March Sees Significant Surge in House Prices: A Positive Start to the Year:

The housing market has displayed promising signs of activity as we embark on the Spring season.

March Price Surge: This month, there's been a notable uptick in the prices of properties entering the market, with a robust 1.5% average increase nationally, soaring above the typical March rise of 1.0%. Remarkably, this marks the most substantial month-on-month surge witnessed in the past 10 months.

Market Confidence and Seller Sentiment: Fluctuations in prices often reflect the confidence levels of sellers when listing their properties. Elevated activity levels coupled with sustained monthly asking price growth signify a market where sellers feel buoyed, potentially indicative of healthier market sentiment and a wider pool of interested buyers.

Positive Momentum Continues: The surge in activity mirrors an improving market trajectory following a subdued 2023. Buyer demand has surged by 8% compared to the previous year, with a 13% increase in the number of agreed sales.

Market Outlook: As we navigate the evolving housing landscape, it's essential to stay attuned to real-time market shifts. Following the recent Spring Budget announcements and subsequent fluctuations in market activity, it's evident that the market remains sensitive to external factors and economic developments.

Factors Shaping Future Trends: Upcoming releases, such as February's inflation data and the Bank of England's interest rate announcement, are poised to influence the trajectory of mortgage rates, shaping future market dynamics.

In summary, while the recent surge in activity bodes well for the property market, remaining vigilant and adaptable to evolving conditions is crucial for both buyers and sellers alike.

Written by Veera Josey, 20th March 2024

Source: Rightmove