Proactive Investors - House prices climbed for the first time in six months over the beginning of February, property website Rightmove revealed on Monday.
Prices hit £362,839 this month, Rightmove said, up 0.1% on last February and by £3,091 since January.
“Mortgage rates have fallen considerably from their peak and are now remaining broadly stable after the uncertainty of late 2022 and 2023,” Rightmove’s Tim Bannister commented.
“Momentum to move in 2024 is continuing to build, but prospective sellers mustn’t get carried away. Buyers now have more choice of property for sale and many are still very price-sensitive, with mortgage rates remaining elevated.”
Rightmove added that increasing numbers of both buyers and sellers were now coming to market, but that properties were still taking longer on average to sell than last year.
“There continue to be reasons for cautious optimism as we settle into 2024,” Bannister added, noting it was still “early days [...] with a budget, general election and no doubt more global events still to play out”.