17 Feb Exciting start to 2024, house prices on the rise
January has kicked the year off with a great start. The market appears to be picking up momentum in Virginia Water and Wentworth, with more homes coming on to the market and more buyers looking for that next move. Recently, we’ve seen a surge in property exchanges, particularly in the Wentworth area, and average listing prices in Virginia Water have risen by 9% over the last six months. It seems that both buyers and sellers are getting a head start on their plans for the year, perhaps encouraged by the easing of mortgage rates or feeling that they’ve waited long enough to see what the market would do.
If you’re thinking of moving, renting or buying, and want some home inspiration take some time to browse our properties available in Virginia Water and the surrounding areas. If you have any questions, you can also visit our award-winning website or call us on 01344 843000 and email us.
The national average house price rose by 1.3% last month (+£4,571 to £359,748), marking the fourth consecutive monthly increase. This growth translates to a 2.5% increase in property prices compared to the previous year and the strongest January monthly increase in new seller asking prices since 2020. (stats from Halifax/Rightmove).
The rise in property prices can be attributed to various factors, including a recent reduction in mortgage rates as competition intensifies and diminishing inflationary pressures. Buyer and seller confidence for the new year has seen a boost, setting a positive tone for the property market going forward.
Looking ahead, pro-active measures such as seizing favourable mortgage deals promptly while also planning for potential fluctuations in rates remain crucial for prospective buyers. Seeking expert advice from our team here at Barton Wyatt can provide valuable insights and guidance tailored to your specific circumstances.
While the national average house price provides a useful benchmark, it’s essential to consider local market dynamics. In areas where demand remains robust, such as here in Virginia Water, the market’s resilience is evident despite broader economic fluctuations. The recent pause in base rate hikes and subsequent decline in mortgage rates have bolstered buyer confidence, reinforcing the areas status as a highly sought-after location for property investment.
NOW COULD BE YOUR TIME TO MOVE
If you’ve also been sitting on the fence waiting to see what the market will do, now may be the time for you to make your move. The driving force behind moving should be that buying property is a medium to long term investment, especially as statistically any home owner who has had their home for 10years or more will have seen a significant increase in the value of their property.
If you’re thinking of selling, well-priced and effectively marketed homes from the get-go are securing buyers much quicker. With numerous buyers in the market compared to available properties, competition is keen, particularly concerning pricing, as buyers aim to secure their next home ahead of the summer season. If you would like to know the value of your home today, you can request a free market appraisal from our team here, or call the office on 01344 843000 and we’ll be happy to assist.
The housing market’s promising start to 2024 underscores the resilience and adaptability of both buyers and sellers. Taking proactive measures and reaching out for expert guidance can help navigate the evolving landscape successfully. As the year progresses, our team will remain committed to providing exceptional service and support to clients looking to buy and sell in the Virginia Water area.
GET IN TOUCH
If you are thinking of moving in or out of the area, make sure you take a look at our amazing catalogue of properties for sale in Virginia Water and the surrounding areas. If you’d like to speak to someone about properties to let in Virginia Water, a member of our expert team would be happy to help. You can call us on 01344 843000 or email us. You can also follow us on Facebook, Twitter, Instagram, and LinkedIn.