As we close out the year, the UK housing market shows resilience with flat but stable growth in October amidst budget uncertainty. According to the latest figures from Nationwide, house prices saw a slight increase of 0.1% in October, bringing the annual growth rate to 2.4%. Looking ahead into 2025, market forecasts suggest a 4% growth in house prices across the UK, with regional variations reflecting differing economic pressures – 3% in London and a more robust growth in the Midlands and North.
Current Market Trends
The housing market has been recalibrating, with activity levels slowly rising to approach pre-pandemic norms. Recent data indicates that transaction levels and mortgage approvals are nearing the average rates seen between 2017 and 2019, signalling a recovery from earlier lows of the year. This rebound is supported by continuous positive buyer sentiment and an easing in inflationary pressures, which influenced a recent cut in the Bank of England’s base rate to 4.75%.
Impact of Legislative Changes
The recent Chancellor’s Budget announcements are expected to significantly influence the market dynamics. Notably, the reinstatement of lower stamp duty thresholds from April 2025 might accelerate property purchases early next year. Additionally, the market is adjusting to increases in stamp duty on additional properties and changes affecting non-domiciled residents, which may impact prime markets and the private rental sector.
Regional Market Dynamics
A clear North-South divide persists, with Scotland experiencing the most robust price growth, while areas like Kensington and Chelsea see notable declines. This regional disparity highlights the uneven economic recovery across the country.
Rental Market Insights
The rental sector is facing its own set of challenges, with annual growth slowing down as rental values hit an affordability ceiling, especially in London. However, areas like the North East and Scotland are still experiencing higher growth due to more favourable rental conditions.
How Doree Bonner International Can Help
Whether you’re navigating the complexities of buying a new home, moving internationally, or moving in the UK to capitalise on growth opportunities, our expert moving and storage solutions are designed to provide security and ease during your transition. Our comprehensive services ensure that your move is handled with care and precision, allowing you to focus on settling into your new environment without the added stress of logistical challenges.
For anyone looking for professional removals experts or seeking reliable storage solutions, Doree Bonner International offers a seamless service experience tailored to meet your unique needs. For more information on how we can assist with your next move, contact us 24/7 or request a free online quote.
As the property market continues to evolve, trust Doree Bonner to provide the support you need for a smooth transition.
