increased buyer confidence with an attractive asking price before any pre-election jitters or unexpected events dampen the momentum.”
Discover More: Check out our guides for a non-UK resident buying UK property and how to buy a house through your business in the UK for more property insights.
