Home prices on the rise: A window of opportunity for buyers and sellers?
youngsRPS Property Experts William Thornton, Head of Residential Agency, and Fiona Roe, Residential Lead for North Yorkshire, offer valuable insights into the current property market trends shaping the UK real estate landscape.
Regional Trends
The property market in the UK continues its upward trajectory, with the latest data from Rightmove showing a notable increase in average asking prices. In the North East, the property market is showing robust growth, with a local increase of 1.3% on a monthly basis and 3.4% year on year. Properties in this region are spending an average of 60 days on the market before being sold. Similarly, in the Yorkshire and Humberside region, there has been a monthly increase of 1.9% and a yearly increase of 3.1%, with an average selling time of 65 days.
Driving Factors
A significant driver behind this surge is the remarkable performance of the largest homes, categorised as the top-of-theladder sector. This segment is experiencing its most substantial price growth since 2014, indicating a strong start to the year. However, it’s important to note that the market remains price-sensitive, with varying speeds of growth across different sectors.
Market Dynamics
The latest data also reveals a surge in both seller and buyer activity compared to the previous year. New sellers entering the market have increased by 12%, while the number of sales being agreed has seen a notable uptick of 13%. This surge in activity is most prominent in the largest homes segment, where the number of new sellers has risen by 18%, and sales being agreed have increased by 20% compared to the previous year.
Opportunities for Buyers and Sellers
With the property market showing signs of buoyancy and activity levels on the rise, there appears to be a window of opportunity for both buyers and sellers. Homeowners are increasingly springing into action, with a notable spike observed on Thursday, 28th March, marking the highest number of new sellers entering the market in a single day so far in 2024. This trend is the third largest since August 2020.
Looking Ahead
As we head into the summer months, a busy calendar of sporting events and the potential for a General Election are expected to create additional distractions for home-movers. Therefore, those considering a move may find the current market conditions conducive for action.
With prices on the rise and both buyers and sellers showing increased engagement. Whether you’re looking to buy or sell, now could be an opportune time to make your move.
Our residential team are always happy to discuss your property needs and offer free market appraisals to ensure you have a clear picture of how the market looks for you.
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