January House Price Index: A Strong Start to 2024

January House Price Index: A Strong Start to 2024 

If you are thinking about a move this year, you are probably wondering how the property market is performing in County Durham and Northumberland so far in 2024. Thanks to the latest House Price Index from Rightmove, we can give you a snapshot of what to expect if you are thinking about buying or selling this month. 

According to Rightmove’s data from the first week of the year, there has been a 15% increase in the number of properties coming to market for sale, with a large majority becoming available in the North East and South West of England. This is fantastic news for anyone who has been waiting to see more variety in the homes available across our area. 

Combined with a 5% increase in buyer demand, these two figures mean that we are still looking at a competitive market during the first few months of the year as the increase in demand is still ahead of the number of homes that are for sale. 

Want to sell this year? 

If you are looking for a quick move, then you will be glad to hear the North East of England currently has the second shortest average selling time in Great Britain, at just 62 days! 

With buyer confidence high across the country as a whole, now is an excellent time to take advantage of the host of buyers who have already started their moving plans for 2024. A competitive market has seen the average house price in our area increase by 0.6% during the last month, so choosing an experienced agent who can price right is key to getting the most for your property. 

Thinking about buying? 

If you have been waiting for a more stable mortgage rate before starting an agreement in principle, then now could be the perfect time for you to revisit the rates lenders have to offer. While there is still the chance for surprises, five-year rates have decreased considerably from their peak in July last year and are now averaging at 4.86%. With the market settling, you can now be more confident in your home purchase, whether you are a first-time buyer or taking the next step on the ladder.