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January Snapshot

 
25/01/2023

Our first month of the new year!

 

We have had a good start to the year and have noticed that January has brought a large amount of new buyers to the market. Alongside this, we have also seen a healthy flow of valuations and people considering the idea of moving this year. This could be down to the mortgage rates leveling out.

 

According to sky news the mortgage rates have hit levels of roughly 6.5% last year; however rates being offered now are a fair way below 6%. The latest moneyfacts.co.uk data shows the average two-year fixed deal is now at 5.6% and falling.


A Reuters poll of analysts in December forecasts that rates will peak at 4.25% from May and look like they may stay that way for the rest of the year.
They will then start to fall from February next year - dipping to 3.5% by late 2024.

House prices rise higher than expected in January - as buyers return to the market


In January, Rightmove made us aware that the average house price has jumped by just over £3000 which is a higher rise that we normally expect at the start of a new year.
Rightmove said 'Across Britain the average asking price is now £362,438, which is 0.9% higher than in December.'

During the start of a year, we usually expect house prices to slightly rise; but this year it has been made apparent that the number of prospective buyers actively looking on property websites has also risen.

Tim Bannister, Rightmove's director of property science, said "It is particularly encouraging for movers who are looking for a "calmer, more measured market" after some of the "chaotic economic climate of the final few months of last year.""

 

A few statistics that are equally positive for both buyers and sellers that Rightmove have shared are; 

 

1. The volume of prospective buyers sending in enquiries to estate agents is up by 55%.

2. Demand from buyers are up 4% compared to the same period in the last "normal" pre-pandemic market of 2019.
3. On January the 5th, the number of people requesting an estate agent to value their home was the third largest on Rightmove's records.

Beat the rush before spring!


Here at iMove we feel that Spring is set to follow the usual increase in activity, and with positive news from the first month of 2023, it could be a bigger increase than previous years. 
Gareth Overton, of Henry Adams estate agents, said "Prospective buyers are being encouraged by more modest prices after nearly two years of surges during the pandemic.
Mr Overton added: "Many of our sellers are opting for more realistic asking prices to reflect the changing market conditions."

This is a highly reassuring fact and we are happy to know that buyers are gaining the old confidence that the market once saw. We look forward to this having a positive impact for both buyers and sellers in the up and coming months of 2023.

The iMove Team.
(Source: Sky News)
 
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