“House prices have held firm despite the turbulence of last year and now we’re seeing a release of pent-up demand as buyer confidence has grown with interest rates being held recently. Mortgage lenders have already reacted accordingly with rate reductions”
– Guy Gittins – Foxtons
Foxtons surveyed 1,002 UK home sellers on their priorities for the new year and their motivation levels about selling up revealing that, for 50%, the sale of their home was their primary focus.
The research also found that while 38% of home sellers admitted to having put off their plans to move, 73% are now more motivated to do so in 2024, with the search for their onward purchase topping their to-do list.
Weight loss was the second biggest priority for 9%, with more exercise (8%), more travelling (8%) and accumulating a savings pot (6%) also ranking within the top five priorities for the new year.
Foxtons also asked what the top priority for 2024 was specifically about the sale of their home.
18% of home sellers stated the search for their onward purchase was their key focus, 16% plan to start packing in anticipation of their move, 14% plan to organise their finances and one in 10 intend to make home improvements to boost the appeal of their property.
For those looking to sell, 2024 is a great time to do so. Just this month, the latest Bank of England data revealed that mortgage approvals climbed for the second consecutive month as buyers return to the market following a hold on interest rates and we’re already seeing mortgage lenders react accordingly with rate reductions.
What’s more, house prices are once again starting to climb, with the latest figures from Halifax showing a third consecutive month of positive growth and the first annual increase seen since April 2023.
Last year, Rightmove revealed that the number of buyers enquiring with agents soared by 250% between Christmas and Boxing Day. This seasonal spike in buyer interest is already helping to boost the market in 2024, with Foxtons seeing a 46% annual increase in the number of sales applicant enquiries over the last month and a 36% jump in the number of viewings being booked during the same period.
Foxtons CEO, Guy Gittins, commented: “There’s certainly a renewed sense of vigour about the property market in 2024 and it’s been a very busy start to the year with regards to sales applicant enquiries and viewings activity.
“In fact, it’s probably the most balanced market we’ve seen in a long time and this means an abundance of opportunity for proactive buyers and sellers.
“House prices have held firm despite the turbulence of last year and now we’re seeing a release of pent-up demand as buyer confidence has grown with interest rates being held recently. Mortgage lenders have already reacted accordingly with rate reductions.
“Currently there are multiple 5-year fixed rate mortgages available at 3.9%, with some even lower, so we see a positive market ahead for anyone looking to secure a competitive rate, which will only help boost buyer sentiment further.
“So if you are planning to sell this year and you’re done with dithering, our advice is to hit the ground running, as it certainly won’t help to see January out sitting on the sofa.”