The common price ticket on a house jumped by round £4,500 in January in comparison with the earlier month, in accordance with a property web site, as sellers hoped decrease mortgage charges would help the market.
Across Britain, the common worth of a property coming available on the market elevated by 1.3pc, or £4,571 month-on-month, to £359,748, Rightmove mentioned.
It comes as lenders battle to supply patrons decrease mortgage charges amid expectations that rates of interest will likely be minimize this yr.
Despite the rise in common asking costs during the last month, they’re nonetheless 0.7pc decrease than a yr earlier.
Rightmove mentioned the amount of latest properties coming onto the market for sale is 15laptop greater than a yr in the past.
Competitive pricing from sellers continues to be very important, with the variety of new properties coming to market outpacing a rise that can be being seen in purchaser demand, the web site mentioned.
The variety of potential patrons contacting property brokers about houses for sale within the first week of 2024 was 5pc greater than in the identical interval final yr, with the expansion in exercise strongest in London and the North East of England, Rightmove mentioned.
It added that the variety of gross sales being agreed as January will get underneath means has been greater than the beginning of final yr.
Tim Bannister Rightmove’s director of property science mentioned:
After a stop-start market in 2023, the preliminary indicators recommend a smoother yr for movers in 2024.
More new sellers at the moment are coming into the market, and with extra assured pricing. While the elevated stage of purchaser exercise that we’re additionally seeing could justify a few of this elevated pricing confidence from sellers, it’s vital that sellers who’re eager to discover a purchaser don’t get carried away with New Year enthusiasm when setting their worth expectations.
Elevated mortgage charges and the broader cost-of-living squeeze are nonetheless limiting patrons’ spending energy.
Accurate and real looking pricing for their native space is the recipe for success for sellers trying to get shifting in 2024.