The positive start to 2024 is continuing into spring, with Rightmove’s latest House Price Index offering some encouraging figures. The national property market is buoyant, after experiencing the biggest house price rise in 10 months this March, and an increase in both buyer demand and sales agreed.
The Boroughs of Kensington & Chelsea and Hammersmith & Fulham are enjoying a period of growth, as larger, top-of-the-ladder properties are seeing the biggest rise in both buyer demand and sale numbers. London has also seen the largest increase in buyer demand generally, compared to this time last year. The return to the office, wage rises, stable house prices and slowing of inflation have all played their part in increasing buyer interest in living in the capital.
But what does this mean for you and your property journey? At Knightsbridge International Real Estate, we’re committed to keeping you in the loop with the latest market trends and helping you navigate the ever-changing landscape, to get you where you want to be.
What this means for buyers
If you’re looking to make a move, now could be the perfect time. More properties are coming to the market, especially in central London, paving the way for a greater number of home purchases than last year. Although mortgage rates have risen slightly over the last four weeks, average asking prices are still £4,776 below the May 2023 peak, meaning there is still plenty of opportunity to find a reasonably priced home. The key is to make sure you are organised with your finances and stick within your affordability range.
Working with an agent who understands both the local market and your individual needs and requirements is key to securing the right property and experiencing a successful move.
What sellers need to know
With so many buyers currently looking for homes, this is a great opportunity to put your property on the market. Eager buyers are setting their sights on moving this year and activity levels are on the rise.
Prices have also risen by almost 1% this month, making it an excellent time to sell. The most attractively priced properties are quickly being cherry-picked by proactive buyers, however, so ensuring your home goes on the market at the right price is important for a swift and smooth sale.
Whatever your property goals are, Knightsbridge International Real Estate is here to support you. We pride ourselves on offering bespoke, personalised service, alongside the highest levels of client care and industry knowledge to help you get the results you deserve.
To find out more, get in touch with our expert team today.
