Property industry reacts to Rightmove House Price Index

19th February, 2024

Michelle has been giving her thoughts on the recent activities on the house prices index from RightMove.

Property Industry Eye has published this article with industry experts from around the country.

The article reads:

It continues to be a ‘tentatively promising start to the new year as buyer and seller activity jump, pushing annual asking prices back into positive territory, with the average new seller asking prices increasing by 0.9%, or £3,091, this month to £362,839.

According to the data from Rightmove, the number of sales agreed in the first six weeks of the year is 16% higher than in the corresponding period last year. However, the market remains price-sensitive, with many buyers very budget-conscious.

Michelle gave her thoughts with a comment

It’s been a positive start to the year, particularly when compared to the slower pace of this time last year. There’s a sense of optimism, helped hugely by mortgage rates dropping in recent months, which now seem to have settled and remained stable, giving prospective buyers assurance and confidence. With lower mortgage rates on offer and more properties for sale, now is a good opportunity for any would-be buyers out there. Despite the affordability constraints, we are still seeing a good level of activity in the first-time buyer market, which is encouraging the next time buyers to review their situation and supporting movement further up the property ladder. There is a good audience of buyers out there for properties priced well, also providing opportunities for those looking to sell.

To read the full article, click here