Significant Increase in Property Asking Prices in January

According to Rightmove, property asking prices surged by 1.3% in January, reaching nearly £360,000 on average. The housing market saw a bustling start to the year, with a 5% increase in potential buyers and a 15% rise in properties listed for sale.

Property asking prices saw a significant increase in January, as reported by Rightmove, indicating a bustling start to the year for the housing market. The price of new homes on the market experienced a 1.3 per cent month-on-month rise, with the average home listing reaching nearly £360,000.

Significant Increase in Property Asking Prices in January | Rightmove Reports

This surge marks the largest December-to-January price increase since 2020, although average prices remain 0.7 per cent lower than the previous year. Rightmove also noted a rise in activity among both home buyers and sellers. The online property portal revealed that the number of potential buyers reaching out to estate agents about available homes in the first week of 2024 was 5 per cent higher than the same period last year. Additionally, the number of properties being listed for sale was 15 per cent higher than at the beginning of the previous year, following a record number of sellers entering the market on Boxing Day. Furthermore, the number of sales being agreed upon is 20 per cent higher at the start of this year compared to the same period last year.

The housing market has seen a surge in property asking prices and increased activity among both buyers and sellers, indicating a promising start to the year for the real estate industry.