Its natural to see spring as a time for fresh starts and new beginnings and the property market is no different. Typically the market sees a predictable rise in activity at this time of year however with the imminent changes to the current stamp duty relief, which I detailed in last month’s issue, it seems 2025 has started early.
In January Rightmove suggested the number of new properties coming to market was 11% ahead of the same period last year; and it hasn’t seemed to have shown any real signs of slowing down since. In the same period there was a 9% annual increase in the number of buyers contacting agents about properties for sale while the number of sales being agreed was also up by 11%.
Although there is some speculation that demand may cool a little after April, Zoopla reports that there is an evident increase in renters and existing homeowners wanting to move home in the next two years. They also suggest three in five first time buyers will still benefit from the stamp duty relief, even at the reduced levels.
Additionally we’ve seen The Bank Of England also kick off the year with their first 2025 decision being to cut the base rate by 0.25%, taking it to 4.5%, after it was held in December. This was widely anticipated but is a tentative step toward driving growth and will hopefully have some positive impacts.
It could be that potential buyers may become a little more discerning and cautious about their budgets, particularly once the stamp duty changes are in place, but its likely sellers who price strategically and ensure their properties stand out will be best positioned to make the most of the opportunities available.
Written by James Hunt, Durden & Hunt Co Founder
