The price must be right
The data suggests that momentum is building, but with more choice of property for sale, prospective sellers are advised to consider their pricing carefully. Although asking prices increased in February, the current market is operating at “two speeds” according to Rightmove, with homes that are priced too ambitiously failing to sell.
It now takes an average seller more than two weeks (16 days) longer to successfully find a buyer than it did during the same period last year.
However, competitively priced homes are likely to be snapped up more quickly by buyers.
Cautious optimism
The positive start to the year with higher activity levels and stabilising mortgage rates means that Rightmove is cautiously optimistic about the outlook for the remainder of the year.
“While some would-be buyers will continue to be affected by elevated mortgage rates and major affordability constraints, many other prospective buyers who can afford to do so, have acted fast and demonstrated their belief that 2024 is their year to get moving,” said Mr Bannister.
Rightmove also noted that it’s still early days to predict how 2024 may pan out, especially when there’s a General Election to come. In addition, it suggested that the Budget could even bring new policies to further support movers and first time buyers.
