UK Property Expert To Buyers and Sellers: To Find Out What Is Happening Property Wise, Your Main Contact Should Be Your Local Agent
Kate Faulkner OBE, one of the UK’s leading property experts has suggested that your local agent should be your main point of contact for current market information.
Reflecting on the latest indices, and as someone who provides comprehensive reports on property market analysis, Kate says that
“The individual sold property price data we have access to is really useful to show buyers and sellers that the main people they should talk to to find out what’s happening property wise is: their local agent.”
PROPERTY PRICE AND MARKET INDICES HEADLINES
Tentatively promising new year start as buyer and seller activity jump
“Average new seller asking prices rise by 1.3% month-on-month to £359,748, the biggest December to January increase in prices since 2020, though average prices are still 0.7% lower than at this time last year.”
Prices hold firm on rate cut optimism and falling stock
“Asking prices remain unchanged since last month across England and Wales but are down year-on-year by just 0.5% vs. Jan 2023.”
Outlook for sales market activity continues to improve gradually
“House price declines continue to moderate at the national level, with respondents now anticipating a flat trend over the year ahead.”
House prices begin 2024 on a more upbeat note
“UK house prices rose by 0.7% in January, after taking account of seasonal effects. This resulted in an improvement in the annual rate of house price growth from -1.8% in December to -0.2% in January, the strongest out-turn since January 2023.”
Positive start to 2024 for UK house prices
“Average house prices rose by +1.3% in January, the fourth monthly rise in a row.”
Annual prices still falling in January
“House prices in England and Wales saw a slight increase this month, rising by £620 (0.2%) to reach a level last seen in February 2022. This marks only the second time in the past 15 months that prices have grown by more than 0.1%.”
“Our UK house price index recorded annual price falls of -0.8% in December 2023, up from a -1.4% low in October 2023.”
In the meantime, the best information and analysis from this month’s property indices is that demand, instructions and indeed sales agreed appear to be better than they were versus last year, which is a great start to 2024.
And, hopefully this should continue with lenders competing mortgage rates down to sub 5%, although Zoopla’s conclusion is that it’s “Important not to over-interpret the positive start to the year – there is some upside for sales volumes, but we remain in a buyers’ market.”
With the property market constantly changing, it is helpful to seek up-to-date information from an accredited Agent.
Stonebridge Estate Agents provides an award-winning, personalised service, with expertise and a deep understanding of local nuances, offering invaluable support for those navigating the intricate process of Buying, Selling, or Letting your property in London.
Do get in touch if you would like to discuss a valuation, appraisal, or anything else property related without any obligation.