According to research from Rightmove, the number of people sending a valuation request to an estate agent was 23 per cent higher in January than the previous high of January last year.
One of the factors leading to more confidence with sellers and buyers in 2024 is a “more stable mortgage market”, which Rightmove said had “remained calm” at the start of the year.
The firm said that average mortgage rates had continued to trend downwards, with the average five-year fixed rate being 4.64 per cent.
The number of properties coming on the market for sale rose by 13 per cent compared to the same period last year, and the number of future buyer enquiries sending enquiries to estate agents is up seven per cent.
Valuation uptick shows ‘increasing signs of optimism’
Rightmove’s property expert Tim Bannister said that the “early data suggests estate agents have had a busy start to 2024, with more market activity than at the start of last year”.
“This activity we’re seeing is likely to be a combination of those movers who have recently decided to make 2024 their year for a new home, and some pent-up demand from those who took a step back last year to consider their options while the outlook for mortgage rates was more unclear. It’s early days but the first month of data is encouraging,” he added.
Nathan Emerson, CEO at Propertymark, added: “Buyers who have been waiting in the wings are now starting to show increasing signs of optimism following three years of economic turbulence.
“Propertymark member agents witnessed many buyers moving house, which took up the majority of sales. However, now that more buyers are expressing an interest in moving and with hopes to see further interest rate cuts improving affordability, we anticipate an increased growth in confidence and usual market trends fully returning.”
