Strong start for property market in 2025 according to Rightmove
The UK property market has seen an unprecedented surge in new sellers since Boxing Day, with average prices climbing by 1.7% to £366,189, according to Rightmove’s latest report. This marks the sharpest January price increase since 2020, reflecting strong momentum heading into 2025. While seasonal price rises are common, this year’s growth is notably pronounced.
The market currently feels like buyers have more confidence. Some are willing to bid higher on properties than they were doing last year, which could be due to the slight fall in mortgage rates and increased buyer activity. This heightened competition among buyers is driving up property prices, as bidding wars become more frequent and offers steadily grow.
Factors Driving Market Growth
There is also more positive news on the horizon. Inflation fell in November 2024, and as a result, mortgage rates could drop further in 2025. Lower borrowing costs may encourage even more buyers to enter the market, further fuelling demand.
Boxing Day has traditionally been the busiest day for visits to Rightmove’s website, and 2024 was no exception. The number of potential buyers sending inquiries to estate agents through the platform rose by 9% compared to the same time in 2023. This surge highlights the ongoing appetite for property at the start of the year.
Looking further into 2025, Rightmove anticipates an average 4% increase in asking prices across the board. To put this into perspective, a property valued at £250,000 today could be worth £260,000 by the end of the year, while a £500,000 home might rise to £520,000. These increases underline the strength of the market as it heads into a potentially robust year.
Advice for Sellers in 2025
However, it’s worth noting that some uncertainty could lie ahead. Changes to stamp duty, due to come into effect on April 1, may temper the market later in the year. Buyers and sellers alike should be mindful of this potential shift.
For sellers considering entering the market, now is an opportune time. The busy start to 2025 offers the perfect chance to attract motivated buyers. To make the most of this momentum, you can arrange a free, no-obligation property valuation by calling 0115 9902007 or contacting us through our website.
Ultimately, while there is optimism in the market, it’s important to act quickly to avoid potential slowdowns later in the year. Taking advantage of the early surge could help sellers achieve their desired price before any headwinds appear.
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Talk to Benwell Daykin today on 0115 990 2007 or contact us here.