LONDON: The price of UK homes coming to market jumped by the most in eight months in January after a post-Christmas stampede by potential buyers, says Rightmove.
The online property portal said the asking prices sought by sellers rose 1.3% to an average of £359,748 (US$458,77). It also recorded nine of its 10 busiest days for buyers securing an agreement in principle for a mortgage.
The figures suggest the market, that defied forecasts for a crash last year, is starting 2024 on a stronger footing as a price war in the mortgage market drives down interest rates for borrowers and speculation mounts that the Bank of England will cut its key lending rate.
“Many are taking action to make their move in 2024, perhaps including some who paused last year due to the more unsteady mortgage market,” said Tim Bannister, Rightmove director of property science. — Bloomberg
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