π‘ February 2024: House Price Index π
In this blog post, we're going to break down the top need-to-know information gleaned from the latest data provided by Rightmove. π From trends and fluctuations to insights that could potentially impact your property journey, we've got you covered.
Here are our top 10 key facts from the article:
1. Average Asking Prices Rise: π This month, average new seller asking prices have increased by 0.9%, equivalent to Β£3,091, reaching Β£362,839.
2. Annual Price Change: π After six consecutive months of annual price falls, there's a slight improvement, with prices now up by 0.1% compared to a year ago.
3. Agreed Sales Surge: π₯ Agreed sales in the first six weeks of 2024 have soared by 16% compared to last year and 3% higher than the more typical market of 2019, reflecting increasing confidence among early-bird buyers.
4. Market Momentum: π Both buyers and sellers are becoming more active on Rightmove, with a 7% increase in new listings and a 7% uptick in buyer inquiries, indicating a growing market momentum.
5. Price Sensitivity: π° The market is notably price-sensitive, with properties priced accurately being quickly snapped up by budget-conscious buyers, while overpriced properties are left unsold.
ο»Ώ6. Extended Time to Sell: β³ It now takes over two weeks longer to find a buyer compared to the previous year, with the average time to sell at its slowest since 2015, excluding the initial pandemic lockdown months.
7. Importance of Accurate Pricing: πΌ Sellers who price their properties correctly initially are far more likely to sell quickly, highlighting the importance of competitive pricing.
8. Call for First-Time Buyer Support: π With the 2024 Budget approaching, there's a call for more support to help first-time buyers onto the property ladder, as activity levels in this sector lag behind due to elevated mortgage rates and challenges in saving for a deposit.
9. Positive Market Sentiment: π Despite challenges, there's a sense of optimism and positive sentiment in the market, driven by factors such as stabilising mortgage rates and increasing buyer confidence.
10. Advice for Sellers: π Sellers are advised to be realistic with listing prices, considering the price sensitivity of buyers and the ongoing constraints of expensive mortgage products.
Ready to make informed decisions about your property journey? πΌ
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