What is happening to house prices in 2024?
There has been a lot of talk about what will happen to house prices this year, will they go up or down? or will they just stay the same? In this quick read find out all the facts you need to know about the housing market right now.
After record breaking months of price increases in 2022 and a stop-start market in 2023 there has been a lot of speculation surrounding house prices in 2024. Initial signs show a smoother 2024 and Rightmove's early snapshot of buyer and seller activity is tentatively promising for those looking at a move in 2024. Check out the facts below.
What is happening to the housing market right now?
- Average new seller asking prices rise by 1.3% month-on-month to , the biggest December to January increase in prices since 2020.
- Average prices are 0.7% lower than at this time last year
- The number of new properties coming onto the market for sale is 15% higher than in the same period last year.
- Buyer demand in the first week of 2024 is also 5% higher than in the same period last year
- The number of sales agreed is 20% higher than during the first week of last year.
- Rightmove has seen nine of its ten busiest days on record for people getting a Mortgage in Principle to see what they can afford to borrow.
- The average number of days for a property to sell in the North West is 69.
What is happening to house prices in 2024?
- Average new seller asking prices are just 0.7% lower than last year
- 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.
- Rightmove suggests it is important that those who are keen to sell price competitively, even with this new buyer activity, as the number of properties coming to market is outpacing the rise in the number of buyers enquiring.
- 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.
- Many agents are reporting very strong starts to the year and with reducing mortgage rates there is plenty to be optimistic about for house prices in 2024.
- Take a look at the house price index below for more information on what is currently happening to house prices.
What do the experts say?
Tim Bannister, Rightmove's Property Expert, says: "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 more confident pricing. While the increased level of buyer activity that we’re also seeing may justify some of this increased pricing confidence from sellers, it’s important that sellers who are keen to find a buyer don’t get carried away with New Year enthusiasm when setting their price expectations. Elevated mortgage rates and the wider cost-of-living squeeze are still limiting buyers’ spending power. Accurate and realistic pricing for their local area is the recipe for success for sellers looking to get moving in 2024, and it’s been proven that over-optimistic pricing makes a move much less likely."
So, is 2024 the year to make your move?
If you are thinking of making a move this year then get in touch with us to discuss why now might be the right time to sell or get an accurate up to date valuation.
Contact us:
Bebington Branch
0151 644 6000
lesley@lesleyhooks.co.uk
Bromborough Branch
0151 334 5875
rachael@lesleyhooks.co.uk
Click HERE for a free instant online valuation.
*Data provided by Rightmove*
