Where are we now? An insight into the housing market

Analyzing the Current Housing Market as We Enter the Second Quarter of 2024

As we step into the second quarter of 2024, it’s a pivotal moment to examine the dynamics of the housing market. Recent reports from major property analytics platforms like Rightmove and Zoopla provide a glimpse into the trends that are shaping the real estate landscape during this season. Here, we delve into these trends, discussing their implications and what future developments we might anticipate in the housing market.

Surge in New Sellers Marks a Vibrant Market

Rightmove highlights that March 28th witnessed this year's peak in new seller listings—a notable spike only surpassed by the post-Christmas surge in previous years. This 45% increase over the previous week demonstrates a robust demand as sellers aim to capitalize on the Easter buying rush. This surge indicates a healthy market where sellers are keen to attract buyers during a traditionally active sales period.

Zoopla’s Insights into Housing Prices

Zoopla’s March House Price Index painted a complex picture of the market dynamics. The average UK house price in February stood at £263,900, a slight uptick from the previous month, yet showing a modest year-on-year decline of 0.3%. Despite these mixed signals, there's an overall positive trend in sales volumes and price stabilization across regions. This is expected to continue in the face of fluctuating mortgage rates and economic challenges.

A Robust Increase in Sales and Listings

Zoopla also reported a 9% increase in confirmed sales over the past year, with a 7% rise in the first quarter compared to 2023. Estate agents have observed an 11% increase in listings year-over-year, expanding the market by 20%. This rise in activity suggests a more fluid market, likely driven by stronger wage growth and a stable employment sector, as indicated by recent consumer confidence surveys.

Future Outlook: Market Stabilization Expected

Despite the optimism, there's a noticeable caution among buyers, reflected in the substantial number of sales closing at least 5% below the asking price. However, the gap between listing prices and final sale prices is narrowing, suggesting improved market conditions and growing buyer confidence. The typical estate agency's portfolio has returned to pre-pandemic levels, providing buyers with more options and enhancing their negotiation power.

What This Means for You

The current market conditions offer both challenges and opportunities. For those looking to sell, setting realistic prices is key to capitalizing on the favorable market dynamics. For buyers, the increased inventory and potential for negotiation provide a favorable environment to secure a property at a reasonable price.

For a personalized analysis of how these trends could impact your property decisions in Greenwich, please don't hesitate to contact our team at [