How will 2025 pan out for local property?
The property landscape is showing encouraging signs of revival, with recent data revealing a robust start to 2025. Recent market insights suggest homeowners have genuine reasons to feel optimistic about selling.
Zoopla's recent report highlights a remarkable 12% increase in new sales agreements compared to the same period last year. This upward trend is complemented by a 10% growth in available properties, indicating a more dynamic market with increased opportunities for both buyers and sellers.
Many people are keen to act before stamp duty changes
A key driver of current market activity appears to be the impending stamp duty changes. First-time buyers are keen to complete purchases before 1 April, when the nil rate band reduces from £425,000 to £300,000 in England and Northern Ireland.
According to Zoopla, the average sold price for a property in Wynyard in the last 12 months is £405,720. There will be some local property deals affected by this, which might change some buyer or seller behaviour. However, there will be Wynyard deals that aren’t impacted by this change, so it would be wrong to suggest stamp duty changes shape every move.
Property prices remain robust in a challenging time
House prices have demonstrated resilience, with the average UK property now valued at £267,700 – a modest but positive increase of £5,200 over the past twelve months.
While the market shows promise, experts anticipate a moderation in price inflation throughout 2025. The persistent North/South divide in property price trends is expected to continue, creating nuanced opportunities across different regions. This is something we are well aware of and we believe areas like Wynyard offer something for investors, tired of London’s slowing market, and for those looking to enjoy a greater return for their money.
Mortgage rates and increased property availability might temper the recent price surge, suggesting a more balanced market ahead. For homeowners considering selling, the current landscape offers a window of opportunity worth exploring. We have a strong track record selling property in Wynyard, so if you are considering making a move, let us know, and we’ll be happy to assist you.
What are Zoopla saying in more detail?
Zoopla's Executive Director, Richard Donnell, said: “The first few weeks of each year tend to provide a clear indication of how the rest of the year is likely to unfold. 2025 has started well, better than 2024 and 2023 which bodes well for market activity over the rest of the year, supported by evidence of more people looking to move.”
Richard Donnell continued by saying: “It is important not to read too much into the increase in stamp duty for more buyers from April as three in five first-time buyers will still pay nothing from April. The extra costs to homeowners remain manageable and unlikely to reduce sales but they will keep price rises in check. The healthy stock of homes for sale will keep price rises in check and we are forecasting average UK house prices will rise by 2.5% in 2025 with 5% more sales than last year at 1.15 million. Rising incomes and base rate cuts will improve affordability and support consumer sentiment.”
Thinking of Buying or Selling in Wynyard?
If you’re looking for guidance on Wynyard’s property market, our team is here to help. No one can predict the future with certainty, but at Anthony Jones Properties, we’re committed to helping you make the best decisions.
For expert advice, call us today on 01740 807107
