10 Feb Buyers and sellers rising in numbers as 2024 gets off to busy start
The year has started on a high note here in Colnbrook. Already, we’ve witnessed a significant surge in buyer activity, indicating a promising trend for the local housing market. What’s more, improving market confidence has enticed more sellers on to the market, resulting in a notable increase in new instructions.
If you’re looking for a property to buy in Colnbrook, Slough, and the surrounding area, make sure you give the leading estate and lettings agents in Colnbrook a call on 01753 683000 or email us and we’ll help you find your next place to call home, or if you’re looking to sell your property contact us today for a free Valuation.
Recent insights from Zoopla support the bustling activity we’ve experienced so far. According to Zoopla’s data for January and early February, there has been an 11% increase in buyer demand compared to this time last year.
This surge in interest can be attributed to various factors, including falling mortgage rates. Currently, 5-year fixed rates from high street banks are hovering just under 4%, while 2-year fixed rates are below 5%, as a new year price war between lenders gains momentum. The affordability of mortgages has improved due to the Bank of England base rate remaining at 5.25% since August 2023. Mortgage rates experienced a sharp increase during 2022 and the first half of 2023 in response to the Bank of England raising the base rate of interest from 0.1% to 5.25% to combat soaring inflation. However, inflation has significantly decreased in the UK over the past year, instilling greater confidence among banks and building societies to lend money to borrowers at lower rates.
Additionally, the uncertainty experienced during 2023 has also played a significant role with many opting to hold off borrowing or spending and waiting to assess market conditions before making a move, but with the current outlook appearing much more favourable, they are now taking action. The positive momentum observed in January has seamlessly carried over into the first half of February, igniting heightened activity not only locally but across all regions of the UK.
According to Zoopla, the flow of new homes for sale has increased by 10% compared to a year ago, reaching the highest levels seen since 2020. This influx of new listings adds to the growing inventory available to prospective buyers, providing them with a wider range of options to choose from.
Recent data from Halifax/Rightmove also paints an optimistic picture of the housing market, with average house prices experiencing a steady increase for the fourth consecutive month. In January alone, average prices rose by 1.3%, bringing the average UK home value to £291,029. This upward trajectory in prices reflects a year-on-year growth rate of 2.5%, marking the highest annual increase since January 2023.
With the property market showing positive signs, now is an exciting time to engage with the market. And, with spring just around the corner, it’s the ideal time for making your move allowing you to settle into your new home by summer while riding the wave of enthusiasm from the New Year. The Easter bank holidays bring with them more time for people to view properties, consider their options, and make decisions. As daylight lengthens and gardens begin to flourish, properties start to showcase better at this time of year.
If you’re looking to buy or sell a property in Colnbrook, Slough, or nearby areas, our team of property experts are here to support you at every step. With our local expertise and commitment to client satisfaction, we’re dedicated to helping you achieve your property goals.
Looking ahead, it’s crucial to stay proactive and informed about market trends and developments. Whether you’re a first-time buyer or a seasoned investor, we’re here to provide guidance, support, and expert advice tailored to your needs. Contact us today to learn more about how we can assist you in navigating the exciting opportunities that await on your property journey.
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If you would like to speak to someone about your property, or if you are considering buying a property, for yourself or to let or you’re in need of finding rental property, we are the leading independent estate agents in Colnbrook. So, contact us on 01753 683000 or email us. You can also follow us on Facebook, LinkedIn and Instagram.