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18th March 2024
5 minutes

House Prices Strengthen in UK Property Market as Buyer Demand Increases

The latest figures from property website Rightmove show that the positive start to the year for the UK property market has continued into March, with the average price of newly marketed properties on their website having risen by 1.5% in the month to reach £368,118.

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Property prices increase by 1.5% in March 2024

The average price of newly marketed properties coming to market this month has increased by 1.5% to reach £368,118 according to property website Rightmove, with the positive start to the year for the UK property market set to carry on into the second quarter of 2024.

Following on from a less exciting performance for 2023, the UK property market is experiencing increasing levels of buyer demand and a higher-than-usual boost in March to newly marketed properties on Rightmove’s website.

Reporting an increase in buyer demand – measured by enquiries to agents on the site – and stronger sales compared to the previous year, Rightmove have stated that these two factors in addition to the typical level of optimism in the property market for spring have put “upward pressure” on property prices.

Noticeably higher than the average 1.0% historical price increase to property prices in March, this month’s 1.5% price growth is significantly higher – and is also the biggest monthly increase in prices for 10 months.

“The stronger-than-usual price growth this March indicates that new sellers are feeling much more confident, with some perhaps being over-optimistic, that there is enough buyer activity and affordability in their local market to achieve a higher price” Tim Bannister, Director of Property Science at Rightmove.

March sees 13% more sales agreed than the previous year

The number of sales being agreed in the UK property market for March so far is 13% higher than the previous year, which supports the speculation that 2024 will see a significantly higher number of transactions for the year compared to the one million achieved for 2023.

"While some sellers are still being over-optimistic with their pricing expectations, there are also more sellers who are aware of the need to be negotiable and realistic, with elevated interest rates compared to recent years still stretching affordability for many buyers.” Tim Bannister, Director of Property Science at Rightmove.

Buyer demand in the UK property market increases in 2024

At Beech Holdings we have seen an incredible increase in buyer demand over the last quarter as we headed into 2024, with many investors looking to secure an investment in the UK’s most reliable and resilient asset class.

To learn more about the UK property market and how it is the right investment for you, get in touch with our team or call directly at +44 (0) 161 791 4600.

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