Rightmove Trends Data reveals a great start to January 2024

Early Signs of a Busier 2024 Housing Market: What Rightmove’s Data Reveals

The housing market seems to be shaking off the uncertainties of 2023 with some promising early signs in 2024. According to the latest Rightmove trends data, both buyers and sellers are returning with newfound confidence, potentially setting the stage for a smoother year ahead.

Here are some key takeaways from Rightmove Data Trends Jan 24:

• Price bounce: Average asking prices across the UK rose 1.3% to £359,748, the biggest December-to-January jump since 2020. While still 0.7% lower than last year, the increase reflects growing seller confidence.
• Increased activity: More sellers are entering the market (15% higher than the same period last year), and buyer demand is up 5%. This surge suggests pent-up demand and optimism.
• Realistic pricing remains crucial: Despite buyer interest, Rightmove warns against overinflated asking prices. With cost-of-living pressures and elevated mortgage rates, accurate local pricing is key to attracting buyers.
• Encouraging sales: The most promising indicator is the 20% increase in agreed sales compared to last year. This shows sellers are finding success with attractive pricing, luring buyers who were hesitant in 2023.
• Mortgage market stabilises: With average 5-year fixed rates falling from 6.11% in July to 4.86% and further cuts anticipated, the mortgage market offers a more stable backdrop compared to the volatility of 2023.
• Future planning in motion: High levels of Mortgage in Principle applications since December 27th (including nine of Rightmove’s busiest days ever recorded) show potential movers are actively preparing for 2024.

While cautious optimism prevails, some challenges remain:

• Election impact: A potential slowdown is expected in the second half of 2024 due to the General Election, as movers wait for the outcome and its implications.
• Economic uncertainties: Continued monitoring of economic news and its impact on the housing market remains crucial.

Overall, Rightmove’s early data paints a picture of a housing market rebounding with renewed confidence. Increased activity, stabilising mortgage rates, and proactive planning suggest a potentially busy 2024 for movers who price realistically and adapt to changing market conditions.

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