The first three weeks of January have seen a remarkable 13% increase in new sales agreed compared to the same period last year, signalling a robust start to 2024.
The surge in sales is not confined to a specific region, as all corners of the nation are experiencing a boost in activity. Yorkshire and The Humber take the lead with an impressive 19% increase, closely followed by the West Midlands at 17%. These statistics reflect a nationwide wave of confidence and activity, creating a positive ripple effect in the property market.
One significant contributor to this upswing is the attractive mortgage rates that have dipped below 4%. With borrowing becoming more affordable, prospective homeowners are seizing the opportunity to enter the market. Combined with consumer confidence reaching its highest point since January 2022, the stage is set for a vibrant real estate landscape in the coming months.
However, it's crucial to acknowledge that this rebound is taking place from a low base. The challenges of the recent past have left their mark, and the current surge is partly a recovery from those lows. Despite this, the overall mood is one of positivity and resilience.
While the market is on an upward trajectory, buyers are approaching transactions with a keen eye on pricing. The data reveals that one in five sellers has had to accept offers more than 10% below the asking price to secure a sale. This indicates that even amid increased activity, buyers remain price-sensitive, and negotiations are a key aspect of the current market dynamics.
In conclusion, the real estate market is witnessing a promising resurgence in the early days of 2024. The double-digit growth in new sales agreed, coupled with increased activity across all regions, paints a picture of renewed confidence and vitality. As mortgage rates are favorable and consumer optimism prevails, the stage is set for a dynamic and evolving real estate landscape. While challenges persist, the resilience of the market and the positive trends provide hope for a thriving property sector in the months to come.