In the latest insights from Rightmove, the UK’s housing market is showing encouraging signs of improvement as we progress into 2024. With a noticeable uptick in home purchases compared to last year, the early momentum seems set to continue. Interestingly, the average asking price for homes is still £4,776 shy of its May 2023 peak. This has sparked increased demand, nudging asking prices upward once again, with the average price of newly listed properties rising by 1.5% to £368,118 this month.
However, it’s not all smooth sailing. A closer look at the numbers reveals a mixed picture: out of 238,897 properties listed since the beginning of January 2024, only 50.32% have successfully been sold. This means a significant number of listings are being withdrawn; London, in particular, feels this pinch more acutely, with only 37.8% of properties exchanging hands.
Key Metrics for The Whole Property Market in Hammersmith
versus last week versus 4 week ave
New properties to market Up 137% Down 1%
Properties sold subject to contract Up 150% No change
Properties reducing their asking price Down 46% Up 112%
While the market shows signs of vitality, it’s a stark reminder that the dynamism of 2021 is in the rearview mirror. The key takeaway for sellers is clear: avoid overvaluing your property. If necessary, be ready to adjust your asking price within 3 to 4 weeks to secure a sale. This strategy not only aligns with the current market realities but also maximises your chances of a successful transaction.