2024 Market Wrap-Up & 2025 Outlook

Buyers and sellers came out in force this year, with new sales hitting their highest levels since 2021. The average estate agent was closing over 6 deals per month, and the year ended with the largest sales pipeline in 4 years – 283,000 homes worth a whopping £104bn. That’s 27% more homes and 30% more value than last year!

The higher volume of homes for sale and slightly lower mortgage rates helped push things along, even though house prices remained fairly steady. Annual price inflation rose 1.9% (up from -1.2% in 2023), with the average home priced at £267,500. Northern Ireland led the way with a whopping 6.5% price growth, while the South East saw just 0.7%.

It’s still a buyer’s market, meaning buyers are driving a hard bargain. In Q4 2024, homes were selling for 3.6% below asking price, compared to 3.2% over the summer. Buyers are feeling cautious, partly due to uncertainty about mortgage rates and the economic impact of the Autumn Budget.

But don’t worry – the desire to move home remains strong, with life stages and personal circumstances continuing to fuel demand. Whether upgrading, downsizing, or relocating, buyers and sellers are making it happen.

The North-South divide in house price growth is still going strong. Northern regions, Scotland, and Wales are rebounding with solid growth, while southern areas like London and the South East are seeing slower increases. Since 2010, prices in London have soared by 83%, while Northern Ireland has only seen 19% growth.

Looking ahead, this trend is expected to continue in 2025. Affordable areas with room to grow will likely see stronger price inflation compared to higher-value southern regions.

So, what’s the outlook for 2025? Here’s what you need to know:

While house price growth remains tame, the market is alive and thriving with buyers and sellers making moves. If you’re thinking about buying or selling, now is a great time to plan your next steps. Life’s big decisions can’t wait – and Browns Estate Agents is here to help every step of the way. 💼✨

At Browns Estate Agents, we’re committed to making your home-selling journey smooth, successful, and stress-free. With 3 consecutive years as a Top 3 Agent and a Highly Commended Award under our belt, we’re recognised for delivering outstanding results. Plus, as a trusted partner of the BBC’s Homes Under The Hammer, we proudly represent South Shields on the show, showcasing our expertise to a nationwide audience. Whether you’re looking to sell quickly or maximize your property’s value, our award-winning team is here to guide you every step of the way.

Ready to make your move? Contact us today and let’s make your move a memorable one and 2025 your year to shine! 🌟🏠