The UK property market continues its upward trajectory as the average price of properties hitting the market experiences a notable increase of 1.5% in March. This increase outpaces the historic average uplift for this month, which typically hovers around 1%. The new figures, taking the average property price to £368,118, reflect a substantial rise of £5,279. This marks the third consecutive monthly increase and stands as the most significant uptick seen in the past 10 months, driven largely by heightened demand.
Despite this upward trend, property prices remain notably below the peak witnessed in May 2023, with an average shortfall of £4,776. This disparity creates a window of opportunity for prospective buyers who are sensing favourable conditions in the market. With prices still below the previous peak, many buyers are keen to capitalize on this moment, anticipating potential future gains in property value.
The increase in demand is palpable, with almost two-thirds of agents (64%) reporting three or more prospective buyers vying for each available property. Such high levels of interest indicate a competitive landscape, underscoring the urgency for buyers to act decisively.
However, amidst the enthusiasm, experts emphasize the importance of realistic pricing. While demand is driving prices upwards, overpricing properties could deter potential buyers and prolong their time on the market. Achieving the delicate balance between capitalizing on market momentum and setting realistic prices is crucial for sellers to maximize their returns.
These insights are drawn from a recent Dataloft Poll of Subscribers conducted in collaboration with Rightmove in March 2024. The survey provides valuable data indicating the current dynamics within the UK property market, shedding light on trends and sentiments among industry professionals.
March 2024 has seen a notable surge in property prices, fuelled by increased demand and market optimism. While buyers sense a window of opportunity with prices still below previous peaks, sellers must exercise caution in setting realistic prices to navigate the competitive landscape effectively. As the market continues to evolve, staying informed about prevailing trends and dynamics remains essential for all stakeholders involved in the property market so contact Taylor Robinson today if you are looking to sell you property in Crawley
