Buyers
19/03/2024
The first House Price Index of the year has arrived with positive news for the property market!
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.
Between 27th December 2023 and 14th January 2024, Rightmove reported that they experienced nine of their ten busiest days for people seeking a mortgage in principle since the service first launched in 2022.
Our Managing Director, James Watts said: “More people seeking a mortgage in principle is an early sign that an increased number of prospective buyers are now preparing their finances ahead of a move this year.
“If you are looking to sell this year, then this is a good indicator that the market will remain competitive over the next few months, leading to shorter selling times and opportunities to achieve a higher price for your property.”
What Buyers Need To Know
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.
Property prices across Yorkshire & The Humber have also dipped slightly this month by 0.4%.
Information For 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. Want to make a move this year? Get in touch with your local Robert Watts team and let us help you take the next step on your property journey!
Buyers
Buyers
