House prices on the rise once again!

According to Rightmove, the month of March saw a 1.5% increase in house prices, which is higher than the normal March average. It is also the largest monthly change in ten months, showing positivity for the property market after a quieter market in 2023. (Rightmove, March 2024)

We are seeing more buyer demand increase as Spring gets into full swing with the number of sales being agreed up by 13% compared to last year.  House prices are still £4,776 less than they were in May 2023, but according to Nationwide are up by 1.2% since March 2023 (Nationwide, March 2024).

However, Rightmove did also note that the average time for a property to go under offer in March was a whopping 71 days, which is the longest since 2019. Properties which are priced attractively are getting swooped up, compared to those which might be slightly higher in price taking longer to sell, which is fine for vendors who are happy to wait for the right price.

In the South East, the average property is worth £478,936 which is a monthly change of 1.5% but a decrease of 0.7% compared to the same time last year. Properties are also taking on average 73 days to sell.

Are you interested to see what your home is worth this Spring? Call us today on 03309 125285 for a free property appraisal.

Source: https://www.rightmove.co.uk/news/content/uploads/2024/03/Rightmove-HPI-18th-March-Final.pdf

Source: https://www.nationwidehousepriceindex.co.uk/reports/annual-house-price-growth-edges-up-in-march