A NEW YEAR AND EARLY SIGNS OF OPTIMISM ARE EMERGING AFTER CHALLENGES OF 2023”

CONFIDENCE is growing across the property market, a leading expert has said. 

Jonathan Rolande said new data released by RightMove, which showed soaring interest on Boxing Day, was matched by green-shoots of recovery in other areas of the sector.

The portal announced this week how, on Boxing Day, there were a record number of homes listed for sale. Rightmove says more than 10,000 new properties came to market, which is the biggest number of new sellers in one day since 2011.

In fact, visits to Rightmove nearly doubled between Christmas Day and Boxing Day. The level of demand from potential home-buyers, measured by the number of enquiries sent to estate agents about homes for sale, jumped too, and more than tripled (+273%) from Christmas Day to Boxing Day.

Mr Rolande, spokesman for the National Association of Property Buyers.

“There will be many of us working in the property sector who will have raised a glass and toasted seeing the back of 2023. The hangover from Liz Truss’ botched mini-budget created huge problems across the market, and it was only through Autumn and Winter that we started to see the first signs of recovery.  But, as we kick off the New Year, there are already some green-shoots on the horizon.

“I do sense a shift in the market and there are early signs, albeit fragile, of positivity. Banks have started fighting for mortgage business and are cutting rates to levels we’ve not seen in around seven months. Long may this continue. And, crucially, confidence is rising too among buy-to-let landlords. 

“But confidence can only take you so far. There is still a chronic shortage of family homes across far too many parts of the UK. The crazy prices and mass viewings may have gone. But demand still outstrips the supply of decent homes, and remedying this will help to steady prices.  

“Rental is still a disaster for too many would-be tenants. Stock is low. Rents are high. And this makes buying a home much more appealing.  People I speak to, who know I’m in the industry, are no longer asking if it is the right time to buy.  Instead they are asking for tips on finding somewhere to buy.”

Mr Rolande added: “It’s a small but subtle change but it underlines a shift from hesitation to growing confidence.

As we enter a General Election year I’m increasingly of the view that the Party who best provide the answers are likely to be the ones who secure the most votes at the next General Election.  A recovering housing market in 2024 is surely a vote-winner for all.”