Asking Prices On The Up In Spring 2024 Housing Market

Asking Prices On The Up In Spring 2024 Housing Market

As a trusted estate agent in Bury St Edmunds, Coakley & Theaker is committed to keeping homeowners informed about the latest trends and developments in the UK property market. We've analysed the most recent data from Rightmove, the UK's largest online property portal, to provide you with valuable insights that can help you make informed decisions when selling your property.

Rightmove's latest figures show that the average asking price has risen by more than the typical March increase of 1.0%, with a yearly growth of 0.8%. Although prices are still £4,776 below the peak seen in May 2023, this uptick in asking prices suggests a growing confidence in the market.

One of the most encouraging findings from Rightmove's analysis is the 13% increase in agreed sales compared to the previous year, driven primarily by the larger homes sector and heightened activity in London. Buyer demand has also risen by 8% year-on-year, with a particularly strong interest in top-of-the-ladder properties, which have seen a 12% increase in demand compared to last year.

However, it's important to note that the market remains sensitive to pricing and external factors, particularly in light of high mortgage rates. Rightmove has cautioned that the growth in buyer demand has been somewhat dampened by a "lacklustre Spring Budget," which failed to provide direct support for first-time buyers or introduce innovations in the mortgage market.

We help you overcome challenges in property market

Furthermore, Rightmove reports that the average time to secure a buyer has increased to 71 days, the longest period for this time of year since 2019. This highlights the importance of working with an experienced estate agent who can help you price your property competitively and market it effectively to attract serious buyers.

At Coakley & Theaker, we understand the unique challenges and opportunities that homeowners in Bury St Edmunds face when selling their properties. Our team of knowledgeable estate agents is dedicated to providing you with the guidance and support you need to navigate the current market conditions and achieve the best possible outcome for your property sale.

If you're considering selling your home in Bury St Edmunds, we invite you to contact Coakley & Theaker for a personalised consultation. Our experts will work closely with you to develop a tailored strategy that maximises your property's potential and helps you achieve your selling goals in this dynamic market.

What do Rightmove say about this?

Rightmove director of property science, Tim Bannister, said: “March is typically a strong month for asking price growth, as both buyer and seller activity levels rise and the spring selling season gets underway. However, the stronger-than-usual price growth this March indicates that new sellers are feeling much more confident, with some perhaps being over-optimistic, that there is enough buyer activity and affordability in their local market to achieve a higher price.”

Tim Bannister also said: “Despite the above average price increases in this opening three months of the year, asking prices are still £4,776 below their peak in May 2023. For those who can afford to buy and have yet to take action to move this year, this may provide a window of opportunity to buy, as we now seem to be past the bottom of the market. While some sellers are still being over-optimistic with their pricing expectations, there are also more sellers who are aware of the need to be negotiable and realistic, with elevated interest rates compared to recent years still stretching affordability for many buyers.”

Contact Coakley & Theaker for all your Bury St Edmunds property market needs

At Coakley & Theaker, we aim to support the local community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today by calling us on 01284 769691.