22 Feb 2024

February Property Market 2024

Category: Market Updates

In the ever-changing world of property investment, both investors and home buyers are attracted to the promising opportunities that are available in growing towns and cities. With an increase in market activity and stable mortgage rates, February seems to be a promising month for those who are navigating the property market.

As we take a closer look at the key figures from this month, despite the ongoing changes, there are plenty of opportunities awaiting investors.

Author: Sophie Hope

Digital Marketing Executive

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Property Prices

Across the UK the new seller’s asking price is now at an average of £362,839, a growth of 0.9% (£3,091) in the last month. Compared to 2020 property prices have significantly increased, as the average house price in England stood at £256,000.

London remains the top for the highest average house price across all the UK regions, with an average of £529,000. But property prices in London fell by 0.4% over the past year. In comparison, property prices in the North East are a lot more affordable with the the lowest average property price of £174.000.

Furthermore, the current Bank of England Base Rate is 5.25% and has been at this level since August 2023, indicating steady rates.

Boosted Buyer Confidence

Agreed sales are currently up 16% higher compared to this time last year. Showing buyers are now more active in the market and are more confident in purchasing property. This percentage was led by London, the South East, Yorkshire and the Humber.

Market activity is also growing with 7% more new listings becoming available on Rightmove compared to last year, and also a 7% increase in buyers enquiring in properties. It is proven by analytics that properties that are priced fairly and accurately sell far more quickly than over-priced properties. Overall, buyer demand for UK property has risen by 11% year-on-year, says Zoopla.

Rental Market Thrives

Higher mortgage payments mean that more people are staying in rental accommodation for longer. However, there’s becoming a reduced supply of rental availability, with landlords wondering if they should stay in the market due to challenges. This is leading to rental demand rising across the UK.

The average rent in the UK is now £1,220 per month, an 8.3% increase in the past year. Ranging from £695 a month in the North East to £2,119 a month in London. This means landlords can get more monthly income from tenants as prices are rising.

The North takes the Lead

The average time it takes a property to sell has only slightly decreased by a day to 33 days so far this year, but it’s heading in a positive direction. The time to sell varied between regions, for example, North West properties sold in an average of 31 days. However, properties in London were on the market for an average of 40 days, showing that the market is slower in that area.

The North-West of the UK remains a strong area in the property market and is one of the most popular locations for investors. House prices in this region are currently some of the best, and they are still under the UK average. This is a benefit for investors looking to maximise returns on investments. Some of the strongest rental yields are also in this area, particularly in Liverpool.

Opportunities with CityRise

If you are interested in investing in North West property, at CityRise we have many developments available across the North West.

With opportunities in Bradford, Liverpool, Leeds and more, investors are spoilt for choice. Just let us know your property goals and requirements and we will take care of the rest. These opportunities make for lucrative investment opportunities in the current market, based on the February property market insights.

Get in contact now to discuss further opportunities.

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Queen’s Court

Liverpool

Prices from £120,000

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