Looking Back at 2024: What It Means for Selling Your Home in 2025
The housing market in 2024 has been full of change. If you're thinking about selling in 2025, it’s worth taking a moment to understand what’s happened this year and what might be around the corner.
Looking Back at 2024: What It Means for Selling Your Home in 2025
The housing market in 2024 has been full of change. If you're thinking about selling in 2025, it’s worth taking a moment to understand what’s happened this year and what might be around the corner.
Here’s a clear, simple look at the big trends from 2024 and what they mean for you as a seller.
House Prices: Slow and Steady Wins the Race
House prices have gone up this year, but not as quickly as usual. In October, we saw a 0.3% increase, which is far below the typical 1.3% rise we’d expect at this time of year. Even so, prices hit £371,958, showing 1% annual growth.
What does this mean? Sellers have stayed cautious, aiming to strike a balance between realistic pricing and catching buyers’ attention.
More Homes, More Choice, More Competition
There’s been a 12% increase in the number of homes for sale compared to last year. In fact, estate agents now have more listings than they’ve had since 2014. This gives buyers plenty to choose from.
With so many homes on the market, sellers have had to work harder to stand out. Pricing your home competitively is more important than ever. Buyers are also taking their time to make decisions, with the average time to sell now at 68 days, up from 59 days earlier this year.
Affordability Still Tough – But Getting Better
Let’s be honest: 2024 has been tough on buyers. Mortgage rates are still higher than they were a few years ago, and first-time buyers are paying around £350 more per month than they did in 2019. Energy bills haven’t helped, with prices rising 10% in October.
But there’s good news. Interest rates have started to drop, and the recent cut to 4.75% has already sparked activity. We’ve seen:
- 23% more buyer demand, and
- 26% more sales agreed compared to last year.
This tells us that buyers are getting back into the market, ready to make their moves.
What Could 2025 Look Like?
There’s reason to feel positive about 2025. While the economy is still unpredictable, here’s what we expect:
- Lower mortgage rates, making it easier for buyers to act.
- Steady price growth as sellers stay realistic and buyers keep showing interest.
- Plenty of competition, with more homes coming onto the market.
Government policies and seasonal trends will play a part, but if 2024 has taught us anything, it’s that both buyers and sellers are adapting to the changes.
Thinking of Selling? Here’s How to Win in 2025
If you’re planning to sell your home in 2025, here are three simple tips to help you succeed:
1. Price it Right: A well-priced home will attract buyers quickly and save you from having to make reductions later.
2. Make It Shine: With so many homes on the market, a little effort goes a long way. Freshen up your space, stage it well, and show it in its best light.
3. Work with an Expert: A good estate agent knows your area and market inside out. They’ll guide you through pricing, marketing, and everything else you need to get the best result.
Wrapping It Up
This year hasn’t been without its challenges, but it’s also shown how resilient the housing market can be. Buyers are still out there, and they’re ready to move.
As we move into 2025, we’re confident that improving mortgage rates and steady buyer demand will make for an active and balanced market. If you’re ready to take the next step, now could be the perfect time to start preparing.
Stay tuned for more updates, and don’t hesitate to reach out if you’d like advice tailored to your plans. Here’s to a great 2025!