Rightmove recently released their latest House Price Index, which reflects the most important property trends they’ve seen over the past month. Despite a slow 2022 and the introduction of higher interest rates, the start of 2023 looks remarkably buoyant for the UK property market – here’s what the report said:
When compared to the same period in 2019, buyer demand has surged by 4%. This is a particularly impressive feat when compared to the pre-pandemic period, which indicates that the property market is recovering well from the disruption of COVID-19. With many buyers saving up money over the past few years where the property market has been somewhat unstable, 2023 seems to be the time to commit to a purchase after years of planning.
The national average asking price has seen a huge boost of 0.9% throughout January alone, which saw over £3,000 being added to the average property value in just one month. This is particularly remarkable considering that December saw a dip in house prices of 2.1%, indicating that the market is experiencing a resurgence. This marks the biggest increase at this time of year since January 2020.
Alongside the surge in buyer demand at the start of the year, the number of enquiries from prospective buyers has experienced a huge boost over the past few weeks. When compared to the weeks preceding Christmas, the number of hopeful homebuyers contacting estate agents surged by 55%, which is the largest New Year bounce since 2016. This indicated a sense of confidence in the market which has been absent over the past few months as a result of the cost of living crisis, rising house prices and soaring interest rates. Such renewed confidence in the UK property market certainly bodes well for the rest of 2023.
On January 5th, the number of individuals requesting a valuation of their home soared to the third highest numbers on record. As the first step in listing your house for sale, a surge in valuation requests suggests that more people are intending to sell their homes, indicating an increased level of confidence in the market to achieve a fast, high value sale. Alongside an increased number of enquiries, this signals that the market will be somewhat balanced over the next few months.
In their house price index regional breakdown, Rightmove indicates that the East Midlands is the area experiencing the most growth. Over the past month, the average East Midlands property has seen price growth of 1.8%, the highest across the UK. Some regions even saw a dip in property value, with Scotland experiencing a 5.2% dip, and the South west experiencing a 0.4% dip. Overall, the East Midlands saw a yearly increase in home values of 7.5%, with the average property taking just 52 days to sell – so, for those looking to sell their home in the East Midlands, now is a great time to do so.
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