The first week of this year was the busiest first week of any year ever in the UK for mortgage searches, Wednesday 3rd and Thursday 4th being the two busiest days ever recorded. (For a FREE independant mortgage quote/review from the whole of the market click here).
Nathan Reilly, Director of Twenty7tec, has said: “2024 has certainly got off to a good start. Following the news that Rightmove saw a record number of homes putting their house up for sale on Boxing Day, enquiries are flooding through. Last year, we saw that January was the second busiest month of the year for first time buyers and January, February, and March were the three busiest months of the year for first time buyers mortgage searches. If things keep on going the way they are, we might see new records being made across the board for mortgage enquiries.”
Moreover, mortgage approvals increased from 47,900 in October to 50,100 in November. The general trend in mortgage approvals throughout last year has been upward, and with January proving to be so positive so far, the Bank of England has suggested that more people will likely be looking to move homes as the year goes on.
As the base rate appears to have peaked at 5.25%, industry experts are optimistic about the future of 2024, boosting confidence for buyers and sellers alike. That the Bank of England’s base rate has remained stable at 5.25% for longer than expected shows promising signs for the industry, “It allows for increased planning confidence among buyers and sellers, setting the stage for a more stable and predictable year ahead.” said one industry commentator.
Here at HQ we’ve seen a massive uplift in buyer registrations AND houses selling above guide price. If you’re looking to get an estimation of the value of your home click here or for tips and tricks to help increase the value contact us and we can send you a FREE copy of our 5* Amazon rated “Tricks of the Trade” guide.