January Property Market Update
Welcome to the monthly Property Market Update for January 2025 from Harrisons
Happy New Year! Here's the monthly Property Market Update from Harrisons Homes.
With last year ending on a high note for the property market nationwide everything points to another great year ahead.
Here in Sittingbourne and Faversham we had an extremely busy 2024 and have already hit the ground running after the Christmas break.
There's plenty of good sentiment around as we go into January and that's not always the case when it comes to forecasts about property. This year really does look like being something special though so let's talk about it in a bit more detail...
For sellers
House prices across the board ended 2024 higher than they were at the start and that was obviously good for anyone selling their home.
There's good news for those planning to sell in the months ahead too - Rightmove has predicted a "stronger year for prices in 2025". The UK's biggest property portal believes that average new seller asking prices will go up by 4% and that's their highest forecast figure since 2021.
There is another side to that coin though - a realistic and honest valuation is the only way to make sure your property doesn't stay up for sale too long and become 'stale'. The way to avoid this all-too common problem is by using an experienced local estate agent - that's us.
Click here to book your valuation
For buyers
Prices going up isn't what buyers might want to hear about but more Bank of England interest rate cuts will make mortgages more affordable. Interest rates dropped for the first time for a year last August and mortgage deals soon looked much better.
For the year ahead most analysts are expecting further rate reductions from the Bank of England, with HSBC sticking with their prediction that interest rates will come down to 2.75% at some point in 2025. That's a full 2% lower than the current figure of 4.75%!
If this does happen it will be very good news for buyers and what's good news for you is good news for sellers, and so it continues.
Why us?
Apart from us being local experts who will give an accurate indication of what your home should sell for in the current market, why should you choose Harrisons over and above any other agent to sell your home?
Our director Chris is known for his plain speaking, honest approach. He regularly shares some great tips and insider knowledge on our YouTube channel and has some interesting things to say on this very subject!
Take a look here
We're already back hard at work for all our clients, matching the right buyer to the right property and seeing everything safely through to moving day. Let us help you make this New Year one to remember for all the right reasons! Call us on 01795 474 848, email hello@harrisonshomes.co.uk or pop in to our office at 2 West Street Sittingbourne.
All the best for 2025
Chris & the Harrisons team