The average price of property coming onto the market for sale has increased by 1.3% in January, according to the latest Rightmove House Price Index.

This rise, worth £4,571, has taken the average house price of a new property on the market to £359,748.

Rightmove suggested that prices typically increase from a quiet December into a busier January but added that this latest rise is the largest for January since 2020, and more than double the 20-year average of 0.6%.

Average new seller asking prices remain 0.7% lower than last year, which the property expert said highlights that many new sellers are being realistic about their expectations as the market continues to recover from the impact of volatile mortgage rates.

However, the jump in the number of properties coming to market and the strength of this month’s price rise also show that new sellers are more confident about the outlook for the year ahead.

“After a stop-start market in 2023, the initial signs suggest a smoother year for movers in 2024,” said Rightmove director of property science, Tim Bannister.

“More new sellers are now entering the market, and with more confident pricing. While the increased level of buyer activity that we’re also seeing may justify some of this increased pricing confidence from sellers, it’s important that sellers who are keen to find a buyer don’t get carried away with new year enthusiasm when setting their price expectations.

“Elevated mortgage rates and the wider cost of living squeeze are still limiting buyers’ spending power. Accurate and realistic pricing for their local area is the recipe for success for sellers looking to get moving in 2024, and it’s been proven that over-optimistic pricing makes a move much less likely.”

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