Surge in Sales Agreed

• New sales agreed, a key measure of market confidence and activity, were up 13% in the first 3 weeks of January compared to the same period last year.
• The volume of sales agreed is higher across all regions and countries, led by Yorkshire and The Humber (+19%) and the West Midlands (+17%).
• In January, Brighton and Hove saw 416 sale agreed and 598 new properties coming to market.
• With the best mortgage rates now below 4% and consumers at their most confident since January 2022, activity is improving, although it is important to note that the rebound is off a low base.
• Although there is positivity in the market, buyers remain very price sensitive, with one in five sellers accepting more than 10% below the asking price to achieve a sale.

Source: #Dataloft, Zoopla (January 2024), Rightmove, GfK Consumer Confidence Tracker