New Year sees house prices bounce back

House prices are bouncing back in the New Year after two months of falls leading up to Christmas.
Rightmove’s latest House Price Index shows asking prices rose by 0.9% this month, the biggest increase since 2020.
The average price of a property coming to the market for sale is now £362,438, up £3,301.
However, average asking prices are still £8,720 lower than their peak in October.
The number of prospective buyers contacting agents is up 4% compared to the same period in 2019. It is up by 55% compared with the two weeks before Christmas, the biggest New Year bounce since 2016 after the extended lull at the end of the year.
However, the figure is down by a third compared to the buoyant market of this time last year.
On 5 January, the number of people sending a request to an estate agent to value their home was the third largest on record, an early sign of market confidence. However, Rightmove says even with the prospect of more sellers coming to market, the number of available homes for sale is still well below long-term norms.
The positivity continues as average monthly mortgage payments for first-time buyers continue to fall as mortgage interest rates soften, with some deals now on offer below 5%.
Sheldon Bosley Knight’s head of residential sales and marketing, James Morton said: “This year, alongside an expected fall in inflation, should see  the further easing of mortgage interest rates which could tempt more first time buyers to start looking.
“We are anticipating a slight correction in the market but overall we believe it is still a good opportunity for all buyers and sellers to be active participants.
“We have had a very good start to the year already and are feeling positive about the year ahead.
“If you are thinking of putting your house on the market, or are looking for your perfect home, please visit one of our 12 offices. Our expert teams would be delighted to help get you moving.”