In a recent article by Rightmove, published in the Property Industry Eye, the latest Rightmove House Price Index shows there has been promising activity in the first weeks of 2024 as more prospective buyers and sellers seem to have the confidence to start their moving plans early.
Rob Farnham, one of The Venmore Group Founders, comments on the confidence that’s returning to the UK housing market.
“The property market is showing no signs of the January blues, the exact opposite is happening. Positive news stories in January include interest rates falling, property prices increasing and Rightmove activity showing a marked increase.
The doom and gloom of ever increasing base rate, inflation rocketing and mortgage products being withdrawn as mortgage interest rates increased daily are over. Now rates are falling weekly, it’s more important than ever to engage a good mortgage broker, last year our brokers secured mortgages for over 1400 homes locally, they really know the market.
In the first ten days of the new year agreements in principle for new mortgages have been very strong, meaning plenty of committed buyers.
Valuations, instructions and viewings have started stronger than last January.
Rightmove data highlights the number of new properties coming onto the market is 15% higher than in the same period last year, while buyer demand in the opening weeks of 2024 is also higher than in the same period last year.
Getting the initial pricing spot on when coming to market is vital, buyer demand has increased however the number of new properties coming to market is still outpacing the rise in demand tilting the market slightly in favour of the buyer.
Throughout the Venmore group are experienced valuers who will give an appraisal on price based upon detailed current market knowledge. It’s a time to price to realistically not to test.”
Read the full article from Rightmove here.