February 2025 Property Market Insights

Welcome to the February 2025 edition of Property Market Insights by Hoopers Estate Agents in Neasden. We've gathered insights from across the UK to provide you with the latest property market trends.

Lowering the base rate increases market opportunities.

The Bank of England cut the base rate to 4.5%, furthering its recovery plan from inflation and creating new property market opportunities. Reduced borrowing costs may attract more buyers to the market, likely heightening competition for fairly priced properties.

House prices are reaching record highs.

The market continues to demonstrate strength - Halifax reports a new record high of £299,138 after a +0.7% monthly increase, while Nationwide indicates a 4.1% annual growth.

According to Zoopla, prices have increased by 2% year-on-year to £267,700, with Northern Ireland (+7.7%) and the North West (+3.2%) showing the most robust growth.

Market activity and the levels of property stock.

Market trends reveal strong buyer demand, with Zoopla noting a 12% rise in agreed sales from last year and Rightmove reporting an 11% increase in sales following Boxing Day.

Estate agents report the highest January inventory in seven years, averaging 31 properties per branch.

While this increased choice brings about more competition, properties that are correctly priced from the outset are attaining better results, making it crucial to collaborate with experienced estate agents who really understand your local market.

The mortgage market shows growing confidence.

According to Moneyfacts, the average two-year fixed mortgage rate was 5.50% as of February 6, 2025, and the average five-year fixed mortgage rate was 5.30%. The combination of lowered rates and enhanced affordability creates favourable conditions for a successful sale.

There is ongoing strong demand from buyers.

Market confidence is enhanced by a 13% increase in buyer demand compared to last year.  It's especially promising to see a rise in first-time buyers, as 22% of renters now consider purchasing homes. The impending changes to Stamp Duty from 1^st April have increased interest in properties valued between £300,000 and £625,000.

Are you moving home in North London?

Please get in touch with the team for a more localised property market review of your specific postcode. Hoopers Estate Agents has been selling homes in Neasden and the surrounding areas for over 40 years and would be delighted to assist you.

Get in touch today on 020 8450 1633. Click here for a free, instant online valuation of your home.

Note: The information in this article is based on data as of February 2025 and may change. Always seek professional advice for your specific circumstances.