Sellers hit the ground running in 2024
Eager home sellers got the year off to a good start before it had even begun. With over 10,000 properties put up for sale on Boxing Day 2023 – the highest number of new listings in one day since 20111. This momentum carried over into the new year, as estate agents received a record number of requests for in-person home valuations in January.
Sellers were not the only ones returning to the market. At the start of the year, buyer enquiries were up by 7% when compared with the same period in 2023. This translated into 16% more sales agreed in the first six weeks of 2024 than last year.
Get the price right
Rightmove’s Property Expert, Tim Bannister, advised that many buyers are still “price-sensitive” despite the increase in confidence. A report from the property portal therefore reflected that ‘The housing market appears to be operating at two-speeds. Some sellers coming to market with too high an asking price are ending up needing a reduction later. Sellers who price right first time are seeing their homes sell the most quickly, without the need for a reduction, to be able to secure a buyer.’
Talk to us
If you’re considering moving or selling this year, we’re here to help. Get in touch for mortgage advice.
Your home may be repossessed if you do not keep up repayments on your mortgage.
1 Rightmove
Would-be homeowners are pessimistic
A recent survey suggests that there are currently 7.5 million adults in the UK who hope to own a home, but 3.9 million do not think that dream will ever become a reality1.
High house prices was cited by 60% of respondents as being a barrier to home ownership. Meanwhile, 44% said saving for a deposit was a hindrance, and a third did not think they could afford monthly mortgage payments.
The research suggests that those with parents who own a home are more likely to follow in their footsteps. This could be due to an increasing reliance on the Bank of Mum and Dad, as 20% of 18 to 34-year-olds who are homeowners had financial help from family members.
Do you want to get on the property ladder? We’re here to help.
1 HomeOwners Alliance
House prices return to growth
In February, house prices rose year-on-year for the first time since January 20231.
The average price of a home in the UK was £260,420 in February. This was 0.7% more than in January 2024 and a 1.2% annual increase, indicating that house prices are steadily returning to growth.
Robert Gardner, Chief Economist at Nationwide commented, “The decline in borrowing costs around the turn of the year appears to have prompted an uptick in the housing market.” He added that “industry data sources point to a noticeable increase in mortgage applications at the start of the year”.
Despite the promising signs, there is still a long way to go – in February, house prices were 3% lower than in the summer of 2022.
1 Nationwide
Here to help
Rising, falling, or staying the same, there is a lot happening in the housing and mortgage markets. We’re here to help you make sense of what it all means for you.
Click here to book an appointment to discuss your next move.
Your home may be repossessed if you do not keep up repayments on your mortgage