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January Jump in Asking Prices: A Sign of Market Confidence
Introduction
As we step into 2024, the property market is showing signs of robust activity.
The average new seller asking price has witnessed a 1.3% rise this January, marking the most significant increase for this month since 2020.
This is a notable jump, more than doubling the 20-year average of a 0.6% increase.
Improved Buyer Demand
The economic landscape is shifting. With mortgage rates on the decline and a more optimistic economic outlook, buyer demand is on the rise.
According to a recent poll, 42% of agents have observed that buyer demand is higher now than it was a year ago.
This resurgence of interest is a positive indicator for the market's health.
Seller Confidence on the Rise
The beginning of the year has also seen a 15% increase in the number of properties being listed compared to last year.
This uptick suggests that sellers are gaining confidence, buoyed by the favourable market conditions and the increasing demand from buyers.
The Importance of Realistic Pricing
Despite the positive trends, the importance of accurate and realistic pricing cannot be overstated.
For those looking to make a move this year, setting the right price, one that reflects the local market conditions, remains crucial to success.
Conclusion
The January jump in asking prices is more than just a statistic; it's a reflection of a market that's gaining momentum. Whether you're a buyer, seller, or industry observer, these developments are worth watching as they unfold throughout the year.
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We’re a specialist estate agent selling Country, Period, Luxury and Equestrian Homes. The houses for sale include vast Country Estates as well as Modern Mansions across Warwickshire and the Cotswolds.
Contact Heenay Joshi Property Experts on 07864 942 768 or hj@hjpe.co.uk.
Explore our 11-step strategy for a hassle-free sale or access our buyer guides to navigate the buying process.
Contact Heenay Joshi Property Experts to explore our 11-step strategy for a hassle-free sale or access our buyer guides to navigate the buying process.
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