The move upwards follows annual declines in every month since August 2023 and is a sign of growing momentum in the market, according to Rightmove
Average asking prices for UK houses increased £3,091 in February to £362,839, up 0.1% compared with this time last year, according to housing platform Rightmove.
The move upwards follows annual declines in every month since August 2023 and is a sign of growing momentum in the market, Rightmove added.
Meanwhile, the number of sales agreed in the first six weeks of the year was 16% higher than in the same period in 2023, suggesting that early-bird buyers feel that 2024 offers the right market conditions to move, despite high interest rates on mortgages.
In spite of this optimism, the market remains price-sensitive, with many buyers very budget-conscious.
Early-bird Boxing Day buyers got a head start in cherry picking from a record level of new property choice and have now been joined by many other buyers also believing that 2024 offers the right market conditions to move, according to Tim Bannister, director of property at Rightmove.
People looking to buy also have the luxury of more option, compared with early last year. During the first six weeks of this year, the number of properties coming on to the market was 7% higher than the same period in 2023, while the number of buyers enquiring to estate agents was up 7%. The number of sales being agreed is now 3% higher than at this time in 2019, as these numbers continue their transition towards more normal levels, the property portal added.
