In terms of a survey split, the Index shows that 61% of buyers commissioned the RICS Home Survey Level 2, with a third (33%) taking out a RICS Home Survey Level 2 with Valuation and 6% opting for a RICS Home Survey Level 3.
Rightmove says homeowners are springing into action, with Thursday 28 March seeing the highest number of new sellers coming to the market in one day so far in 2024, and the third largest since August 2020.
On behalf of the team at Browns, I am thrilled to announce our partnership as headline sponsors for the esteemed Bushey Festival, marking a significant milestone after a successful inaugural year in business.
Today’s figures show that the events from last year are still weighing heavily on prospective buyers’ minds. While lenders have cut mortgage rates and wage growth has outstripped inflation, the turmoil from the past 12 months is still casting a dark shadow on demand.
The property sector is showing signs of recovery and the outlook has considerably improved. Rent values have seen sustained growth, positioning real estate as reasonably valued in comparison to gilts and presenting growth potential.
The pressure is set to keep easing in the next few months, as inflation drops rapidly towards the Bank of England’s target in the second quarter of the year.
The Office for Budget Responsibility says inflation is likely to fall to 2% in the second quarter of this year.
