Buyers
30/01/2024
The positive start to 2024 continues this month, with Rightmove’s House Price Index showing house prices have increased by 1.5% over the last four weeks. Whether you are a buyer or a seller, this change in the market could have an impact on your next move. Keep reading to see how the latest changes could affect you.
What this means for buyers
Although prices have risen this month, the average asking price is still roughly £4,776 below the peak in May of last year. This does provide an opportunity for buyers looking to move this year to secure their first or next home at a reasonable price, with the average home costing approximately £247,054 in Yorkshire.
Mortgage rates may still be a concern for many buyers, with rates steadily increasing this month. Data from Rightmove now shows that the average five-year rate is at 4.84%, compared to 4.64% just five weeks ago. With rates continuing to gradually increase, it is key for buyers to carefully consider their affordability before beginning their property search and if necessary get in touch with a trusted mortgage advisor.
What sellers need to know
Attractively priced properties are quickly being identified and taken off the market by proactive buyers. However, over-optimistic sellers are taking longer to find a buyer, with the average time to sell now up to 73 days across Yorkshire. As always, it is key to ensure you are setting an accurate asking price for your home to have the best chance of securing the right buyer in a timely manner.
Our Managing Director John Watts said: “ As the national time to sell increases, we know that you want to move on to your next adventure as quickly as possible and that’s why we’ve rolled out Fast Track for sellers across West Yorkshire. Fast Track cuts down on the time it takes to complete a sale, as well as ensuring your sale is more secure.”
For more information on Fast Track and how it could help you sell your home quicker, click here: https://www.robertwatts.co.uk/fast-track/
Buyers
Buyers
