Press Round Up January 2024

Tue 20 Feb 2024

If you are planning on selling your home this year, should you do it immediately or hold off for a bit? Jeremy Leaf, principal of Jeremy Leaf & Co, told The Evening Standard: “Activity will increase in 2024. It is thousands of micro markets, based on schools, transport links and other factors. Know your market and what will work when. People are not scared of Labour housing policies Some will wait to see what is in the Budget and for the brighter weather – unless you have a dingy north-facing home that you think will look better in January! Some will discuss over Christmas and list in the New Year."

Those who are considering selling their home this year should seek advice from impartial observers before listing. Jeremy Leaf told The Daily Mail: "Ask friends and family how your home looks compared with others."

Mortgage rates have been falling since the start of the year but will this push up house prices? Jeremy Leaf told This is Money: “The timing of the rate reductions is great for the market and will have an effect on saleability and activity but not necessarily prices as people are still nervous about pushing the boat out too far until they have some longer-term indication that the market is not going to go backwards. Many people will have said to us that March’s Budget should also help, which is partly counterbalanced by the impact of a general election later in the year. But overall, this is a shot in the arm for the market and acting as a delayed Christmas present."

The average UK asking price rose in January, according to Rightmove. Jeremy Leaf told Money Week: “In our offices, we’ve seen a similar picture to that painted by the Rightmove survey. No New Year fireworks, but more valuations, viewings, listings and offers than this time last year. The mortgage rate war and improvement in lender appetite, combined with lower inflation and a strong jobs market, have helped to fuel expectations that prices may have passed their low point and more balance between supply and demand lies ahead.”

Nationwide Building Society was similarly positive, recording a 0.7 per cent month on month increase in the average house price in January. Jeremy Leaf told The Independent: “In the last quarter, we were receiving interest in property but many buyers were uncertain as to whether they may be overpaying if prices continued to fall. However, lower inflation and mortgage payments combined with new year optimism has changed the picture, as shown in these figures. Prices are starting to pick up but we are not getting carried away. Increased supply and affordability concerns mean the market remains price-sensitive."

However, the more historic ONS data was more downbeat, suggesting house prices fell at the fastest pace in ten years in November. Jeremy Leaf told The Financial Times: “At that time, buyers and sellers were reacting to uncertain economic times before inflation and mortgage rates had started to stabilise and fall. On the ground, the situation is different now with early signs of an improvement in confidence, translating into more viewings and offers."