As we approach the end of the year, it’s a perfect time to reflect on market trends and anticipate what 2025 might bring. This year has exceeded expectations at Gascoigne Halman and we are delighted to be finishing the year on a high having successfully completed over 2,000 property transactions.
Interest Rates And Market Confidence
The recent interest rate cut to 4.75% in November was welcome for anyone with a mortgage. Whilst further reductions are expected, announcements in October’s Budget – namely rises in Employers National Insurance and the National Living Wage – are likely to slow the speed of further rate reductions as the impact of these feeds through to the economy.
Having said this, we approach 2025 on the back of an encouraging year for home sellers. Currently, the number of houses sold subject to contract is 50% higher than in 2023, which is a good position to be in. We would have anticipated price increases of 2-4% in 2025, as incomes have now caught up with the price jumps of 2021/22 but these may be pegged back slightly, as market forces digest the effects of the expected rise in inflation.
Impact Of Policy Changes
The property market is currently adjusting to various policy changes introduced by the new Government. Their ambitious forecast for significant building completions over the next five years will require substantial funding to help people afford homes, which should benefit the market.
However, there are concerns about the availability of skilled trades people to meet these targets without controversial planning changes. If you are considering buying a new build home, our advice is speak to our Land & New Homes Team about those already under construction, rather than risk a long wait for developments yet to get underway.
Get Set For A Festive Boom!
For those considering instructing an estate agency, our advice is simple: don’t delay. Contrary to popular belief, the property market doesn’t slow down during the festive season. In fact, 2023 saw over 100,000 new properties listed on Rightmove on Boxing Day alone, with estate agent enquiries soaring by 273% between Christmas Day and New Year!
We frequently launch new properties during this bustling period, and there’s still time to get your property listed to take advantage of the festive surge in enquiries. Don’t miss out on this prime opportunity to make your move!
Ask The Experts
The Gascoigne Halman team is always ready to assist with any property enquiry you may have. No one understands the local property market better, and we are delighted to share our expertise with local residents, no matter where you are on the property ladder.
Our branches are open six days a week, so feel free to pop in and discover what’s happening in your hyper-local marketplace. We’re here to help!
John Halman
