{"id":112196,"title":"UK average price tag on a home jumped by around £4,500 in January","publisher":"Share Talk","author":"sharetalk","published":"2024-01-15T08:28:58+00:00","modified":"2024-01-15T08:28:58+00:00","canonical_url":"https://www.share-talk.com/uk-average-price-tag-on-a-home-jumped-by-around-4500-in-january/","markdown_url":"https://www.share-talk.com/uk-average-price-tag-on-a-home-jumped-by-around-4500-in-january.md","json_url":"https://www.share-talk.com/uk-average-price-tag-on-a-home-jumped-by-around-4500-in-january.json","category":"B2B","categories":["B2B","Blogs","Business & Support Services","Technology","Technology, Media & Telecoms"],"tags":["BANK","Bank of England","buyers","Financial","financial institutions","growth","Halifax","headache","home","house","House prices","lender","Lloyds Bank","mini-budget","mortgage","mortgage market","Nationwide","Price","rates","Robert Gardner","UK"],"featured_image":"https://i0.wp.com/www.share-talk.com/wp-content/uploads/2023/11/uk-house-750x406-1.jpg?fit=750%2C406&quality=89&ssl=1","format":"news","language":"en-GB","content":"In January, the average home’s price tag rose by approximately £4,500 compared to the previous month, as reported by a property website.\n\nThis increase reflects sellers’ optimism about the potential improvement in mortgage affordability, which they hope will bolster the market.\n\nThe average property price in Britain saw a 1.3% month-on-month increase, climbing by £4,571 to £359,748, according to Rightmove.\n\nThis rise occurs amidst a competitive mortgage market, where lenders are vying to offer lower rates in anticipation of potential interest rate cuts this year.\n\nDespite the recent uptick in asking prices, they remain 0.7% below the levels seen a year ago.\n\nRightmove has observed a 15% year-on-year increase in the volume of new properties being listed for sale.\n\nThe website emphasizes the importance of competitive pricing by sellers, noting that the influx of new properties on the market is outstripping the rise in buyer demand.\n\nIn the first week of 2024, the number of prospective buyers inquiring with estate agents about properties for sale was 5% higher than the same period last year. This growth in activity was most pronounced in London and the North East of England, as per Rightmove’s data.\n\nThe website also noted an increase in the number of sales being agreed upon at the start of January compared to the beginning of the previous year.\n\nTim Bannister, Rightmove’s Director of Property Science, commented, “After a stop-start market in 2023, the initial signs suggest a smoother year for movers in 2024.”"}