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The strongest buyer demand in nearly two years

By Sophia Wood-Burgess

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Here’s some insight on the property market, which might help you plan your strategy this year.

The latest RICS survey reports that:

• Buyer demand increased 7% in January – the strongest since February 2022

• Agreed sales have increased 5% in January

• Sentiment around the volume of sales in the coming twelve months is increasingly positive

We said the London market was going to make a strong start, and as it turns out, it did not disappoint:

Buyers are back: The most encouraging news is the 7% increase in buyer demand in January. While it's a modest increase compared to the big picture, this marks the strongest surge since February 2022, suggesting a renewed interest in purchasing property. It could be attributed to several factors, such as increased mortgage application approval rates or growing confidence in the economic outlook.

Sales see an uptick: In the report, agreed sales are also showing signs of improvement, with a 5% increase in January compared to the previous month. It seems buyers are not just browsing; they are actively moving forward with transactions.

Looking ahead: And for those not quite ready in time to make the most of the Q1 rush, there’s also good news in the positive sentiment surrounding the future. Surveyors are increasingly optimistic about the volume of sales in the coming twelve months. This indicates a belief that the market will continue to gain momentum.

What does increased buyer demand mean for you?

Whether you're a buyer, seller, or simply curious, these trends offer valuable insights:

Sellers, this month’s for you

Why list a home in February?

Read: Finding love in the number 1 month to list

It turns out, February is the number one month to list a property for a quick sale, followed closely by January and March, according to new Rightmove data. If you’re going to make the most of the number one month to list, you’ll need London’s number one estate agency brand*.

*Source TwentyCI data, 2023 v 2022 market share and market share growth of new instructions at a brand level.

It is crucial to set the right price for your property and build your strategy carefully. Book a valuation, and we’ll have an expert come to answer all your questions and prepare you a custom strategy for your sale.

Read: Why choose Foxtons for your property sale.

Buyers – here’s how to prepare

Read: Step-by-step guide for buyers

If you've been waiting for the right time to make your move, this might be it. However, increased demand might also mean more competition. The best way to take advantage of an opportunity like this is to have your finances in order.

Talk to a mortgage broker, like Alexander Hall, about what you can afford, and when you can get started. They’ll help you get a mortgage agreement in principle, which will help you move quicker and stand out for sellers.

Read: What changes in the market mean for your sale.

Ready for anything

Of course, the market is dynamic – nobody can say for certain what it’ll do in the next six or twelve months. The positive direction suggested by the RICS survey is certainly encouraging, but nothing’s set in stone. Our experts are always watching the market carefully, so whatever happens, we can help you achieve your goals.

What’s RICS?

To give you some context, RICS (the Royal Institution of Chartered Surveyors) is a recognised membership of surveyors work in the residential sales and lettings market, who ensure standards in property surveying within the UK.

RICS produce a Residential Market Survey, which tracks changes in sentiment through their member’s experience working in the market. It’s a great resource for understanding how people are feeling about the market, what they expect it to do in the coming months, as well as traffic such as buyer demand and agreed sales.

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