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.
On January 15th, Rightmove 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.
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.
Get in touch with your local Your Move branch today to start exploring your options today.
Source: Rightmove - House prices see biggest January rise since 2020, 15/01/24
Your Move E-Marketing Executive
