The start of 2024 has brought with it a notable uplift in the UK property market, with asking prices for new-to-market properties seeing a significant rise. According to the latest data from Dataloft and Rightmove, the average new seller asking price in January rose by 1.3%, marking the biggest price rise for January since 2020. This increase is more than double the 20-year average of +0.6%, signalling a robust start to the year for the property market.
A Surge in Buyer Demand
One of the key factors contributing to this positive trend is the improvement in buyer demand, spurred on by falling mortgage rates and a brighter economic outlook. A recent Dataloft poll of subscribers revealed that 42% of agents have reported an increase in buyer demand compared to a year ago. This resurgence in buyer interest is a critical component driving the market forward, as it creates a favourable environment for sellers looking to achieve a good price for their properties.
Sellers’ Confidence on the Rise
The uplift in market activity is not limited to buyer demand alone. The number of properties being listed in the first week of the year was 15% higher than the same period last year. This indicates a growing confidence among sellers, who are increasingly optimistic about the market conditions for the year ahead. Such a rise in new listings is essential for maintaining a healthy balance in the property market, ensuring that buyer demand is met with a sufficient supply of properties.
The Importance of Realistic Pricing
Despite the positive trends, the importance of accurate and realistic pricing cannot be overstated. For those looking to capitalise on the current market conditions and get moving this year, setting an appropriate asking price that reflects the local market conditions is crucial. Overpriced properties risk languishing on the market, while competitively priced homes are likely to attract more interest and potentially, a quicker sale.
A Bright Outlook for 2024
The early signs for 2024 suggest that the UK property market is on a strong footing, with both buyers and sellers showing increased activity and confidence. The rise in asking prices coupled with improved buyer demand and an increase in property listings provides a solid foundation for a buoyant market throughout the year. However, success in this market will depend on a careful balance of optimism and realism, particularly when it comes to pricing properties to meet market expectations.
Looking to Make a Move?
If you’re considering entering the property market this year, whether as a buyer or a seller, now could be an opportune time. With market conditions showing positive signs and a favourable economic outlook, acting sooner rather than later could yield significant benefits. At Belvoir Estate Agents, we’re here to guide you through every step of the process, offering expert advice and support to ensure you make the most of the current market conditions.
Whether you’re selling your home and looking to achieve the best possible price, or you’re searching for your dream property, our team of experienced property professionals is on hand to help.
