2024 is a great time to sell, says London-based business
With some delaying selling their homes in 2023, almost three quarters of homesellers are now more motivated to do so this year, research from lettings and sales estate agent Foxtons has revealed.
Despite 38% admitting to postponing their home sale until after the Christmas break, 73% now express increased motivation to sell their homes, with 50% of the surveyed 1,002 UK homesellers saying that selling their property is a primary focus in 2024.
Other top priorities for the new year include weight loss (9%), more exercise (8%), increased travel (8%), and building a savings pot (6%).
Foxtons specifically inquired about the key priorities related to home sales in 2024. The responses revealed that 18% are focused on finding their next property, 16% plan to start packing for their move, 14% intend to organise their finances, and 10% aim to undertake home improvements to enhance their property’s appeal.
For those looking to sell, 2024 is a great time to do so, according to Foxtons. In terms of the overall market conditions, recent data from the Bank of England indicates a consecutive monthly increase in mortgage approvals, reflecting a resurgence of buyer activity. Mortgage lenders are also responding with rate reductions, while house prices are on an upward trajectory, with Halifax reporting a third consecutive month of growth, marking the first annual increase since April 2023.
The property market is already experiencing heightened interest in 2024, with Foxtons noting a 46% year-on-year increase in sales applicant enquiries and a 36% rise in viewings booked over the past month.
“There’s certainly a renewed sense of vigour about the property market in 2024, and it’s been a very busy start to the year with regards to sales applicant enquiries and viewings activity,” commented Guy Gittins (pictured), chief executive at Foxtons. “In fact, it’s probably the most balanced market we’ve seen in a long time, and this means an abundance of opportunity for proactive buyers and sellers.
“House prices have held firm despite the turbulence of last year, and now we’re seeing a release of pent-up demand as buyer confidence has grown with interest rates being held recently. Mortgage lenders have already reacted accordingly with rate reductions. Currently, there are multiple five-year fixed rate mortgages available at 3.9%, with some even lower, so we see a positive market ahead for anyone looking to secure a competitive rate, which will only help boost buyer sentiment further.
“So, if you are planning to sell this year and you’re done with dithering, our advice is to hit the ground running, as it certainly won’t help to see January out sitting on the sofa.”
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