Average Price
The average price of properties that come to the sales market rises by 1.3% (+4,571) this month to £359,748. Prices usually rise from a quiet December into a busier January, but this price increase is the largest for January since 2020, and more than double the 20-year average of +0.6%. The jump in the number of properties coming to market and the strength of this month’s price rise also show that new sellers are more confident about the outlook for the year ahead.
Supply & Demand
While it is still early, both buyer and seller activity have jumped compared to the same period a year ago, indicating a return of confidence when compared with the unsettled post-mini-Budget period.
The number of potential buyers contacting estate agents about homes for sale in the first week of 2024 was 5% higher than in the same period last year. According to Rightmove, the number of properties coming to market for sale is also 15% higher than at the start of 2023, following a record number of sellers launching on Boxing Day.
The most positive early indicator for 2024 is that the number of sales being agreed is 20% higher at the start of the year than in the same period last year.
Interest Rates
January is on course to be the busiest month for people getting a Mortgage in Principle (MIP) on Rightmove. Since the 27th of December, Rightmove has seen nine of its ten busiest days for prospective movers beginning the process of getting a MIP, to see how much they are likely to be able to borrow from a lender.
Regional Trends: North East
The average price for homes in the North East is £179,557 with a 0.6% increase since last month, and a 0.1% decrease since the same period last year. On average, it takes 62 days to sell a property in the North East region.
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Source: Rightmove
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