Recent drops in inflation and the anticipation of a base rate cut by the Bank of England in May are setting the stage for a spring rebound despite the figures indicating stability.
Nick Leemings, chairman of Jackson-Stops, reports a 17% increase in home movers compared to last year within their national network, suggesting a potential surge in the coming months. The resurgence of mortgage rates below 4% and a notable rise in housing supply offer buyers more options, with affordability expected to improve further as the year progresses.
Leemings noted that these figures mark the final phase of market activity, indicating a sustained trend of buoyancy. According to his analysis, the current surge in buyer interest aligns with broader market strength as spring unfolds, offering a positive outlook for the market in a year dominated by a general election, where resilience and stability are crucial.
Furthermore, Leemings pointed out a positive trend of increased inquiries and new listings across the Jackson-Stops network, which, if converted, will contribute to a robust sales pipeline in the spring and summer months. While it may be premature to declare 2024 a more decisive market year than 2023, the early signs are potentially promising.
Elsewhere, Nathan Emerson of Propertymark said: “Spring and summer are traditionally the strongest times for people to sell their homes, so we are likely to see a further uptake, making it easier to complete a transaction over the coming months.
“Propertymark’s own Housing Insight Report more recently showed a 129% increase in the number of market appraisals undertaken, showing the growing desire from buyers and sellers to get moving once again.”
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