Property Market Update for Haydock & Newton Buyers and Sellers: January 2025
Let's look at what's happening in the property market at the end of January 2025. And ask, is now a good time to buy or sell?
In 2024 the property market ended on a positive note.
The Bank of England interest rate reductions in August and November helped invigorate the market.
Prices held up well. The Halifax HPI says house prices rose 3.3% in 2024. (There was a small 0.2% monthly fall in December.)
And the Boxing Day Bounce was significant. Rightmove says Boxing Day 2024 was the busiest ever for new property listings and traffic to their site.
The stats show that people are motivated to move in 2025.
Where's the market going?
House prices: Most forecasts suggest average house prices nationally will rise slightly in 2025.
Knight Frank forecasts prices will rise 2.5%.
Savills forecasts a 4% rise, dependent on interest rates.
Interest rates: Interest rates haven't come down as fast as many anticipated.
Stubborn inflation might slow the pace of future cuts.
However, most forecasts suggest that the Bank of England base rate will trend firmly downwards this year.
Santander forecasts it will fall from 4.75% to 3.75% by the end of next year.
Barclays forecasts the rate could fall further to 3.5%, over the same period.
This should, in turn, make mortgages cheaper and buying more attractive.
(Watch out for the next Bank of England rate announcement on February 6.)
A summary of the market so far in 2025
Prices seem unlikely to race ahead like they did in 2020 and 2021; we anticipate they'll remain steady.
If you want to buy there is a good choice of properties on the market at attractive prices.
If you want to sell there are a lot of would-be buyers out there. (As always, correct pricing and professional marketing will be key to finding them.)
So it could be a good time to consider a move
One last thing: Remember that price and market forecasts are based on national averages. They can and do vary locally. So, if you're considering selling and want to know what's happening in your area, it's best to ask a local expert.
As your local experts, we'd be pleased to offer a free market appraisal and valuation.
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