Home valuation requests from future sellers hit new record
A record number of future sellers started to get their 2024 moving in January by sending requests to estate agents for an expert in-person home valuation.
The number of requests were 23% higher in January 2024 than the previous record in the first month of last year.
One of the factors behind the uptick in activity among home-sellers and potential buyers is the more stable mortgage market, which has remained calm at the beginning of the year.
Our property expert Tim Bannister says: “It’s early days, but these figures suggest estate agents have had a busy start to 2024, with more home-moving activity than in January in 2023. This is likely to be a combination of home-movers who have recently decided to make this the year to find a new home, and potential home-buyers who took a step back last year and paused their plans while the outlook for mortgage rates was more unclear.”
Average mortgage rates have continued to slowly trend downwards, and the average five-year mortgage rate is now 4.64%, compared to the peak of 6.11% in July 2023.
You can check the current average UK mortgage rates here.
What’s happening in the housing market?
It’s been a tentatively promising start to the year. In January, the number of new properties coming to the market for sale is 13% higher than last year, while the number of future buyers sending enquiries to estate agents is 7% higher.
Another positive sign of future movers getting their 2024 budgets and plans in place is the number of people we’re seeing beginning the process of getting a Mortgage in Principle on Rightmove to see how much they’re likely to be able to borrow from a lender. January was the busiest month since the service was launched in 2022.
The average asking price of a home in Great Britain has now reached almost £360,000. But this is still lower than this time last year, which shows that many new sellers are being realistic about their price expectations as the market continues to recover from the impact of historically higher mortgage rates.
If you’re considering a move in 2024 and want to know the current estimated value of your home, you can use our instant valuation tool to get an online estimate of what your current home may be worth so you can get an early indication of what your budget might be when you’re looking to buy.
You can then get a full expert valuation of your home from an estate agent when the time comes to sell.
