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  • Writer's pictureSarah Ruivivar

New Year Ushers in Confident Pricing in Property Market

Ring in the New Year with a bang! Or, in the case of the UK property market, with a confident stride.

According to Rightmove's latest house price index, average new seller asking prices have seen a month-on-month rise of 1.3% to £359,748 in early January. However, hold your horses, as these values are still 0.7% lower than this time last year.

The first week of 2024 has been buzzing with activity, significantly stronger than a year ago. It seems both buyers and sellers have decided to kickstart their 2024 moving plans with gusto. The number of new properties hitting the market for sale is a whopping 15% higher than the same period last year.

Buyer demand is also up by 5%, but sellers, don't get too carried away! Rightmove advises that competitive pricing is still the name of the game, with the number of new properties coming to market outpacing the rise in demand.

The good news doesn't stop there. The number of sales agreed is also 20% higher than during the first week of last year. Rightmove has also reported nine of its ten busiest days on record for people getting a mortgage in principle since Christmas.

Tim Bannister, Rightmove’s director of property science, urges sellers to remain grounded amidst this New Year enthusiasm. He emphasises the importance of accurate and realistic pricing for their local area to ensure a successful move in 2024.

Meanwhile, Zoopla's latest research reveals a 10% increase in home hunters compared to this time last year. The average UK home is now worth 18% more than it was in March 2020, with house price falls starting to slow as sales agreed rise by 17%.

The bustling market is also mirrored by comparison website reallymoving, which reported a 73% increase in new registrations for home move services in the first week of January 2024 compared to the same period last year.

So, here's to a promising start to the year in the property market. May the rest of the year continue to surprise us on the upside!

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