Property market activity on the rise

The Rightmove January Price Index described a rise in buyer demand in the first week of January 2024, at 5% higher than the previous year. They found sellers were more active in early January 2024, with the number of properties coming onto the market at 15% higher than the same period in 2023. The number of sales agreed for the period is also higher than last year, at 20% more, suggesting strong buyers.

December statistics indicate positivity for the housing market, too. The rush on Rightmove over the festive period was telling, with more record-breaking activity. Sellers listing properties on Boxing Day increased by 26% on last year, and visits to Rightmove doubled. What’s more, buyers contacting estate agents about listed properties between Christmas Day and Boxing Day rose by 273%.

Findings by Zoopla also support those from Rightmove. In their December Price Index, they discovered agreed sales had risen by 17%, and by mid-January, found home-hunting was up by 10% compared to the same period in 2023.

Zoopla believes that the cause of improvement is lower mortgage rates. With Rightmove achieving 9/10 of their busiest days for buyers attaining a Mortgage in Principle during the festive period, Zoopla’s theory could be right. Local independent financial advisor, Andrew Fagg, agrees.

“100%, lower fixed rate mortgages are encouraging homebuyers right now! Big lenders are leading the way, having recently reduced fixed rates, with other lenders likely to follow.”

Andrew Fagg, Davenport Financial Management.

Halifax began 2024 by reducing their fixed-rate mortgages, with HSBC and NatWest following suit in mid-January. With two-year fixed rate mortgages already an average of 5.1%. in comparison to 6.01% in June 2023, it’s easy to see why buyer activity is increasing.

Whether you’re a first-time buyer, or looking to buy a new home, we’d recommend seeking financial advice tailored to your needs. We’d be happy to introduce you to one of our trusted partners for an informal, over-the-phone chat to discuss your needs and requirements.

If you’re a homeowner looking to sell, please contact your nearest branch. If you’re searching for a home, feel free to take a look at properties on our website, here.

Sources:

Mortgage lenders kick off new year by slashing rates as property market struggles | The Independent

HSBC, NatWest, and Metro Bank announce more mortgage interest rate cuts | Personal Finance | Finance | Express.co.uk

Confidence returning to UK housing market as asking prices rise – Rightmove – Property Industry Eye

House Price Index | Property blog (rightmove.co.uk)

Buyers return amid falling mortgage rates  – Zoopla

What are the current UK mortgage rates? | Property blog (rightmove.co.uk)

Mortgage rates: Average two-year fix now above 6% – BBC News