Positive signs on the year ahead
Asking prices hit four-year January high: Rightmove
As we begin the New Year, the market is already sending positive signs on the year ahead for sellers with asking prices hitting a four-year January high. According to Rightmove’s data the National average new sellers asking price rose by 1.3% to £359,748 in the month of January, the biggest monthly increase in prices at the start of the year since 2020.
The report indicates that the number of new properties entering the market for sale has increased by 15% compared to the same period the previous year. Meanwhile, buyer demand during the first week of 2024 has seen a 5% rise compared to the same timeframe last year, one main factor fuelling this is the easing of mortgage rates. This unexpected surge of properties entering the market for sale and buyer demand brings a promising start to the year for Llanmoor Homes and our buyers.
Whilst generally January is usually calm after the hectic festive period, Rightmove’s data shows the number of sales agreed is in fact 20% higher than this time last year. “Indicating a strong return of buyer confidence when compared with the unsettled post-mini-budget period a year ago”, according to the property websites monthly House Price Index.
Notably, the average five-year mortgage rate currently stands at 4.86%, down from its peak of 6.11% in July 2023. The report speculates that, despite potential surprises, early indicators hint at a more stable year for the mortgage market, following its unpredictability since September 2022.
Tim Bannister, Rightmove’s Director of Property Science, emphasizes the need for accurate and realistic pricing, urging sellers not to be overly influenced by New Year enthusiasm. Sellers are adjusting their asking prices to stay competitive. The reduction in mortgage rates and an increase in buyer demand has renewed confidence in both buyers and sellers.
We at Llanmoor Homes welcome this positive and renewed confidence in the market for the year ahead, with many of our purchasers having a home to sell in order to begin their journey of purchasing their new Llanmoor Home. The latest news in this Rightmove report as to the significant increase in buyer demand and reducing mortgage rates should now make a new home purchase an achievable goal to many potential buyers who have been waiting patiently to secure their brand new home.
Llanmoor Sales team across the current developments will be delighted to assist potential home buyers to realise the dream of owning a brand new Llanmoor Home .