House prices – Forbes Advisor UK

We have a suite of mortgage calculators to help you work out how repayments will affect your household finances, what you could save by remortgaging, and the beneficial impact of overpaying. You can also enter your details here to see what’s available on today’s market

15 January: January Prices Climb Following December’s Fall

• Average new seller prices up 1.3% in January 
• Annual price inflation down 0.7%
• Average asking price £359,748

Property portal Rightmove says there are tentative signs of increased property market activity in the first weeks of the year, with confidence appearing to return following a turbulent 2023. 

Average seller prices have rallied by 1.3% this month, according to the site’s latest data, following a steep fall of 1.9% in December. It is the biggest rise seen by Rightmove for the period between December and January since 2020.

Asking prices rose £4,571, on average, in real terms, taking average house prices up to £359,748, although prices are still 0.7% lower than in January 2023.

The number of properties coming onto the market for sale was 15% higher in the first week of 2024 compared to last year, with buyer demand 5% higher. The number of sales agreed was 20% higher than that seen in the first week of 2023.

Since Christmas Rightmove has seen nine of its 10 busiest days on record for people getting a mortgage-in-principle through its site, another potential sign of movers getting their 2024 plans in place.

That said, the time taken to achieve a house sale has increased to 71 days, on average, nationally, rising to 79 days in London.

Regionally the outlook is also more positive with just three areas seeing an average fall in asking prices in January (Scotland, Yorkshire and Humber, and London), out of the 11 regions listed by Rightmove.

Jeremy Leaf, a London estate agent, said: “It’s premature to say whether the recent improvement in activity will translate into a strong market recovery during early 2024, but certainly the initial signs are encouraging. No New Year fireworks, but more valuations, viewings, listings and offers than this time last year.“The mortgage rate price war combined with lower inflation and a strong jobs market, have helped to fuel expectations that prices may have passed their low point and that a better balance between supply and demand lies ahead.”

5 January: Average Price £4,800 Higher Than December 2022

• House prices up 1.1% in December – third consecutive monthly rise
• Prices up 1.7% in 2023
• Average price £287,105
• Prices predicted to fall by up to 4% in 2024

House prices rose for the third consecutive month in…