House prices rise higher than expected in January alongside 'pent-up' buyer demand
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Loading... - charlie lucas
- 17 Jan 2023
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The rise, which is generally expected as new year sellers test the market, follows two months of falling prices as prospective buyers look for a "calmer, more measure market", according to Rightmove.
The average price of a home jumped by £3,301 this month, at the same time as Rightmove saw double the amount of inquiries from prospective buyers.
Across Britain the average asking price is now £362,438, which is 0.9% higher than in December, Rightmove said.
It follows two months of falling prices, with January's typical price tag still £8,720 lower than October's peak.
Tim Bannister, Rightmove's director of property science, said it was "particularly encouraging" for movers who are looking for a "calmer, more measured market" after the "chaotic economic climate of the final few months of last year".
He added: "The early-bird sellers who are already on the market and have priced correctly are likely to reap the benefits of the bounce in buyer activity, while over-valuing sellers may get caught out as property stock builds over the next few weeks and months, and they experience more competition from other better-priced sellers in their area."
Rightmove said the volume of prospective buyers sending inquiries to estate agents about homes is up 55% in the last two weeks, indicating pent-up demand.
Buyer demand is up 4% compared to the same period in the last "normal" pre-pandemic market of 2019.
However, it is still down by 36% compared to last year's busiest-ever start to a year as the market navigates a more normal level of activity. Read More…
