The property market in January saw an increase in both homebuying and rental activity, according to the latest report from Propertymark. The report showed that the number of new homebuyers rose by 5.1% compared to December, while the number of new tenants increased by 6.7%.
The report also revealed that the average asking price for a property in the UK rose by 1.2% in January, with the average asking price for a house now at £232,845. This is the highest figure since October 2019. The average asking price for a flat also rose by 1.2%, to £197,919.
The report also showed that the number of properties available for sale in January increased by 4.4%, while the number of properties available to rent increased by 4.7%. This suggests that more people are looking to move home, either to buy or rent.
The report also revealed that the number of mortgage approvals for house purchases in January was up by 4.5%, compared to December. This suggests that more people are looking to take advantage of the current low mortgage rates and take their first step onto the property ladder.
Overall, the report from Propertymark suggests that the property market is continuing to show signs of recovery following a difficult 2020. The increase in both homebuying and rental activity is a positive sign for the market, and suggests that more people are feeling confident about moving home. With mortgage rates remaining low and more properties becoming available, it looks like the property market is set for a strong 2021.