Moving forward in 2024 housing market
The latest figures from Rightmove have painted an optimistic picture for the property market in Darlington and across the UK, with average asking prices experiencing a notable increase this month to £362,839. This upward trend, which follows a 1.3% rise in January, signifies a near £8,000 increase in typical asking prices since December, marking a period of renewed confidence in the housing market.
For the first time in half a year, the year-to-date figure has shown a positive shift, up by 0.1% compared to the same time last year. This is a significant indicator of the market's resilience and the growing optimism among homeowners and potential buyers alike.
There is proactive behaviour in housing market
The driving force behind this change is a noticeable increase in market activity, with more buyers and sellers deciding to take action. Rightmove's data reveals a 7% surge in new listings this February compared to last year, alongside a parallel rise in buyer inquiries. This heightened activity underscores a robust demand and a more dynamic market environment than we've seen in recent times.
The first six weeks of 2024 have also seen a 16% increase in agreed sales compared to the same period last year, and a 3% rise from the pre-pandemic levels of 2019. These figures, mirrored by similar reports from Zoopla, indicate a widespread and sustained interest in property purchasing, with homebuyer demand in January running 12% higher than last year.
Interestingly, buyer numbers have risen across all UK regions, with London leading the way, followed closely by the North East and North West. This regional analysis is particularly relevant for homeowners in Darlington, positioning our area as a key player in the national property market resurgence.
Additionally, the supply of new homes for sale has seen a 10% increase from last year, reaching its highest point since 2020. The pace of new listings is most rapid in the East of England, the South West, and notably, the North East, indicating a growing willingness among homeowners to sell.
Local estate agents, including ourselves at Anthony Jones Properties, are witnessing this positive trend firsthand. The start of the year has brought a wave of optimism, with many reporting an increase in both listings and sales. For homeowners in Darlington looking to sell, the current market conditions offer a promising opportunity to achieve favourable outcomes.
What do property market specialists say?
Michelle Niziol, chief executive at IMS Property Group said: “The start of this year has seen renewed optimism and positive sentiment in the wake of a further pause in interest rates and January inflation held at 4 per cent. Optimism breeds confidence, and confidence is translating into more sellers and buyers coming into the market.”
Tim Bannister, director of property science at Rightmove said: “We said that February would be an important indicator for the year ahead, and the question was whether the Rightmove Boxing Day bounce in buyer activity would keep its spring into March or lose momentum. It's proved to be the former, with the number of sales agreed continuing to considerably outstrip last year.”
Contact Anthony Jones for all Darlington property matters
If you are looking for help with any matter of the Darlington property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.
