According to the data, the New Year increase in home prices is the largest January increase since the Covid epidemic

According to the data, the New Year increase in home prices is the largest January increase since the Covid epidemic

The January increase in home prices was the most since before the epidemic, at 0.9%.

While house prices have enjoyed their biggest jump since before the pandemic, the number of homes for sale currently remains 'well below' historical levels (file image)
After two months of decreasing prices, the average asking price jumped by £3,301 to £362,448 according to Rightmove data. The online real estate company praised the ‘encouraging start to the year’ for homeowners, despite the fact that average asking prices are still £8,720 below their October record.

The statistics also found an increase in the number of homeowners requesting valuations, which is often the initial step for sellers. The fifth of January was the third busiest day on record for valuation requests, with previous week being the highest since August. While home prices have had their largest increase since before the epidemic, the current number of homes for sale is “well below” historical norms (file image)

Despite the influx of new sellers, however, the quantity of available homes remains “well below” historical levels.

Rightmove’s Tim Bannister described the findings as “reason for optimism,” with a post-Christmas rebound in progress. He said, “Early-bird sellers who are already on the market and have priced their homes correctly are likely to benefit from the uptick in buyer activity, while sellers who overprice their homes may be caught off guard as property inventory increases.”

As markets recover from the terrible so-called mini-budget proposed by Liz Truss and Kwasi Kwarteng, the average monthly mortgage payments for first-time buyers have continued to decline.

Rightmove predicts that if interest rates continue to decline, more buyers will enter the market. Currently, there are deals with financing rates below 5% for buyers in a bind.

Bannister stated that the data “give reason for optimism” to begin the year, as a post-Christmas rebound is currently underway.

 

»According to the data, the New Year increase in home prices is the largest January increase since the Covid epidemic«

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