According to the London estate agency Chestertons, the UK property market has seen a significant 21% increase in the number of people submitting offers to purchase properties, perhaps encouraged by the current market sentiment.
With mortgages falling for two- and five-year fixed terms, it seems many investors are willing to take a chance on current mortgage prices, particularly with rental growth increasing by 9% in 2023 and expected to rise by a further 6% in 2024.
Chestertons’ data compares January 2024 with the preceding year, showcasing a significant rise in stock. According to their figures, 17% more properties will be available in the market in January 2024, while 7% more property owners will request market appraisals. This suggests that people are optimistic enough to resume their strategies to move home.
Chestertons Head of Sales, Matt Thompson, says: “The boost in buyer activity is exactly what many sellers have been waiting for.
“Buyers have become increasingly confident since December, when interest rates were held at 5.25% and mortgage rates started to come down. This sentiment carried through to January, and with more properties now on the market, we expect to see increasing numbers of buyers, additionally driven by pent-up demand from those who did not feel comfortable moving forward with their search last year.
“We are seeing all types of buyers now entering the market, including first-time buyers, young couples joining forces to achieve a joint upgrade and people that live outside of the capital and require a pied-Ã -terre to avoid lengthy daily commutes.”
Read More: If you’re looking for a property investment guide, check out our article on how to make money on buy-to-let.
