Official data from the property website Rightmove has revealed that Easter 2024 saw the largest number of homes come onto the market so far this year, following a nationwide slump in the housing market. Let’s explore what this means for you if you are planning to buy or sell a home in 2024.
Housing market trends in 2024
Rightmove has revealed that more homes came onto the market on Thursday 28 March 2024 than any other day since the beginning of the year; in fact, 28 March was the third highest listing day for new properties coming to the market since August 2020, only beaten by Boxing Day in 2022 and 2023.
While Easter is traditionally the start of the house-buying season, as people try to complete a house purchase before the start of the school summer holidays, this year has seen even greater growth. According to the Daily Express, the number of houses coming onto the market on 28 March was up 45% compared to the previous Thursday.
Industry experts believe this rise is due to a few varied factors. The number of mortgages being approved has risen dramatically, hitting its highest point since September 2022 in February 2024. This could further increase if the Bank of England decides to cut the current base rate of 5.25%. The average asking price for homes has also increased since 2020.
Is now a good time to move home?
There is never a perfect time to buy or sell a house, but looking at these figures in more detail can help you decide whether this is the right moment for you and your family. Remember that buying a house is a massive financial commitment, so it is important not to overstretch yourself.
You should also consider what the next few years might have in store and how this will impact your finances. Are you planning to get married, change your job, or start a family? These and other factors could influence how much disposable income you have and where you want to live.
Conveyancing solicitors can help you to make this decision. If you are buying a house, they will be able to guide you through the process. If you decide to stay put, they can support you with remortgaging, possibly securing you a better mortgage repayment rate or releasing equity from your home’s value. Always look for reputable firms such as https://www.samconveyancing.co.uk/Conveyancing-Solicitors to guarantee a reliable and inclusive service.
While there is never a perfect time to move home, keeping an eye on the housing market trends can help put you in the driving seat.
