Tinsel, turkey, and… property trends? December might be all about festive cheer, but the housing market doesn’t stop. While winter might not seem like the prime time for house moves, this season has its advantages that make it a busy time of year for the property market.
In this month’s update, we’re unwrapping the latest insights from November. So whether you’re dreaming of settling into a new home for the new year, or simply curious about how the property market is performing, grab a mince pie, cosy up, and let’s get into the highlights.
The current landscape
This month, Managing Director at Jacobs Steel, Matt Jacobs, gives us his insights on what’s been happening in the local property sales market throughout November. Here’s what he had to say:
“October and November were outstanding months for completed sales, and our residential sales business completed on just shy of £70 million worth of property. This was due to several reasons – firstly, many buyers and sellers were nervous of potential changes announced in the budget which could affect them financially, and secondly, the high volume of sales agreed in Spring would have completed in Autumn. The forecast for completions remains very positive for the remainder of the year as buyers focus on moving into their new homes prior to the Christmas holidays.
Upcoming changes in Stamp Duty are encouraging many buyers to agree purchases now, with the aim to have them completed before March. The challenge for many buyers is the availability of stock, as naturally the volume of new properties coming to the market reduces at this time of year as sellers choose to launch their property after Christmas. The benefit of marketing your property now, is that you will have less competition which in turn could lead to a fast and successful sale. That said, for people who are not in a rush, we can assist in getting your marketing ready over the coming weeks for a New Year launch.”
Mortgages
We spoke to our in-house mortgage advisor, Adam Dumbrill, to hear his take on current mortgage rates:
“The standout news in November was the Bank of England lowering the base rate to 4.75%. This has sparked increased activity from home buyers.
There’s also been a lot of interest among first-time buyers eager to secure their new homes ahead of the upcoming Stamp Duty changes that were announced in the Autumn Budget. From April, the tax-free threshold will drop to £300,000, meaning many buyers could face a Stamp Duty bill of £6,250, compared to paying nothing under the current rules.
For those with mortgages, there’s also an opportunity to save. Homeowners who locked in a fixed rate when interest rates soared above 6% after last year’s mini-budget may now benefit from remortgaging. Even with potential early exit fees, the savings on monthly repayments could be significant, making this a great time to reassess your options”.
The current Bank of England base rate is 4.75% as of 7th November 2024. The next base rate review is on 18th December 2024.
As of 25th November 2024, the current average mortgage rates are shown below (sourced from https://www.uswitch.com/mortgages) but we would also recommend speaking with an independent mortgage broker before committing to a product.
Rental market review
Ollie Whiting (MARLA), Lettings Manager at Jacobs Steel shares his thoughts on the November lettings market:
“The rental market historically tends to dip this time of year as we gradually approach Christmas, however this doesn’t appear to be the case this year with the rental market remaining buoyant. As Christmas approaches, we anticipate the rental market to slow and then pick back up in the New Year.
As of now, we are still seeing a steady level of properties becoming available to let, with a consistent flow of tenants looking to move. The difference with this time of year in comparison to a busier spring / summer market is that we have to work smarter to achieve the results we are looking for. Landlords may also need to reconsider their prices to achieve a tenant before Christmas.
In other parts of our industry, Generation Rent (a tenant activist group) says their latest survey shows that evictions have dropped in 2024, despite the Renters Rights Bill currently passing through government, which indicates less panic than originally anticipated with the introduction of the Bill.”
Commercial market review
Leigh Doherty, Commercial Manager, has an in-depth understanding of the commercial property market. Here’s what he had to say:
“November has been extremely busy with completions, and sales / lettings agreed, with everyone wanting to try to get their transactions through prior to the festive period. December looks like it will follow suit, therefore if you are thinking about selling or renting your commercial property, and require a valuation, then please call Leigh Doherty or Nichola Charles on 01903 792785. We can prepare all the marketing details before Christmas, with a view to going live in January, when the market will undoubtedly strengthen.
We already have a number of properties which are ready to launch in the New Year, so if you are looking for a commercial property then please register your details with our Commercial Team.”
The road ahead
If you’re thinking about selling, there’s still time to get your home market-ready before Christmas. The festive season is an excellent time to attract serious buyers who are eager to start the new year with a new home. Get in touch with us to discuss how we can help you showcase your property and make the most of this busy season.