Find out why now is the BEST time to get moving

Looking for personalised property market insights?

Spring is often quoted as being an excellent time to get moving or invest in property, but new Rightmove analysis shows that NOW could offer you even better opportunities.

A brief review of the start of 2024

The property market has experienced a positive start to the New Year, with Zoopla reporting a 10-15% increase in buyer demand in comparison to the pre-pandemic years of 2017-2019.* The monthly average asking prices have also increased by 1.3% which is the biggest increase from December to January since 2020.** In comparison to the last year, 2024 has had a positive first few weeks, with the number of sales agreed being 20% higher.** 

Diving into the world of lettings, we’re still seeing fairly high rental growth. Overall, the year-on-year growth for the whole of the UK averages out at +8.0%, with average rent being £1,268 per calendar month.** Excluding London, the UK’s average rent has increased by 8.6%, in Scotland by 8.5% and in Wales 7.7%.** These increases are impacting tenant’s affordability with tenants spending 33.4% of their income on rent (39.6% in London), which is 2% higher than the same time last year.** Regionally, this also differs slightly, where in Scotland, tenants are on average spending 28.8% of their income on rent, and in Wales 34.0%.**

If you’re a landlord or investor, and are wondering whether you’re getting the most out of your property, while remaining competitive and attractive for tenants, we can help. Book in a rental valuation today to gain a clearer understanding of what you can expect from your let in 2024.

Now, let’s have a closer look at the reasons why now is a good time for YOU to buy, sell or invest.

As a seller…

…February and spring is the time when property sales really start to pick up, which is supported by Rightmove's analysis that 66.4% of homes listed in February find a buyer and that at this time of year, a home typically sells within 51 days.‡ We’re currently already experiencing increased buyer confidence, suggesting a promising year for the property market. Seller confidence is also rising, shown by the growing numbers of properties coming onto the market, which is 15% higher than at the start of 2023.** What’s more, Rightmove reports that February is the best time to list your property and that the number of sales being agreed is 20% higher than the same time last year, which in turn shows that properties are being priced in a way that is enticing buyers.** Chris Rosindale, Director of Operations at Connells Group, further highlights the importance of “pricing your property right when entering the market, as it is key to accelerate your sale. Especially in the current conditions, as those who are currently looking to buy are more committed and prepared to buy.”

As a buyer...

… the current range of properties to choose from is great and, despite the current mortgage rates, Zoopla confirms that the current property market is a buyer’s market. With both Rightmove and Zoopla, having had a busy start to 2024, including increased property portal visits and 1% more homes being available for sale, when compared to pre-pandemic 2019 levels, you have a good chance of finding a property that suits your needs.**

Additionally, with many sellers pricing their properties well, the property market is becoming more and more welcoming for anyone wanting to buy.^

Still looking for your perfect property?

What does this mean for landlords and investors?

Investing in property remains a good investment opportunity as, year-on-year, the money you put in bricks and mortar is gaining in value. Even with average UK rental growth having slowed by 2.2% year-on-year, rents remain on the rise.† Furthermore, average rents for new lets are 9.7% higher, and tenant demand is 32% higher than the 5-year average, making it an attractive opportunity for landlords and investors.† Regulations may influence trends in the rental market, and the Government’s Renters Reform will probably be a key point of interest for many landlords. To get the latest updates on what’s happening, read our blog here.

How could interest rates impact my move?

Whether you’re a buyer, seller or investor, you most likely will be interested in what’s currently happening in the mortgage market. In the latest Bank of England announcement on February 1st, the base rate remained at 5.25%.^^ At the time of writing, the average mortgage rate for a 5-year fixed deal is 4.86%, which is lower than July 2023’s peak of 6.11% and is a positive trend for anyone looking for a mortgage now.**

With buyer demand already increasing, as a seller, you may not want to wait until spring to list your property, particularly if you’re also looking to buy your next property. So why not find out today what your property is worth? It’s free and takes less than 60-seconds.

How much is my home worth?

Correct time of publishing - 02/02/2024. Interest rate correct at 01/02/2024

Sources:
*Zoopla January 2024
**Rightmove HPI [01.2024]; HomeLet [12.2023]
Rightmove Press Release
^Halifax HPI, [01.2024]
† Zoopla Rental Market Report, December 2023
^^Bank of England
MKT/UKON/220124