December is a time for things to wind down, and the property market follows suit. With the focus shifting to Christmas festivities and New Year plans, activity slowed as expected. But while it may not have been a month of record-breaking deals, it gives us a chance to prepare for what’s shaping up to be a very busy start to 2025! The New Year always brings renewed energy to the market, and next year looks to be no different.
In this month’s update, we’re unwrapping the latest insights from December. 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, 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. Here’s what he had to say:
“Inevitably the volume of activity slowed as we approached Christmas, but as always there were still sales taking place as many who had buyers still needed to secure their new home. We find at this time of year, viewing levels drop but the conversion rate from viewings to offers improves and those committing to going on the market have less competition.
We are predicting a busy January with many properties scheduled to go live in the New Year, and buyer confidence remains high as mortgage rates are relatively stable. 2024 has been a great year at Jacobs Steel, and we look forward to a prosperous 2025!”
Mortgages
The current Bank of England base rate is 4.75% as of 19th December 2024.
As of 30th December 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 December lettings market:
“The December lettings market tends to be the quietest month of the year, with most tenants settling down for the festive period and staying put until the New Year. However, this December has proven to be more active than previous years, with a record amount of tenants moving into new properties than we have seen over the past 5 years.
We’d expect the rental market to completely bounce back from January and gather momentum as tenants start to become more active and more properties become available to let.”
Commercial market review
Leigh Doherty, Commercial Manager, has an in-depth understanding of the commercial property market. Here’s what he had to say:
“December has been a really busy month for completions but in addition, we have a large number of new instructions which are lined up for the New Year. We have a wide range of new properties from investments to shops to rent, so if you are looking to start your New Year commercial property search, then please contact us to register your details.
Alternatively, if you would like to know the worth of your property and require a valuation, then feel free to contact our Commercial team.”
The road ahead
While December may not have delivered any major surprises, it laid the groundwork for what’s expected to be a more active start to the new year. So, as the decorations come down and we settle into January, keep an eye on the property market and be ready to make the most of what’s to come. Here’s to a productive and successful year ahead!