April 2025 – Property Market Comment with Richard

You might have heard that although annual house prices are about 2.8% up on this time last year, they dipped by 0.5% last month (Source Halifax). This is no means a pointer to a falling market, but is simply a short-term correction, as so many sales were brought forward during the SDLT stamp duty frenzy earlier in the year.

There was huge activity to beat that deadline, including the busiest single day on record for completions so it was only natural that buyer activity, and hence prices, should dip slightly following that. Prices have, after all, been at a record high.

But last month’s dip is by no means an issue. We find ourselves in the prime spring market, and activity is certainly stronger than it was this time last year. Interest rates have not only eased, but the economists tell us that the recently-introduced US trade tariffs are likely to put downward pressure on borrowing costs as the markets price-in a slight economic slowdown.

So the Bank of England is now expected to reduce interest rates not twice, but three times this year. Along with positive wage growth, mortgage affordability should continue to improve, supporting the healthy property market we are currently enjoying.

Do bear in mind that whilst the spring market is active in a good way, it does mean that if you’re selling, you are likely to have a bit more competition from other sellers, especially those who might have reduced the price they were hoping to achieve prior to the April 1st SDLT deadline.

We certainly don’t want our clients sitting on the market over the summer, so you do need to act decisively now. So, if you’re thinking of selling, do call us in; we have our finger on the pulse of the local property market, which often bucks national trends, and you might be pleasantly surprised by what we have to say. One thing we can promise you, is straight-talking, good advice, and we’d love to hear from you!