It seems that the UK housing market has experienced a remarkable upswing in the initial weeks of 2024. Recent reports indicate a substantial 13% increase in new sales agreed, showcasing a robust market rebound driven by pent-up demand and the enticing drop in mortgage rates, now comfortably below 5%. This surge is complemented by a 12% rise in buyer interest compared to the previous year, with heightened sales activity witnessed across all regions of the UK.
Increased Sales, Dropping Mortgage Rates, and Growing Supply Propel the Market
Notably, the counties of Yorkshire and The Humber have witnessed an impressive 19% surge in sales, closely followed by the West Midlands with a substantial 17% increase. These figures reflect a growing alignment in pricing expectations between buyers and sellers, continuing a trend that emerged in the preceding year. Furthermore, the supply of homes for sale has seen a significant 22% increase, suggesting a boost in seller confidence and an expanded array of options for potential buyers.
The Market Still Favours Buyers
Despite the positive momentum, the market still predominantly favours buyers, as a considerable number of sellers are accepting offers that are more than 10% below the asking price. This underscores the importance of realistic pricing and a willingness to negotiate, crucial elements in facilitating successful sales in 2024.
One of the most noteworthy aspects of this surge is the resurgence of buyer demand in London, where activity has risen by an impressive 21%. This uptick signals a potential shift in the capital’s property market dynamics, following several years of subdued activity. Despite the improved affordability in London, with house prices now standing at 13 times earnings (down from over 15 times in 2016), the city’s housing market remains relatively expensive compared to the national average.
Seek Professional Property Advice If You Are Buying Or Selling In 2024
While the market appears to be in a favourable position for buyers, experts emphasize the importance of seeking professional mortgage advice to secure the best terms. With mortgage rates dropping below 5%, this presents an opportune moment for both prospective buyers and existing homeowners to explore financing options that align with their financial goals.
The rebound in the market underscores the importance of professional guidance when navigating the buying or selling process. Seeking the assistance of mortgage advisors like ourselves at Oportfolio and other property professionals like estate agents can be instrumental in securing the best deal on a property or negotiating favourable terms. In a market where negotiation is key, having a knowledgeable advocate can make all the difference.
Call Oportfolio Mortgages Today For Excellent Mortgage Advice
So, the early months of 2024 have painted a positive picture for the UK housing market, with rising sales, dropping mortgage rates, and increased supply creating a strong environment for both buyers and sellers. As the market continues to evolve into 2024, it remains crucial for people to stay informed, seek professional advice, and adopt a strategic approach to make the most of the current opportunities in property. Call or email our team today to set up an initial mortgage consultation. We are here to help.
