Putterills Estate Agency February 2024 Market Summary
This year, the market has started at full pace locally, so we wanted to delve a bit deeper into some fascinating trends emerging in the UK property market for 2024
Here at Putterills, we've been diligently monitoring the latest Rightmove statistics,
and I'm thrilled to share with you some captivating developments in the UK property market as we embark on 2024.
There's been a fascinating shift in expectations for house prices in 2024. Notably, a prominent London agent
has revised its predictions and now anticipates a 3% increase in house marking,
a notable shift from their earlier negative predictions.
In the opening weeks of the year, Rightmove has also reported a 20% increase in sales compared to last year.
This impressive surge is complemented by a 15% increase in new property listings, signalling a revitalised
sense of confidence in the market.
This resurgence is a positive indicator for both buyers and sellers and aligns well with the upsurge
in activity Putterills offices have experienced by both buyers and sellers.
Several factors appear to be driving this optimistic trend. We've noticed that economists are adjusting
their inflation forecasts downwards, potentially alleviating some market pressures.
Additionally, the landscape of mortgage rates is changing – with reductions already in
effect by many providers and a noticeable increase in mortgage approvals. This suggests a wave
of new buyers could soon enter the market, a further encouraging sign.
While these signs are promising, we always approach market forecasts with a balanced view, understanding the
the inherent unpredictability of the property sector, and our hope is for steady growth, not an explosive one.
Nonetheless, these current trends offer substantial reasons to be optimistic about what 2024 might hold for the property market.