Sellers are springing into action

Spring activity boost asking prices 

March saw the highest number of new sellers coming to the market in one day so far this year, and the third largest since August 2020. Increasing activity has led to the average asking price of property coming to market rise by 1.1% this month to £372,324, just £570 short of the record in May 2023.

The annual rate of price growth is now +1.7%, the highest level for 12 months. This growth in prices is being fuelled by asking prices for the largest homes in the so-called 'top-of-the-ladder' sector, which has seen its strongest start to the year for price growth since 2014.

Having said that, the sales market remains price-sensitive, with prices and activity rising more slowly in the mortgage dependent first-time buyer and second-stepper sectors.

The number of new sellers coming to the market is up by 12% compared to this time a year ago, and the number of sales being agreed is up by 13% as both seller and buyer activity rebound from last year’s much more subdued Spring time.

We expect there to be a smaller window of opportunity for those considering a move to act, with an upcoming summer of sporting events including the Euros and Olympics, that will likely be followed by a General Election, which will create more distractions than usual.

If you are thinking about selling your property, or are looking to buy either on- or off-market, please contact us on 0161 511 5339 or complete our contact form.