Positive Momentum in UK Property Market Continues to Grow
The UK Property Market Sees Signs of Recovery in 2024
The UK property market is showing signs of improvement as indicated by the latest data from property website Rightmove. The average asking price for properties in February increased by over 3,000 compared to the previous quarter, reaching 3,091. This represents a 0.9 percent increase compared to January and a 0.1 percent increase on a yearly basis, reaching 362,839.
The number of transactions and trading activities in the market are also on the rise, with a 16 percent yearly increase in agreed sales in the first six weeks of 2024. Both listing and buyer inquiry numbers have also seen a seven percent increase compared to the previous year.
Tim Bannister, Rightmove’s director of property science, attributes this positive trend to a significant drop in mortgage interest rates, which have stabilized in recent months. Michelle Niziol, chief executive of IMS Property Group, points to the optimism in the market due to falling interest rates and an increase in property listings, creating a favorable opportunity for buyers.
The demand for rentals in the UK is also soaring, leading to increasing investor confidence in the real estate market. A survey by The Mortgage Lender reveals that 31 percent of buy-to-let property owners plan to expand their portfolios in the next 12 months, driven by high rental demand.
The survey further shows that more than half of property owners have invested in additional properties in the past year, with many actively seeking more investment opportunities in 2024. Nearly three-quarters of property owners expressed confidence in the country’s real estate market for the next 12 months, with a quarter stating they have funds available for further property investment.
Investors are also favoring newly built homes that meet future demands and offer better energy efficiency, making them attractive options for investment in the current market. Overall, the UK property market is showing promising signs of recovery and growth in 2024.
