By Steve Cook – Partner Clarke Gammon
The Local Property Market Update February 2024
Following the optimistic media predictions as outlined in our January Article, Predictions for the Local Property Market in 2024, the local Surrey and Hampshire property market has, if anything, become even busier throughout February.
With signs that the economy is more stable and inflation seems to be holding steady, the mortgage markets have responded with some excellent fixed-rate mortgage deals, as lenders compete for the increase in mortgage business as buyer activity continues to strengthen.
As positive media coverage also continued into February, this too offers those that have been sitting on the fence confidence to get moving.
Halifax House Price Index (January 2024)
In their recent House Price Index, The Halifax reported the fourth consecutive month of house price increases.
The report confirms that house prices have risen for the fourth month in a row, Halifax recorded a 1.3% increase in January as lower mortgage rates ease pressure on buyers.
With January’s rise, the average price of a house in the UK now stands at £291,029, up from £287,105 in December, according to Halifax. It means that despite repeated fears of a correction, prices are 2.5 per cent higher than they were a year ago and only £2,000 or so below their peaks in the autumn of 2022.
Key Points:
- Average house prices rose by +1.3% in January, the fourth monthly rise in a row
- Property prices grew +2.5% annually, the highest annual growth since January 2023
- Typical UK home now costs £291,029, over £3,700 more than last month
- South East England continues to see the most downward pressure on house prices
Kim Kinnaird, director, of Halifax Mortgages, said: ‘This is the fourth consecutive month that house prices have risen and, as a result, the pace of annual growth is now 2.5%, the highest rate since January last year. The recent reduction of mortgage rates from lenders as competition picks up, alongside fading inflationary pressures and a still-resilient labour market, has contributed to increased confidence among buyers and sellers. This has resulted in a positive start to 2024’s housing market.’
Rightmove House Price Index (February 2024)
Whilst the Halifax makes for interesting reading and does represent a significant data set, it is limited to Halifax clients.
Rightmoves House Price Index draws on a much larger data set, although the data is focused on asking prices and not the sale price on which the Halifax Index is based.
Key points:
- Average new seller asking prices rise by 0.9% (+£3,091) this month to £362,839. The annual price change moves tentatively back into positive territory after 6 months of annual price falls, with prices up by 0.1% on a year ago.
- Agreed sales in the first six weeks of 2024 are 16% higher than over the same period last year, and 3% higher than in the more normal market of 2019, indicating that many early-bird buyers feel that 2024 offers the right conditions to move.
- The growing market momentum is also evidenced by the increase in activity of both buyers and sellers on Rightmove with 7% more new listings coming to market than last year, and a 7% upturn in the number of buyers enquiring.
- However, the market remains very price-sensitive, and appears to be operating at two speeds, with properties that are priced accurately being snapped up by budget-conscious buyers, whilst over-priced properties are left on the shelf.
Looking a the statistics of the country as a whole is interesting, but without any local perspective, trying to navigate the local property market can be daunting. Clarke Gammon has been selling property in Surrey and Hampshire for over 100 years, we have been trusted by generations to help local people buy and sell their homes, offering a discrete professional service. So if you are thinking of a move this Spring, please don’t hesitate to give us a call.
Considering a home move?
We have strong demand for properties in and around the towns and villages covered by our offices in Guildford, Haslemere and Liphook with many motivated buyers looking for a new home.
If you are considering a move please feel free to contact any of our offices, either for an informal chat about the market and how we might help you with this or to book a market appraisal.
To see the very latest homes coming to the market, click ‘New to market homes’, this lists all of the very latest homes as they come to the market.
Recently Listed homes
Here are some of our most recently listed homes for sale –
House for sale in Haslemere – Guide Price £1,950,000
New Home for sale in Guildford – Guide Price £1,400,000
House for sale in Haslemere – Guide Price £1,150,000
House for sale in Liphook – Guide Price £650,000
House for sale in Liphook – Guide Price £625,000
House for sale in Guildford – Guide Price £450,000
Or see our ‘Recently Sold Properties’.
Why not try our instant online valuation tool?
Steve Cook
Partner Clarke Gammon
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