As the Christmas period approaches and 2024 comes to a close, property experts at RightMove look at what buyers, sellers, renters and first-time buyers can expect to see in the year ahead.
This year has been an interesting year for property, with many influences affecting how buyers and sellers make decisions. From a change of government in July to the Chancellor’s Autumn Budget in October – many home movers played the waiting game to see what was happening to the economy before making any big decisions.
Meanwhile, cuts to base rate interests have also affected the market – encouraging first-time buyers to come onto the market whilst interest was low.
However, RightMove experts are now looking at the year ahead, to see what changes we might see in the not-so-distant future.
House prices
Towards the end of 2024, RightMove says they have seen average house prices fall with the the average property price at £366,592 (-1.4% since last month). This comes after last month’s more muted house price growth compared to what we usually see in October.
Data suggests that sellers are coming to market with more competitively priced homes, in the hope of finding a buyer before the seasonal slow-down in the run up to Christmas.
Despite this monthly house price fall, the increase in home-moving activity levels points to an increase in house prices over the course of 2025.
RightMove’s property expert, Tim Bannister, says:
“The signs are that the market momentum that we’ve been seeing this year will continue into next year, especially if mortgage rates drop to a level that gives greater affordability to some movers who have been waiting in the wings until now.
“However, we still expect some twists and turns next year. The speed at which mortgage rates come down next year will be key in determining activity levels for some of the market’s traditionally busiest periods.”
Lower interest rates but higher house prices
RightMove says that while the Bank of England’s Base Rate, and mortgage rates, are predicted to edge down more slowly than previously thought, they’re still predicted to fall over the course of 2025. Which would improve affordability for those looking to move next year.
However, more people choosing to make their move in 2025, teamed with lower mortgage rates, could push house prices up by 4% over the course of 2025.
Tim added:
“The big picture of market activity remains positive when compared to the quieter market at this time last year. This sets us up for what we predict will be a stronger 2025 in both prices and number of homes sold, particularly if mortgage rates fall by enough to significantly improve affordability for more of the mass-market.”
I want to buy or sell in 2025
If are looking to buy or sell a property in 2025, and need a solicitor to assist you, get in touch with Oakwood Property Solicitors today. Whether you are selling a house you have lived in for many years or need advice on how to sell a specific type of property – doing so is a lot simpler when you are working with a conveyancer who understands your needs.
Oakwood Property Solicitors are experts in property selling and can handle all aspects of the process from start to finish.
We are also experts in assisting buyers in the conveyancing process. Whether you are a first-time buyer or are wanting to find a new home for your family, buying a house is much easier with the help of a conveyancer who understands your individual requirements.
Oakwood Property Solicitors is here to handle the process alongside you, ensuring that the house buying process is as stress-free as possible. Get in touch today.
Further reading
Purchases – Oakwood Property Solicitors
WHAT TO DO NEXT
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