Property Market Update - 5% increase in buyers this January according to Rightmove

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.

You’re in safe hands

Trust our team of local experts to provide the best advice on a wide range of legal and financial issues whenever you’re facing a life change and need the best support.

0800 389 2939

Our team are available Monday to Friday 9am - 5pm

Find Your BranchMEET THE TEAM

She'll be glad you planned ahead

Organising your finances today, while planning for the future can be a challenge. We’ll put the kettle on – and take the pressure off.

GET EXPERT FINANCIAL ADVICE

You'll know when it's time to talk

From making a will, to matters of business law our qualified solicitors can offer advice and guidance. Pop in for a chat or call us to make your free appointment.

GET EXPERT LEGAL ADVICE

Sign up for our newsletter

Your details

Signing up to our newsletter will place you on our weekly property guide, providing you with the latest properties for sale and industry news.
You can unsubscribe at any time. We value your privacy and will not share your details.

© Poole Townsend 2017 - 2024. All rights reserved.
Poole Townsend solicitors Ltd (Company no:10964550) is a company registered in England and Wales with its registered office at 69-75 Duke Street, Barrow in Furness, LA14 1RP. A list of directors is available at the registered office address. Authorised and regulated by the Solicitors Regulation Authority number 647087. We are independent financial advisers authorised and regulated by the Financial Conduct Authority. VAT registration number :154365563.

Poole Townsend Solicitors Ltd are authorised and regulated by the Financial Conduct Authority.
Poole Townsend Solicitors Ltd is entered on the Financial Services Register. https://register.fca.org.uk under reference 807084.

Poole Townsend Estates Ltd. (Company number 10960705) is a company registered in England and Wales with its registereed office at 69-75 Duke Street, Barrow in Furness LA14 1RP. A list of directors is available at the registered office address. Authorised and regulated by the Solicitors Regulation Authority number 8004592. VAT Registration number 288092466. Our Estate Agency is a member of The Property Ombudsman Scheme.

Poole Townsend Estates Ltd Property Client account has client money protection, to view our Client Money Protection Certificate please click here. To view our Equality and Diversity Data please click here. The Propertymark Conduct and Membership Rules can be found here.

Professional Indemnity Insurance – please contact Martin Oates at the address above if you require details of cover held.

Registered with the Information Commissioners Office for data protection purposes (ICO No: ZA494153 & ZA331395)

close

Book Your Free Valuation

Fill out the form below and we'll get in touch to arrange your free valuation.

Your Details

We value your privacy and will not share your details.

Top