New Year jump for house prices

HOUSE prices have enjoyed their biggest January jump since before the pandemic, rising 0.9 per cent.

Rightmove data showed that compared with December average asking prices increased by £3,301 to £362,438 after two months of prices falling. The online estate agent hailed an ‘encouraging start to the year’ for homeowners, although average asking prices are still £8,720 lower than their peak last October.

The data also revealed a surge in homeowners asking for valuations – typically the first step for sellers. Rightmove said January 5 was the third busiest day for valuation requests on record, with last week the busiest since August.

But even with the rush of new sellers coming to the market, the number of homes for sale remains ‘well below’ historical levels.

Tim Bannister, of Rightmove, said the findings ‘give reason for some positivity’, with a post-Christmas bounce back under way. He added: ‘The early-bird sellers who are already on the market and have priced correctly are likely to reap the benefits of the bounce in buyer activity, while overvaluing sellers may get caught out as property stock builds.’