Property Market News Update - February 2024
News at Cameron King | 15/02/2024
Welcome to your Property Market News Update for February 2024. In this edition, we bring you the latest insights from experts across the UK, providing you with a comprehensive overview of the industry.
Starting off the year on a positive note, average house prices experienced a notable increase in January. According to both Halifax and Nationwide, this rise marks the largest increase in a year. This upward trend indicates a promising start to the year for the property market.
In addition to rising house prices, new seller asking prices have also seen a significant boost. Rightmove reports a +1.3% increase to an average of £359,748. This surge in asking prices from December to January is the most substantial increase since 2020, suggesting a growing confidence among sellers.
Furthermore, the property market has witnessed a surge in new homes entering the market. Following a record number of Boxing Day home sale launches, the number of new homes available has increased by 15% compared to the beginning of last year. This rise in supply aligns with the Royal Institute of Chartered Surveyors' (RICS) report, which indicates an increased interest in searching for new homes.
Despite a surprise jump in inflation from 3.9% to 4% (November to December), the Bank of England (BOE) has chosen to keep the base rate unchanged at 5.25%. This decision reflects the BOE's cautious approach to balancing economic stability and inflationary pressures.
As we move further into 2024, it will be interesting to observe how these market trends develop and whether they will continue to shape the property landscape. Stay tuned for our next update, where we will bring you the latest news and insights from the ever-evolving property market.
In an unpredictable market, it’s all the more important to keep up with your finances. With your home being your largest asset, it’s in your best interests to track its value over time.
Contact us to get the updated value for your property or try our online valuation tool on our website.