March 2024 Market Update

March historically brings a boost to buyer activity levels, as well as property prices, and now Spring has officially sprung, is this optimism well-founded and have we seen the Spring season impact the market as expected?

This month, the average asking price for new properties coming to market has increased by 1.5%, continuing the positive trend we are seeing so far this year.  Comparing this with previous Spring changes, we can see that this boost is higher than the historical average of a 1% increase to the average asking price, showing the confidence that sellers coming to the market are feeling.

Through the number of Rightmove enquiries the company processes, Rightmove is able to track buyer activity levels.  According to Rightmove’s data, buyer demand is up 8% on the same time last year. This is a good indicator of the confidence buyers have in the market.  When we break down the increase in average asking price into market sectors, we can see this evidenced in the data.

First-time buyer level properties have had an average monthly increase of 0.7% and second-stepper homes have risen by 1%, while the top-of-the-ladder sector went up by 2.9%.  Despite these increases, the average asking price is still currently below the peak of May 2023 by £4,776.  This, paired with the increase in buyer activity levels, indicates that more people are seeing now as a good opportunity to make their move on the market.

The number of sales being agreed is currently 13% higher than the same period last year.  However, the market is still very much a price-sensitive one, so it is important for sellers not to be over-optimistic when it comes to listing this Spring.  Properties that are accurately priced are selling well and those priced for a quick sale are achieving that.  However, overzealous priced properties are unlikely to sell in this market.

There is a definite sense of the market returning to a more steady pre-pandemic norm and the increases we are seeing this Spring are all positive signs for the year to come.  It is important not to get caught up in these increases and set your sights too high, however.  The best way to make sure you are pitching your price right for the market is to speak with an experienced local agent who is able (and happy) to provide evidence behind their valuation of your property.

Moving house is a big deal – so why not let us guide you through the process? We’d be delighted to hear from you and happy to offer straight-talking advice without any obligation. Call us on 01323 440678.

Data sourced from publicly available sources including Rightmove, Zoopla, Nationwide