First-time buyers also benefited from the rise in house prices, with the average price of homes they purchased increasing by 1.1%. This data suggests that first-time buyers are actively engaging in the market and have confidence in the future direction of house prices.

The report indicates that preliminary signs for the 2024 property market suggest a more stable market ahead. New sellers are entering the market with more confidence in pricing. This phenomenon may be attributed to government support measures and stable economic growth. However, it is important to be cautious as the rise in mortgage rates and the pressure of living costs still constrain the purchasing power of some buyers.

House prices in the London area have seen varying degrees of increase or decrease over the past year. Areas such as Wandsworth, Westminster, and Lambeth experienced significant price increases, while Merton saw the most notable decrease. This data highlights the differentiated performance in the London property market.

Furthermore, the time taken to sell properties is also an important indicator. Statistics show that the sales time for properties in the London area has increased over the past year. This may be attributed to the warming market demand and sellers becoming more cautious in pricing.