With the first two weeks of the 2024 out of the way, we have already seen an increase in the property market's performance and a few things have created that impact. 

Firstly mortgage rates have started to decrease with some banks now offering rates below 4% and the average 5 year fixed mortgage being around 4.86% compared to 6.11% during its peak in July 2023! This drop in interest rates have seen buyers return to the market creating a higher demand. 

Buyer demand has actually increased 5% compared to the same period last year meaning we are getting more viewing requests than before. We are also getting more people calling us on a regular basis asking to join our database for new property alerts. 

As predicted in a previous blog, house prices have also started to rise. Month on month we have seen an increase of 1.3% in house prices which is the largest increase since 2020. 

When buyer demand increases, the house prices tend to continue to rise at the same time.