'Rush to complete' as big change to impact first-time buyers from April
2024 finished on a high note with the busiest ever Boxing Day for new seller activity and a record number of new properties listed for sale by agents, according to property website Rightmove. The number of new properties coming to the market for sale was 26% higher than Boxing Day 2023, when the previous record was set.
The South East saw the most new properties coming to market, followed by the East of England and the South West.
Data from the Nationwide House Price Index also indicated that UK house prices ended 2024 on a strong footing, up 4.7% compared with December 2023.
READ MORE: Irresistible 'chocolate box cottage' in Devon up for grabs
READ MORE: Devon family create skincare game-changer after baby's chronic condition
Stuart Hext, Senior Director of Luscombe Maye said: “The South West has enjoyed many of the benefits of the wider national picture but, as is our wont, we bucked a number of trends in our corner of the country in 2024, perhaps the most significant being that the average price of a property has dropped in this region by 2.3% year-on-year.
“The unique local dynamics of the area have a huge influence on housing market performance, and this adjustment is no doubt at least partially in response to the disproportionate surge in prices we experienced during the Covid boom and therefore should be seen as more of a correction than a true loss.
“The forthcoming changes in Stamp Duty Land Tax thresholds may cause some disruption, with a rush to complete prior to the deadline of 31st March and corresponding lull immediately following. In addition, if rates are eased later in the year as anticipated, affordability will improve, particularly for first-time buyers, freeing up the rest of the market to follow suit.”
Stuart added that Luscombe Maye had experienced “good levels of enquiries from buyers and sellers already this year.”
James Baker, Stags Partner and Totnes Office Manager said: “Stags expects the housing market to perform well in 2025 with steady house price growth over the year. Our offices are already noticing an increase in buyer demand with higher than average viewing requests for this time of year and more new sales agreed compared to the equivalent 2024 levels.
“One of the most significant changes this year is the increase in stamp duty rates, set to take effect on April 1st 2025. This adjustment is expected to impact home-buyers, particularly first-time buyers, as well as home-movers and investors.”
Iain McKenzie, chief executive of the Guild of Property Professionals, said: “While this year is starting on a more positive foot than 2024, it will be interesting to see whether the stamp duty changes do dampen the market to some degree. Aspects such as further anticipated rate cuts should mitigate the impact, along with the economy’s continued recovery and earnings growth.”
Get all the latest Westcountry property updates, including dream homes and picture-postcard villages, when you sign up for our free newsletter here.