New year bounce for the property market!

New year bounce for the property market!

Rightmove stated in January 2023 that this month has been the “biggest January rise since 2020”, as the monthly asking price increases by 0.9%, this brings the annual price growth to 6.3%. The portal has stated that there has been the largest New Year bounce since 2016, with an increase of 55% in prospective buyers compared to the last two weeks before Christmas 2022. Confidence in the market came early for 2023 when the 5^th of January was the third busiest day ever for people asking for valuations. There is also further hope with mortgage rates still decreasing, which is good news for first time buyers.

Tim Bannister commented “The early-bird sellers who are already on the market and have priced correctly are likely to reap the benefits of the bounce in buyer activity, while over-valuing sellers may get caught out as property stock builds over the next few weeks and months, and they experience more competition from other better-priced sellers in their area. It will be important for the vast majority of sellers to remember that a drop in your asking price is likely not an actual loss compared with what you paid for it, only a failure to live up to aspirations. Listening to your estate agent’s advice about your hyper-local market and pricing right the first time can avoid a stale sale and the need for even greater reductions later.”

If you would like to know how much your home is worth on the market or you would like to know if now is the time to move, call us today on 01233 501601 or use our contact us form.

Sources: Rightmove, 2023.

READ MORE: https://www.rightmove.co.uk/news/content/uploads/2023/01/Rightmove-HPI-16th-January-2023-FINAL.pdf