Property market bounces back at start of 2024 – Rightmove

The number of new properties coming onto the UK market for sale is 15 per cent higher than in the same period last year, according to a property portal.

The property market is looking brighter as a new year dawns. Average new seller asking prices have risen by 1.3 per cent (£4,571) month-on-month to £359,748, the biggest December to January increase in prices since 2020. 

Prices typically rise from a quiet December into a busier January, but this price rise is the largest for January since 2020, and more than double the 20-year average of +0.6 per cent.

However, average prices are still 0.7 per cent lower than at this time last year, highlighting that many new sellers are being realistic about their expectations as the market continues to recover from the impact of volatile mortgage rates.

Rightmove said that buyer demand in the first week of 2024 is also five per cent higher than in the same period last year. But it warned that competitive pricing from sellers was “still vital”, with the number of new properties coming to market outpacing the rise in demand.

Property market showing ‘confidence’

Rightmove data showed the number of sales agreed is 20 per cent higher than during the first week of last year, which it said indicated “a strong return of buyer confidence when compared with the unsettled post-mini-Budget period a year ago”.

Analysts said that the jump in the number of properties coming to market and the strength of this month’s price rise show that new sellers are more confident about the outlook for the year ahead. 

Tim Bannister, Rightmove director, said: “After a stop-start market in 2023, the initial signs suggest a smoother year for movers in 2024. More new sellers are now entering the market, and with

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