After a successful January, the property market looks promising for the remainder of Q1. The rate of the fall in house prices has slowed to -0.8%, according to Zoopla’s latest House Price Index, with all activity measures up year on year. This has improved since recording a -1.4% low in October.
Demand amongst property buyers was up 12% year on year, with London and East of England leading the way. Following a slow second half of 2023, rocketing mortgage rates meant many buyers held off from moving house.
Buyer demand was the highest in London, increasing by 21% year on year. This is consistent throughout the city, with inner, outer and popular commuter areas all seeing a registered hike in demand. This makes a change from falling behind the rest of the UK in both price and sales volume for the last 7 years.
As the number of ‘sales agreed’ increased by 13% year on year, a trend that is consistent throughout all regions, the number of conveyancing instructions across the UK is likely to increase compared to this time last year. Yorkshire and the Humber and the West Midlands saw the most agreed sales and there was a 22% increase in the number of properties listed.
With mortgage rates dropping below 5% in January 2024, a surge in people needing a conveyancer is on the horizon. The latest statistics reveal a promising sign that there is a regained confidence amongst potential sellers. However, Zoopla predicts that ‘unrealistic sellers’ who are pricing their properties high could cause a delay in sales.
Richard Donnell, Executive Director at Zoopla gave a summary of Zoopla’s findings.
“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.”
At Compare My Move, we’re seeing record numbers of leads generated for our conveyancing partners, seeing a strong start to 2024. Our conveyancing enquiries doubled in January compared to December 2023, seeing an increase of 110%.
Now is a great time to join our partnership to take advantage of this and reach new clients across the UK.
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This article was submitted to be published by Compare My Move as part of their advertising agreement with Today’s Conveyancer. The views expressed in this article are those of the submitter and not those of Today’s Conveyancer.
