The average asking price for a new home has increased by 0.9% this month, the latest Rightmove House Price Index has revealed.

This has added £3,091 to the average new seller asking price, taking it to £362,839. Average prices are now up by 0.1% compared to this time last year, following annual falls in every month since August last year.

Agreed sales in the first six weeks of 2024 are 16% higher than over the same period last year, and 3% higher than in the pre-pandemic market of 2019. Rightmove said this indicates that many “early-bird buyers” feel that 2024 offers the right conditions to move.

Growing market momentum has also been evidenced by an increase in activity of both buyers and sellers on Rightmove, with 7% more new listings coming to market than last year, and a 7% upturn in the number of buyers enquiring.

Director of property science at Rightmove, Tim Bannister, commented: “We said that February would be an important indicator for the year ahead, and the question was whether the Rightmove boxing day bounce in buyer activity would keep its spring into March or lose momentum. It’s proved to be the former, with the number of sales agreed continuing to considerably outstrip last year.

“Early-bird boxing day buyers got a head start in cherry picking from a record level of new property choice and have now been joined by many other buyers also believing that 2024 offers the right market conditions to move.

“Mortgage rates have fallen considerably from their peak and are now remaining broadly stable after the uncertainty of late 2022 and 2023. Momentum to move in 2024 is continuing to build, but prospective sellers mustn’t get carried away.”

Rightmove also suggested the housing market remains “price-sensitive” and appears to be operating at two speeds – with properties that are priced accurately being snapped up by budget-conscious buyers, but some over-priced properties are being left alone.

According to the group’s data, it is taking more than two weeks longer to find a buyer than at this time last year, with the average time to sell at its slowest since 2015 – excluding the initial pandemic lockdown months of April and May 2020.

“Buyers now have more choice of property for sale and many are still very price-sensitive, with mortgage rates remaining elevated,” Bannister added.

“Sellers who are serious about moving this year would be well-advised to ride this wave of increased buyer confidence with an attractive asking price before any pre-election jitters or unexpected events dampen the momentum.”

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