Property market marches into spring with higher demand and sales

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Property market marches into spring with higher demand and sales

The positive start to the year continues, paving the way for a greater number of home purchases than last year says Rightmove. The average price of newly marketed properties rose by 1.5% (+£5,279) this month to £368,118, higher than the historic average March increase of 1.0% and the biggest for 10 months as the market continues its recovery after a muted 2023.

March is typically a strong month for asking price growth, as both buyer and seller activity levels rise, and the spring selling season gets underway. The number of sales being agreed is now 13% higher than at this time last year and buyer demand is now 8% above last year.

However, the stronger than usual price growth this March indicates that new sellers are feeling much more confident, with some perhaps being overoptimistic, that there is enough buyer activity and affordability in their local
market to achieve a higher price. Despite the above average price increases in this opening three months of the year, asking prices are still £4,776 below their peak in May 2023. For those who can afford to buy and have yet to take action to move this year, this may provide a window of opportunity to buy as we now seem to be past the bottom of the market.

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