Residential market trends

We have done over double the amount of purchase mortgages in Leeds compared to last year and it is not looking like it will slow down, the market is bouyant. I expect this to continue, especially if the base rate is lowered.

House purchase activity is seeing another step upwards at the end of January with Monday alone seeing 3 times the level of new mortgage application enquiries than usual. We expect property indices to track this upward movement of interest in the coming months and expect to see a busy spring with a 2024 end on a 5-7% growth overall for properties.

The property market’s got a real buzz about it at the moment. Those rate cuts have given first-time buyers a bit of a spring in their step, and it’s great to see. Homes that were lingering on the market? They’re suddenly catching eyes again as savvy buyers hunt for value.
As for 2024, if the trend of trimming rates continues, I expect we’ll see a steady uptick in activity. It’s shaping up to be a solid year – as long as the rates keep playing ball, we’ll see a market that’s not just buoyant but bouncing.

Recent fixed rate falls have no doubt increased activity in the residential market, and with rates likely to fall a little more over the coming months (barring any major word developments), I can only see it getting busier. Recent data shows the fall in property prices seems to have halted, and indeed there has been a small rise, and added to this, 1.5 million fixed rates are maturing this year, and this all adds up to what I feel will be a busy year!

It's certainly brisk and feels like a 'normal' January. I think we'll see a big uplift in transaction volumes for purchases and a pivot back from remortgage work this year. Talking to our estate agent peers they're definitely starting 2024 feeling more positive than a year ago.

The residential market is ablaze with lowered house prices and diminished interest rates! What an incredibly bustling January it has been.