Bumper Start to 2024 Housing Market reports Rightmove

The number of prospective sellers contacting estate agents to arrange valuations ahead of sale hit an all-time high in January, says Rightmove.

The number of people sending a request to an estate agent via the portal was 23 per cent higher last month than the previous record in January 2023.  

Last month’s figure was also 27 per cent up on July 2020 - considered a significant month because it was when the housing market reopened for the first time during the pandemic.  

Rightmove says a critical factor contributing to confidence amongst sellers and buyers is the more stable mortgage market.

Average mortgage rates have continued to slowly trend downwards, and the average five-year mortgage rate is now 4.64 per cent compared to the peak of 6.11 per cent just eight months ago. 

Rightmove adds that at the start of February the number of new properties coming to the market for sale was 13 per cent above the same time last year. 

The portal’s property expert, Tim Bannister, says: “The early data suggests estate agents have had a busy start to 2024, with more market activity than at the start of last year. 

“This activity we’re seeing is likely to be a combination of those movers who have recently decided to make 2024 their year for a new home, and some pent-up demand from those who took a step back last year to consider their options while the outlook for mortgage rates was more unclear. It’s early days but the first month of data is encouraging.”