The prices of homes being put up for sale in Britain have increased in annual terms for the first time in six months as demand from purchasers improve according to Rightmove.
The property portal said that asking prices for residential properties rose 0.1% in February compared a year earlier the first annual increase since August 2023.
Prices increased b y 0.9% from January, broadly in line with the 10 year average of a monthly rise in February.
The data also reveals that agreed sales in the first six weeks of 2024 are 16% higher than the same period last year, and 3% higher than the more normal market of 2019.
The growing market momentum is also evidenced by the increase in activity of both buyers and sellers on Rightmove with 7% more new listings coming to market than last year, and a 7% upturn in the number of buyers enquiring.
The market does though remain price sensitive and appears to be operating at two speeds – properties that area priced realistically are being snapped up by budget-conscious buyers, whilst over-priced properties are being left on the shelf.
Tim Bannister of Rightmove commented ‘we said that February would be an important indicator for the year ahead, and the question was whether the Rightmoove Boxing Day bounce in buyer activity would keep its spring into March or lose momentum. It’s proved to be the former, with the number of sales agreed continuing to considerably outstrip last year.
David Phillip commented ‘momentum to move in 2024 is continuing to build, buyers now have more choice of properties for sale and many are still price sensitive, with mortgage rates remaining somewhat elevated. Sellers who are serious about moving this year would be well advised to ride this wave of increased buyer confidence with an attractive asking price”.
David Phillip Estate Agents have 100% sales valuation accuracy according to the online portal AllAgents – this is key when looking to market your home.
If you are considering selling your home and would like a free-market appraisal call David Phillip FRICS on 01134 676 400
David Phillip Estate Agents 86, Leeds Road, Bramhope, North Leeds, covering Leeds, North Leeds, Bramhope, Adel, Cookridge, Otley, Pool-in-Wharfedale.