The UK housing market is off to a strong start in 2024. Asking prices have jumped 1.3% in January to an average of £359,748. This suggests home values are continuing last year's surprising resilience amidst economic headwinds.
Driving the demand is intensifying competition among mortgage lenders that has brought rates down substantially. First-time buyers racing to secure deals before an expected Bank of England interest rate cut are flooding agents with inquiries. Properties are getting snapped up fast.
So what does this mean for you if you're considering selling your home? We say that you should throw your hat into the ring sooner rather than later. Here's why:
Strike While Buyer Competition Is Hot
Low mortgage rates and anticipation of decreasing housing costs has created a motivated buyer pool. With more financiers in the game, it increases the likelihood multiple offers could drive up the final sale price.
Preempt Further Price Erosion
Though values have remained high, industry forecasts still expect softening later in 2024 as broader inflation concerns catch up. Listing now lets you set the terms while buyers remain confident.
Manage Onward Plans
If trading up, locking gains now provides flexibility and financial security to move at your pace. Whether relocating or downsizing, you reduce timing pressures navigating the sale and purchase.
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