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2024 property market springs into action
Monday, February 26, 2024
Following a record breaking “Boxing Day bounce” as 2023 ended, Rightmove reported a 26% increase in new sellers coming to the market. Buyers also got a move on with all portals recording record increases in property search terms. Rightmove’s property expert Tim Bannister said it was “an early positive sign at the start of the year that buyers and sellers are out there and taking action, likely including some movers who had put their plans on hold last year.” The property market is definitely springing into action, with buyer demand in the first weeks of 2024 14% above that of early January 2023, and sales agreed up 16% this year compared to the first week of 2023 according to Zoopla.
And whilst the best time to get moving is the time that’s right for you, Rightmove recently analysed millions of property sales figures dating back to 2012 (excluding 2020 due to lockdowns) to see which month was best for marketing a property, finding a buyer, selling quickly, and making it through to completion. All the spring months performed well, but February came out on top with an average of 51 days to find a buyer and as the month when homes are most likely to find a buyer.
Home movers have been given a spring boost as mortgage rates continue to drop with sub 4% rates for the first time in a year. A reduction in swap rates in December is now filtering through to mortgage rates and lenders are likely to reduce rates further in the coming weeks. On February 1st, the Bank of England held its interest rate for the fourth time in a row, with the real prospect that the next interest rate move will be a cut and with inflation expected to drop quickly in the next six months .
Nathan Emerson, CEO of Propertymark, is cautiously optimistic that the worst is over for the property market. He said: “We have seen high inflation and elevated interest rates. This harsh mix without doubt has translated into people approaching the market with a more cautious mind. That said, over the last few months we have seen initial positivity starting to return, with inflation steadily coming back down and interest rates holding steady.”
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