Evidence of  UK housing market Showing Signs of Recovery in January 2024

News at Kerr & Co | 19/02/2024

Evidence of  UK housing market Showing Signs of Recovery-January 2024

Six weeks into the new year, and its been a busy start to 2024.   Our sales department are pleased to report the Spring Market has seen house prices remaining resilient and strong.   As 2023 ended Kerr and Co predicted demand to remain high due to a number of market factors and we are pleased to see significant evidence that this trend has continued particular here in Hammersmith and Shepherds Bush . 

This news is also supported by the The Royal Institute of Chartered Surveyors (RICS)* UK  Residential Market Survey last month where it  revealed clear improvements in the UK housing market.  The main decisive indicators included buyer demand, agreed sales and new instructions.  All of these are showing strong positive trends especially in West London.  The survey also indicates a shift away from a property slow down which dominated the UK property market in 2022-23, back then the increase in interest rates and high inflation dominated the economy, however this has been replaced by a more positive reaction as interest rates stablised giving motivated sellers and first time buyers a reason to move in 2024.

Rightmove's January Market Update also reported a more optimistic outlook for the property market.  It too found  demand increasing especially in areas of London where supply is increasing as well as lower interest rates and more attractive mortgage products have come available all supporting consumer confidence .  In these first 6 weeks of 2024 higher demand drove up the number of sales agreed, Rightmove recorded 16% higher sales in January this year.  They have also seen evidence that those looking in January feel that 2024 offers the right time and conditions to move house than in 2023.  

With all this good news, we would advise some caution, especially to those who are looking to sell in the coming months.  The first stage is getting an  independent and realistic market valuation, this alone is key to any successful house sale.  Its imperative that sellers have done their homework and are happy with their choice of estate agent, we advise to have 3 valuations carried out as  a realistic property valuation is key to a sucessful sale and smooth purchase.  The property market remains price-sensitive, with many buyers still budget-conscious. Sellers who are over-optimistic may waste valuable time if they are persuaded to go with an unrealistic valuations,allowing for no flexibility for buyers.  Some sellers  can put their own sale at risk will poor advice and being unflexible.  This could result in being left priced out or their property left on the market missing out due to an overzealous valuation .  

As a agent with over 30 years of experience we advise all our vendors who are serious about moving in the next few months to be well-advised to appreciate this is a optimum time to sell as we are experiancing an increased buyer confidence.  With and impeding General Election in the early summer much can change and if you want to move house for the new school year, job move or other personal reasons then be flexible . 

As for potential buyers we would advise to have their mortgage offers in place so they are  the best position possible to move as the Spring Market gathers momentum, there is a large number of exciting properties on sale at the moment - especially in well sort after areas including substantial family houses and large flats . As the Spring market progresses and more fluid be realistic, take good advice and be prepared - you next move is in your sights .

If you are looking to move in the next 6 months you are welcome to call our sales office we are happy to give you the advice you need and an overview of the market.  Call us on 0208 743 1166 or email us on sales@kerrandco.com
* The Royal Institute of Chartered Surveyors UK Residential Market Survey is used by the government, the Bank of England and other key institutions, including the IMF, as an indicator of current and future conditions in UK residential sales and lettings. It is covered extensively in the media and is the leading source of market intelligence, highly regarded both by investors and across the industry.  

*Rightmove.co.uk was formed in 2000 by the top four corporate estate agencies at the time: Countrywide, Connells, Halifax and Royal and Sun Alliance, and was initially free to list with charging introduced in 2002.Over 20 years, our focus has been to make home moving easier in the UK by bringing together the UK’s largest and most engaged property audience with the largest inventory of properties.