Published: 19/01/2024 By Loney MillerIf you’ve made moving your New Year’s Resolution for 2024, you’re probably wondering how the property market is currently performing in our area. Thanks to January’s House Price Index from Rightmove, we can give you a snapshot of how things are going so far.
According to Rightmove’s data from the first week of the year, there has been a 15% increase in the number of properties coming to market for sale, which is fantastic news for anyone who has been waiting to see more variety in the types of homes available.
Combined with a 5% increase in buyer demand, these two figures mean we are still looking at a competitive market during the first few months of the year, as the increase in demand still outweighs the number of homes for sale.
Another positive sign that more prospective buyers are getting ready to move this year is the increase in people using Rightmove’s ‘Mortgage in Principle’ service. After launching the tool in 2022, Rightmove says it has experienced nine of its ten busiest-ever days since the 27th of December last year, showing more future movers are getting their 2024 budgets and plans in place ahead of time.
Buyer confidence is also high, with a 20% increase in sales being agreed compared to last year, so now is the perfect time to take advantage by putting your home on the market. This, coupled with the fact the average time to sell a property in South West London has dropped from last year, shows the market is kicking back into gear as demand continues to grow and buyers get serious about finding the perfect place for them.
If you’re in the Wandsworth borough and looking to sell, now could be the ideal time for you, as prices are up 0.5% in the area. Working with an experienced agent who knows the local market is key to achieving the right price for your home, and we’d love to support you on your moving journey.
Whatever your property plans are for 2024, our friendly team is here to help. Give us a call on 0208 945 7555 or email firstname.lastname@example.org, and let’s have a chat about your next steps.