"The early data suggests estate agents have had a busy start to 2024, with more market activity than at the start of last year"
- Tim Bannister - Rightmove
New data from Rightmove has revealed that home valuation requests to estate agents were 23% higher in January 2024 than the previous record of January 2023.
January’s figure was also 27% higher than the third-highest month on record for valuation requests in July 2020, when the housing market had reopened during the pandemic.
One of the factors contributing to confidence amongst many sellers and buyers to get their 2024 moving is the more stable mortgage market, which has remained calm at the beginning of the year.
Average mortgage rates have continued to slowly trend downwards, and the average five-year mortgage rate is now 4.64%, compared to the peak of 6.11% in July 2023.
After the first month of the year, the number of new properties coming to the market for sale is 13% higher than last year, while the number of future buyers sending enquiries to estate agents is 7% higher.
Those who are considering a move in 2024 but have not yet taken action can use Rightmove’s tools and resources to help them decide the right time to move.
Homeowners and future first-time buyers can use Rightmove’s instant valuation tool to get an online estimate of what a home may be worth, and an early indication of what their budget may be. Homeowners can then get a full expert valuation of their home by an estate agent when the time comes to sell.
Rightmove’s property expert Tim Bannister said: “The early data suggests estate agents have had a busy start to 2024, with more market activity than at the start of last year.
"This activity we’re seeing is likely to be a combination of those movers who have recently decided to make 2024 their year for a new home, and some pent-up demand from those who took a step back last year to consider their options while the outlook for mortgage rates was more unclear.
"It’s early days but the first month of data is encouraging.”