The typical asking price for new seller properties increased by 1.3% in January. This is equivalent to £4,571 for an average-priced property (£359,748).
Rightmove said average prices were still 0.7% lower than they were this time last year, but the December to January price leap was the biggest seen since 2020.
Meanwhile, whilst more new properties are now being offered to the market by sellers – up 15% compared to this time last year – demand has also increased by 5% in that time.
Rightmove also said the number of sales agreed was 20% higher than during the first week of last year. This, it said, showed there was more confidence amongst buyers.
Tim Bannister, director of property science at Rightmove, 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 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.”
Estate agents said 2024 has got off to a good start too, with Chris Rowson, managing director at Sharman Quinney in Cambridgeshire, reporting some ‘very positive signs’.
“Future sellers are getting their valuation appointments booked in, future buyers are enquiring and getting their viewings booked in and we’re also seeing really high demand for mortgage appointments, as movers seek to understand their affordability and position at the start of the year,” he said.
“Most importantly, we’re seeing offers being made, and a high number at that. It is early days and not a time to get carried away, but we’ve had a good start.”
