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The Spring bounce has arrived
Friday, April 12, 2024
Buyer demand has hit a four-year high with a spring bounce for the property market according to the Royal Institution of Chartered Surveyors (RICS) UK Residential Survey for March. The report highlights improvements in buyer demand and also in sales and house prices with the most positive figures for buyer demand since February 2022.
New listings coming to the market for sale increased for the fourth month in a row, and UK agents are also doing more property appraisals, indicating a likely uplift in properties coming to market over the next few months.
Tim Bannister, Rightmove’s Director of Property Science, recently stated that “March is typically a strong month for asking price growth, as both buyer and seller activity levels rise and the spring selling season gets underway. However, the stronger than usual price growth this March indicates that new sellers are feeling much more confident. For those who can afford to buy and have yet to take action to move this year, this may provide a window of opportunity to buy as we now seem to be past the bottom of the market. “It’s been a positive first three months of the year for the market and better than many anticipated. Sellers are right to feel more confident and optimistic this year, but buyer affordability remains stretched and higher mortgage rates are an ongoing challenge. With the market still sensitive to pricing and external events, some caution and willingness to negotiate is advised for sellers who are keen to find a buyer in the Spring market.”
For a free market appraisal of your property and professional advice about the property market in your area, please call your local Frost office.
