Buyer and seller activity jump at start of year

There has been some promising activity in the property market at the start of the year says Rightmove, in fact markedly stronger than a year ago. More prospective buyers and sellers seem to have the confidence to get their 2024 moving plans started early while buyer demand in the first week of 2024 is also 5% higher than in the same period last year. The number of sales agreed is 20% higher than during the first week of last year, indicating a strong return of buyer confidence when compared with the unsettled post-mini-Budget period a year ago.

Zoopla has also reported that buyer demand and new sales are already ahead of equivalent 2023 levels tracking 14% ahead of early 2023 and new sales agreed are up 16% compared to the first week of last year. The so-called ‘pre-Boxing Day bounce’ saw 11,500 properties listed on Zoopla on 26 December. While there may be more surprises to come, early indicators suggest a more stable year for the mortgage market with lower interest rates after its volatility from September 2022 onwards.

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