Property asking prices increase into the New Year

Your Move looks at the current property trends, with data showing that property asking prices increase into the New Year.

It was an interesting year for the UK property market in 2023, and just one week into 2024 it looks like it could be another one.

Rightmove has now revealed their statistics for the first week of 2024, and already property asking prices are on the rise.

Spike in property prices

From December 2023 to January 2024 the prices of UK properties newly listed increased by 1.3% month on month.

That’s the biggest property price increase Rightmove has observed since 2020, suggesting 2024 could be a promising for potential sellers.

To put it into perspective, the average asking price for a newly listed property is now almost £360,000, having increased on average by £4,500.

In more good news for sellers, the volume of potential buyers contacting estate agents about purchasing a property for sale was 5% higher than for the first week of 2023.

Good news for buyers too

At the start of 2024, 20% more properties have been reaching sales agreed than at the start of 2023.

Currently, the waiting time for a property to find the right buyer is up for December 2023, but more properties reaching sale agreed could lead to these wait times reducing in 2024.

Potential buyers will have more choice at the start of 2024 than they did at the start of 2023, with the volume of properties being put onto the market up 15%.

Paul Nurding, Managing Director of Embrace Financial Services, said that mortgage customer confidence was definitely on the up, adding:

“With many lenders making significant reductions to their mortgage rates since the turn of the year, customers who had previously put their moving plans on hold, now tell us that they have started to view properties again, with spring moves very much on the cards.

“This can only be good news for the property market as a whole”.

We will have to wait and see what is in store for the UK property market in 2024, but this data suggests it could be a good year to move.

Kindly shared by Your Move