Unpacking the Rightmove Index January 2024

After a somewhat rocky few years, the property market has experienced a flurry of positivity during these first couple of weeks into 2024. 

Not only have we seen some of the lowest mortgage rates since last summer, Rightmove is reporting that average new seller house prices have risen by 1.3% - the biggest December to January increase since 2020. 

The number of new properties coming to market is 15% higher than in the same period last year and buyer demand is up 5% in the same period. 

However, there needs to be an element of realism, and it should be noted that average new seller house prices are still down 0.7% from last year, further highlighting the importance of the right price, from the start. 

In the ten days post-Christmas, Rightmove has seen some of the busiest days on record for buyers getting their Mortgage in Principle, indicating buyers are getting ready for the year ahead. 

Nathan Emerson CEO Propertymark, commented: “Sellers will no doubt be happy that their homes have increased in value month on month despite the challenging economic situation.

“Serious buyers continue to complete on their homes, but what we now hope is that this increase, combined with lower interest rates could encourage those homeowners who have been holding back on their next home move due to previous economic turmoil.

“It is now vital that the UK government continues working towards reducing inflation in order to increase momentum in the market.”

If you’re looking for advice or have any questions about what your home is worth in the current climate, get in touch below.