January Market Update: A Promising Start to 2025
Kickstart 2025 with confidence in the property market. January has seen a surge in buyer activity and new listings, indicating a vibrant start to the year. At WhiteKnights, our professional marketing strategies and local expertise ensure your property stands out. Contact us today to make your move.
As we usher in 2025, it's heartening to report that January has commenced on a positive note for the property market. We've observed a significant increase in applicant registrations and a notable increase in viewings compared to the last quarter of 2024. This trend indicates a renewed confidence among buyers, even though mortgage rates have remained relatively stable since the last interest rate cut.
Buyers are well-informed about the upcoming changes in stamp duty, and we're proactively educating new applicants about the likelihood of encountering the stamp duty increase on 1st April. Interestingly, this hasn't deterred interest; however, some buyers are adjusting their offers to account for the additional costs.
In terms of new instructions, January often starts slowly. This year, however, we've experienced a higher volume of new listings compared to the same period in 2024, suggesting that sellers are eager to make their move. According to Zoopla's latest House Price Index, UK house price inflation is currently at +2.0%, a notable improvement from -0.9% last year. Regional growth varies, with Northern Ireland leading at 7.7% and the East of England lowest at 1%.
Looking ahead, the Bank of England's next interest rate announcement is scheduled for Thursday, 6th February. Most of our clients, both buyers and sellers, have acclimated to the current rate levels. Unless there's a significant change, we anticipate minimal impact on the market in February.
Thinking of Selling Your Rental Property? Now Might Be the Time
With the Renters Rights Bill expected to become law this Spring, many landlords we are speaking to are choosing to sell one or more of their rental propeties before the legislation comes into effect.
A key change is the abolition of Section 21 ‘no-fault’ evictions, meaning that once the law is passed, regaining possession of a property in order to sell could become a lengthier and more expensive process. If you're a landlord considering selling, now could be an opportune time to act while the market remains buoyant. We're already seeing increased interest from landlords keen to avoid the complexities the new law will bring. If you'd like to discuss your options, our team is happy to offer expert guidance.
At WhiteKnights, we're committed to providing exceptional service to our clients. Here are some reasons why sellers choose to work with us:
- Professional Photography and Drone Footage: We ensure your property is presented at its best to attract potential buyers.
- Personalised Walk-Through Video Tours: These informative tours give buyers a comprehensive understanding of the property's condition and layout before an in-person viewing.
- Pre-Portal Marketing: We don't just rely on major platforms like Rightmove. We actively market to our existing database of qualified buyers and engage with our social media followers to generate interest.
- Local Expertise: Our team not only has extensive experience in the industry but also resides within the community. This local knowledge allows us to effectively promote each property.
As always, we're here to assist you with your property needs. Whether you're considering buying or selling, feel free to reach out to us for expert guidance.