March 2025 – Property Market Comment with Richard

As we step into Spring, we hear from Richard talking about the property market for the month of March but is the property market holding it’s own? Let’s find out…

Welcome to the March 2025 Property Market Comment. While the world appears to be in turmoil from so many different perspectives, the British property market is, as
ever, holding its own, keeping calm, and carrying on. Yes, the Halifax has just released the latest figures suggesting that prices dipped 0.1% last month. That’s negligible, but what it does point to is that many people sensibly dropped their price so that they, or their buyer, could complete their transaction before the rise in SDLT on 1st April.

It’s now too late to expect beat that deadline, and so we are left with some attractively priced stock at this time, and quite a bit of it. In fact, in January, there were more properties for sale than during any other January in the past ten or more years. This has provided both choice and opportunity for more sales to happen, 10% more sales in fact, than during the previous year, and well ahead of pre – pandemic levels.

I mentioned just now that some properties have been reduced in price. In fact about 13% of all residential stock was reduced in January, 12% in February, and, as expected, a smaller amount at Christmas at 8%. Still, this means that about a third of our housing stock is having to be reduced before it is sold. This is such a shame, because, inevitably, as a property begins to go stale on the market, it becomes less attractive to buyers and competes with new stock. Of course, these reductions do also influence the asking price of that new stock too, and that’s why we are seeing strong sales, but only when they compare well with what else is on the market.

Two more interest rate cuts are expected this year, although, with creeping inflation, that is by no means a foregone conclusion, and who knows what will happen on the world stage in terms of wars, sanctions, tariffs and oil prices, all of which play their part.

But in general, I’d say, as we enter the more traditional time for buying and selling, with the clocks changing and gardens starting to think about looking their best, the market is in pretty good shape. Our advice is don’t worry about house prices: with the market more or less in balance as it is, why not just focus on your own property plans – take your time – there are no deadlines or pressures, which is a great environment to be in. But do get some straight – talking good advice from your friendly local estate agent.

We might just have your answers up our sleeve! Why not call us today and let’s see where it goes?