Optimism is on the rise in the property market, with many industry professionals forecasting that the progress seen throughout 2024 is set to continue into 2025. Southgate Estates delves into the latest findings and explores what this means for buyers, sellers, and the wider market.
According to a recent report shared by GetAgent’s CEO Colby Short, 76% of estate agents believe that the property market will remain on an upward trajectory next year. This confidence stems from steadily improving indicators, such as mortgage approvals.
The data tells a compelling story: February marked a milestone with monthly approvals surpassing 60,000, and the latest figures from the Bank of England indicate continued growth, reaching 68,303 in October. These trends suggest that buyers are increasingly re-entering the market, buoyed by improving conditions.
A separate survey conducted by the estate agent comparison platform reveals that 67% of agents expect the current increase in buyer demand to persist throughout 2025. This optimism is further supported by 64% of those surveyed predicting higher sales volumes compared to 2024.
However, as Southgate Estates notes, not all forecasts are free from potential turbulence. The looming Stamp Duty Land Tax (SDLT) relief deadline at the end of March may lead to a temporary rush among homebuyers. Once the relief expires on 1st April, 67% of agents anticipate a market correction as activity levels normalize.
Despite the positive outlook, affordability concerns and high house prices continue to weigh heavily on the market. Mr. Short highlights that elevated mortgage rates are also expected to remain a significant challenge for buyers in 2025. Additionally, the ongoing shortage of housing supply could create further obstacles, limiting options for prospective buyers.
Short’s reflection on 2024 encapsulates the mixed landscape: “Market conditions have been far from ideal in 2024, and buyers, in particular, have faced challenges with higher mortgage rates. Despite this, the year has been marked by increasing buyer activity and modest property value growth. The general consensus is that 2025 will bring more of the same, as the recovery continues.”
The team at Southgate Estates echoes this sentiment, observing similar trends in the Exeter property market. They believe that a recovering market presents unique opportunities for both buyers and sellers. “While challenges like affordability and mortgage rates persist, the Exeter region remains a vibrant and dynamic market. Buyers should act strategically, and sellers can take advantage of the renewed activity,” a spokesperson for Southgate Estates commented.
Southgate Estates are a leading estate agent located in the heart of Exeter, specializing in property sales within Exeter and its surrounding towns and villages. Their highly successful lettings service is also a key part of their portfolio, providing tailored solutions for landlords and tenants alike.
For further information or to discuss your property needs, contact Southgate Estates:
Southgate Estates
51 South Street, Exeter, EX1 1EE
01392 207444
https://southgateestates.co.uk/
