The housing market has kicked off with a positive start for 2023, according to latest research from Rightmove* and TwentyCi.*
Data from Rightmove’s latest House Price Index revealed that the average asking price for a property in the UK bounced by 0.9%* in January, an increase of £3,301 from the month before. *
The Office for National Statistics (ONS)* also found that house prices were up 10.2%* in the year to November, a positive sign for those looking to sell in Spring or Summer of 2023 when buyer
demand is likely to see a seasonal influx.
Buyer
activity is already starting to surge, according to TwentyCi’s Property and Homemover Report.* There are currently 472,341* properties on the market across the UK, while there are 376,518* listings sold subject to contract (SSTC), and 269,494 property sales were completed over the past three months.
Buyer interest is high in the South East
TwentyCi’s data when broken down into regions reveals that the South East continues to be the busiest for market activity, with 74,971* new listings over January, and London falling behind at just 54,332. *
The South East was also named the region with the most properties listed as SSTC, with 63,035 sales recorded. And astoundingly, the South East also lead the ranks in most completions taking place over January, at 43,455. *
‘The biggest New Year bounce in three years’
Rightmove also recorded the biggest increase in average asking prices since 2020. From their January House Price Index*, the average price of a home in the UK rose once again as New Year buyers flooded to the market after the countdown into 2023.
While it’s typical for house prices to bounce back in January after the traditionally quiet festive season passes, this year’s price boost was the biggest seen in three years, proving that the market outlook is a positive one for the year ahead.
“We’re starting to see familiar trends and a calmer, more measured market after the rapidly changing economic climate of the final few months of last year,” says Rightmove’s Property Expert, Tim Bannister.*
“However, we expect that the full effect of affordability constraints and last year’s mortgage rate rises will hold back some segments of the market in the first half of the year. But there might be some green shoots of growth that will go on to strengthen in the second half of 2023,” he adds. *
What does this mean if you’re planning on selling this year?
As we reach Spring and demand continues to soar, those who have priced correctly and received proper guidance from an estate agent will be in good stead for a speedy and successful sale.
Tim Bannister says: “The early-bird sellers who are already on the market and have priced correctly are likely to reap the benefits of the bounce in buyer activity, while over-valuing sellers may get caught out as property stock builds over the next few weeks and months, and they experience more competition from other better-priced sellers in their area. Listening to your estate agent’s advice about your hyper-local market and pricing right the first time can avoid a stale sale and the need for even greater reductions later.” *
Rightmove House Price Index*
TwentCi Property and Homemover Report*
The Office for National Statistics*
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