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18% More Sales in UK Property Investment Market

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    Rise in Sales in the UK Housing Market Heading Into Spring

    2024 has been a better year for property investment, particularly regarding buyer activity. New research from Chestersons shows that buyer activity improved further in February.

    Discover More: Are you interested in how buy-to-let works and other helpful information regarding property investment? View some of the best buy-to-let areas with our helpful guide.

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      How Much Have Sales Increased in the UK Property Market?

      London estate agency Chestertons reports that the prospect of further rises in mortgage rates is prompting property buyers to take action. In February, they observed an 18% increase in property sales compared to January.

      Several mortgage lenders have raised rates for their five-year fixed-term mortgages, with the average rate now at 5.47%. This marks a 0.07% increase since the start of March and a significant difference from the 3.94% average in December 2023.

      The latest Monetary Policy Report from the Bank of England indicates that interest rates are unlikely to be cut until at least the second half of the year.

      However, this rise in sales is also indicative of the annual spring bounce, when activity picks up in the property market. This recent data shows that mortgage rates are considerably better than in 2023, as mortgage lenders dropped rates following multiple declines in inflation. This has led many investors to resume their activities in the market despite rates remaining elevated from their levels in 2022.

      This news follows a recent study that showed the average seller is achieving 96.7% of their asking price. When sellers achieve higher figures, typically, more buyers will seek properties, indicating a healthier market. Interestingly, the North West achieves, on average, 97.4% of asking prices.

      This points to an active market in the North West, which is hardly surprising considering Savills earmarked the region to see 9.2% returns in the buy-to-let sector this year.

      See More: If you’d like to know more about North West property investment, see our page on new-build Liverpool properties and Manchester property investment.

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      What Did the Experts Say About the Property Sale Increase?

      Head of Sales at Chestertons, Matt Thompson, says: “Many people believe that mortgage rates may be increasing further over the coming months and feel the need to act now while rates are more affordable.”

      “The agency advises that although it has seen a 6.5% uplift in the number of properties coming onto the market, demand still outweighs supply, which is expected to fuel further price growth. This is confirmed by Rightmove’s latest House Price Indexes, which revealed that property prices in the capital increased by 2.8% in February vs January and 0.6% in March vs February.

      “The steady growth that property values have seen since the beginning of the year is yet another trigger for house hunters wanting to finalise their search sooner rather than later.”

      Further Reading: Check out our property investment for beginners guide if you’d like to know more about how much money you need to invest in property in 2024. Alternatively, you may read our guide on long-term property investments to better inform your strategy.

      Discover more buy-to-let insights with some of our area guides, including:

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      Dale Barham

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      Dale is a property content writer at RWinvest. Keeping a close eye on the UK property market, Dale helps our readers stay informed and up to date on the latest market news and statistics.