New research has found that selling a home in 2024 was the key priority for half of those surveyed.
While 38% of home sellers admitted to having put off their plans to move, 73% are now more motivated to do so in 2024, with the search for their onward purchase topping their to-do list.
Foxtons surveyed 1,002 UK home sellers on their priorities for the new year and their motivation levels in relation to selling up and the answer was clear, with 50% stating that the sale of their home was their primary focus.
However, when it came to the sale of their home, 38% admitted that they had been previously putting it off until after the Christmas break. Now that 2024 has arrived, 73% of those surveyed said they feel more motivated to tackle their move.
Foxtons also asked what the top priority for 2024 was specifically in relation to the sale of their home. 18% of home sellers stated the search for their onward purchase was their key focus, 16% plan to start packing in anticipation of their move, 14% plan to organise their finances and one in 10 intend to make home improvements to boost the appeal of their property.
The latest Bank of England data revealed that mortgage approvals climbed for the second consecutive month as buyers return to the market following a hold on interest rates and we’re already seeing mortgage lenders react accordingly with rate reductions.
What’s more, house prices are once again starting to climb, with the latest figures from Halifax showing a third consecutive month of positive growth and the first annual increase seen since April 2023. In response to the latest ONS UK House Price Index, Nathan Emerson CEO Propertymark commented:
“A drop in house prices is inevitable and natural when finding a balance in affordability during turbulent economic times. We want to see affordability further improve for homeowners and in order to achieve that, inflation rates will need to get closer to the government’s two per cent target, which in turn will impact the Bank of England’s ability to begin reducing interest rates from February onwards.
We would also hope the UK Government looks at options to increase housing supply in a market in order to keep up with growing demand.”
Foxtons CEO, Guy Gittins, said that there’s “certainly a renewed sense of vigour about the property market in 2024”. He continued:
“In fact, it’s probably the most balanced market we’ve seen in a long time and this means an abundance of opportunity for proactive buyers and sellers.
House prices have held firm despite the turbulence of last year and now we’re seeing a release of pent up demand as buyer confidence has grown with interest rates being held recently. Mortgage lenders have already reacted accordingly with rate reductions. Currently there are multiple 5 year fixed rate mortgages available at 3.9%, with some even lower, so we see a positive market ahead for anyone looking to secure a competitive rate, which will only help boost buyer sentiment further.”
