Rightmove’s January House Price Index highlights that the platform saw a 5% increase in buyer activity in the first week of the new year compared to the same period in 2023.
This is welcome news for those looking to move following a ‘stop-start’ market in 2023 and is backed by Rightmove’s reported 20% increase in sales agreed compared to last year.
Sellers have responded to this promising new start with a slight increase in average new seller asking prices, up 1.3% compared to December, representing the biggest December to January increase in prices since 2020.
Before sellers get carried away with a relative increase in demand, Rightmove’s monthly overview also reports a 15% increase in the number of new properties coming onto the housing market. Buyers therefore are still in the minority with sellers needing to price their properties competitively to tempt buyers who are still nervous about the cost of living and higher mortgage rates.
In our region
Rightmove’s index reports that the average asking price for Cumbria in January 2024 is £231,800. This is 0.2% down on December compared to the national month to month increase of 1.3%.
Year on Year though the average asking price in our region is up 2.1% against the national picture which has seen a fall of 0.7% from 2023 figures.
Lower and more competitive mortgage rates are seeing many more buyers returning to the market. Our mortgage team have seen reductions in monthly payments as high as £75 from an initial mortgage offer to finalising a deal.
Lyn Liness Mortgage Advisor in our Kendal Office explains, “Rates are changing daily as providers adjust their rates to stay competitive. We have access to rates from high street and online lenders and can monitor these fluctuations so our clients can benefit from the best rates available.”
Our property valuer, Craig Turner believes that negotiation will become a key part of the sale process in 2024.
“As the sellers’ market has passed, we have returned to a more level playing field with regard to property sales with the need for a skilled and knowledgeable negotiator paramount to a successful sale. Gone are the days when you can list a property one day and be choosing between several asking prices and better offers the day after.
Estate agents with expert knowledge of their local market will be invaluable this year to guide clients’ sales and help buyers find the right home.”
If you’re looking to step through a new front door in 2024 get in touch with your local Poole Townsend office and let us guide you through the process.