December's Housing Market Update: What Homeowners and Buyers Need to Know 🏡🎄
As the festive season approaches, the UK housing market is experiencing its usual seasonal lull. But don’t let the quiet fool you—key insights from Rightmove and experts indicate that 2025 is shaping up to be an exciting year for buyers and sellers alike. Here's a breakdown of the latest trends, challenges, and opportunities in the market.
Top 10 Key Facts Homeowners Should Know 🏡
Seasonal Price Dip:
New seller asking prices dropped by 1.7% (-£6,395) in December, bringing the average property price to £360,197.
Year-End Growth:
Despite the December fall, prices are still 1.4% higher than this time in 2023.
2025 Price Forecast:
Rightmove predicts new seller asking prices will rise by 4% in 2025, driven by anticipated mortgage rate cuts.
Boxing Day Bounce:
Buyer demand surged by 273% between Christmas Day and Boxing Day last year, with record numbers of sellers listing properties on Boxing Day.
Strong Buyer Demand:
Compared to last year, the number of sales agreed is up by 22%, and new buyer enquiries are up by 13%.
Stamp Duty Deadline Looms:
The 31st March 2025 stamp duty deadline motivates sellers in higher-priced areas to act fast to avoid higher taxes.
First-Time Buyer Advantage:
Properties under the £300,000 threshold hold their value better, especially in more affordable regions like the North East, where prices are up by 1%.
Competitive December Listings:
Sellers in December need competitive pricing to attract buyers during the festive season. This month traditionally sees some of the most competitively priced properties of the year.
Mortgage Rate Improvements:
Expected rate reductions in 2025 could improve affordability, boosting buyer confidence and stimulating the market.
Timing is Everything:
Listing early in January 2025 could help sellers capitalise on the Boxing Day bounce and reach motivated buyers quickly.
💡 Key takeaway: The housing market remains resilient despite challenges. If you're planning to sell or buy, understanding these trends can give you a competitive edge! ✨