On 6 February 2025, the Bank of England announced a cut to interest rates from 4.75% to 4.5%, following two cuts in 2024. The announced reduction could be welcome news for those looking to enter the property market and for some current mortgage holders. Experts have anticipated that rates will lower further in 2025 and level-off at out around 3.75%. As we all know, this can be difficult to predict and the economic outlook can change very quickly. Notably, however, some of the major mortgage lenders have launched mortgage deals with interest rates under 4%, which indicates market confidence.
A look back at 2024
2024 was a positive and fast-moving year for the Gillespie Macandrew Residential Property team.
The number of properties we listed on the market in 2024 increased by 14.3% on the previous year, which was above average for ESPC firms for the same period. In addition to this, the average Home Report valuation was up by 3.4% to £335,503 – well above the ESPC average Home Report valuation of £283,219.
For our Residential team, property sales increased by 23.8% in 2024, with an average sale price of £339,237, compared to the ESPC average of 19.4% and sale price of £284,502. To round-off a very productive year, Gillespie Macandrew sold homes with a collective value in excess of £51 million, this is a significant increase of 27.4% on the previous year.
What is to come for homeowners looking to buy and sell in 2025?
A look forward to 2025
At Gillespie Macandrew we predict that property listings will increase in 2025, including much sought-after family homes, leading to a very steady year for the market. Interestingly, the latest House Price Index shows that detached houses had the highest percentage change out of all property types, increasing by 9% in the 12 months to December 2024 to £356,000. Our team has already had a busy start to 2025, with a flurry of properties hitting the market, good interest from viewers, and some strong results at closing dates. A steady flow of valuation requests have also come through with sellers looking to put their properties on the market in the traditional Spring period, where we tend to see increased activity. We are always happy to advise clients on the best ways to get their house market-ready. It is hoped that sellers will start to feel more comfortable putting their properties on the market before buying, to avoid the stress and uncertainty of chains which have become common in the past few years. We regularly advise our clients on how best to approach this, and how to effectively manage a chain.
It is crucial that clients understand the processes involved when selling and buying, have a good idea of the value of their property and are clear on all of the costs that are involved – we are here to help you through every step of the way.
Our team currently offer a free valuation service where our experienced Valuers can guide you on all aspects involved whilst offering our clients no upfront costs to market your property with us.
Get in touch with a member of our Residential Property team to gain tailored and expert advice as you take the first step towards finding your next dream home.
