The UK housing market is full of activity at the moment and house prices are still rising, even though there have been plenty of economic challenges in recent years. Here is a brief breakdown of what is going on in the property world and what it means for buyers and sellers.
House Prices Today
House prices have gone up by about £10,000 in the last year and the average UK home is now worth around £290,000. Different parts of the country are seeing different trends – Northern Ireland and Scotland are seeing the biggest price jumps and London prices have actually dropped slightly.
Buyers and Sellers
More people put their homes up for sale at the beginning of 2025 than we’ve seen in a long time and there are plenty of buyers ready to go. However, with so many homes to choose from, sellers need to make sure their property stands out and is priced at the right level to attract buyers. Experienced estate agents in Bridgwater or elsewhere in the UK, such as www.sykesmoore.co.uk/sales/estate-agent/, can help you price your home at the right level.
Big Changes Happening Soon
There is a rush of activity in the property market at the moment because of upcoming changes to stamp duty levels in April. After that deadline, buyers will have to pay tax on more of their purchase price than before. This is making many people hurry to buy before the rules change, especially first-time buyers who will be most affected.
What’s Coming Next?
The property market will face some challenges in 2025. While interest rates are expected to come down this year, which is good news for mortgage payments, they might not fall as quickly as people are hoping because of rising energy prices and other economic issues.
Looking ahead, the market should stay fairly healthy but there probably won’t be huge price jumps. For anyone who is thinking about moving, it is worth knowing that house prices are expected to keep rising, just more slowly than before.