Increased Buyer Demand Fuels Further Strengthening of House Prices: Rightmove
The property market maintains its upward momentum, with Rightmove's latest data revealing a notable 1.5% increase in average prices of newly listed properties, reaching £368,118 this month. This surge follows a subdued 2023, showcasing heightened buyer interest and a significant March surge in newly listed properties.
Buyer Demand Drives Growth in Buy-to-Let Opportunities
Rightmove's data highlights a marked rise in buyer demand, evident in increased enquiries to estate agents and stronger sales figures compared to the previous year. This, coupled with the customary optimism of the spring season, has propelled prices upward. March's 1.5% price hike surpasses the average historic increase for the month, marking the most significant monthly surge in prices in ten months.
Navigating Market Dynamics in Property Investment
Despite the promising start to the year, the market remains sensitive to pricing and external factors. The recent Budget, lacking direct measures to support first-time buyers or bolster the mortgage market, has tempered the growth in buyer demand witnessed earlier.
Adapting Strategies amidst Growing Sales and Affordability Challenges
Since March's inception, the number of sales agreed has surged by 13% compared to the same period last year, setting the stage for a higher volume of transactions in 2024. Leading this uptick are transactions in the less mortgage-rate-sensitive, top-tier property sector, which have increased by 18% from the previous year.
CEO Insights: Optimism and Opportunity in Property Investment
Nathan Emerson, CEO of Propertymark, expresses optimism regarding the housing market's trajectory, highlighting a shift towards increased prosperity. With signs of normalcy and stable interest rates, the market presents attractive opportunities for both buyers and sellers, as reflected in heightened activity levels reported by member agents.
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