March’s House Price Index: optimistic spring outlook for Buyers and Sellers

The positive start to 2024 continues this month, with Rightmove’s House Price Index showing house prices have increased by 1.5% over the last four weeks. Whether you are a Buyer or a Seller, this change in the market could have an impact onyour next move.

Buyers

looking to move this year have a good opportunity to secure their first or next home at a reasonable price, as the current average asking price is still roughly £4,776 below the peak in May of last year. Theaverage home costs approximately £247,054 in Yorkshire, and £287,145 in Derbyshire and East Midlands.

We know mortgage rates may still be a concern for some Buyers, but the key is to carefully consider your affordability before beginning your property search and ensure you stick to a realistic budget to help you secure the right home. Rightmove’s data shows that the average five-year rate is at 4.84% compared to 4.64% just five weeks ago, so getting your finances in order ahead of time is the priority. If you need some advice on what you can afford, we work with trusted mortgage advisors Connect Financial Solutionswho would be more than happy to help.

There is also good news for Sellers, as attractively priced properties are quickly being identified and taken off the market by proactive Buyers. The average price of newly marketed properties has risen by 1.5%this month, showing the market is kicking up a gear as we move through 2024. We’re also seeing more sales being agreed than this time last year, and Buyer demand is up 8%, making this a great time to sell.

However, realistic pricing remains as important as ever to attract the right Buyer and take advantage of the growing demand. Over-optimistic Sellers with inflated asking prices are taking longer to find a Buyer, with the average time tosell now up to 73 days across Yorkshire. Taking advice from local experts with in-depth market knowledge will make sure you receive the right price for your home and help speed up your sale.

If you’re looking to start your moving journey, get in touch with your local Redbrik team today to find out more about how we can help.