House prices up 9% In Stoke-On-Trent

Overall, property prices remain strong compare to the pre-pandemic levels although it may take longer to achieve a sale, there are still many home movers looking to secure a property as mortgage rates are remaining stable.

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The latest price index released by Rightmove (2023) surmises the current climate.

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After two months of falls, average new seller asking prices rise again by 0.9% (+£3,301) this month, the biggest increase at this time of year since 2020 as New Year sellers test the market:

However, average asking prices are still £8,720 lower than their peak in October

It’s early days, but there are some signs of positivity in the first few weeks of the year:

The number of prospective buyers contacting agents is up 4% compared to the same period in 2019, and up by 55% compared with the two weeks before Christmas, the biggest New Year bounce since 2016 after the extended lull at the end of the year

However, the number of enquirers is down by a third compared to the buoyant market of this time last year

Would-be sellers jump into action with 5th January the third busiest day ever for people asking agents to come out and value their home, an early sign of confidence for the year ahead

Average monthly mortgage payments for hard-pressed first-time buyers continue to fall as mortgage interest rates soften, with some deals now on offer below 5%

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If you are looking to sell, book a free valuation with OneAgency today by calling 01782 970222

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Read the full report below

House Price Index | Property blog (rightmove.co.uk)