March 4, 2025
Spring is very almost here, and with it comes a fresh burst of activity in the UK property market. The classic “new season, new home” mindset means we’re seeing more sellers listing their properties and more buyers eager to find their perfect place.
But with mortgage rates still a big talking point and demand varying across different price brackets, what’s really happening in the property market? Let’s look into this month’s market update.
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:
“Traditionally, Spring is a popular time of year to sell and buy property. For a couple of years post Covid the seasonal market was less prominent, however it now feels like we are back to a cyclical market where many sellers who are not in a rush will wait for Spring to market their home. Sellers like to wait for their gardens to blossom and their lawn to be cut, this often leads to a spike in new properties being available. Many like to beat the rush so they have less competition, we have begun to see this with the level of new properties and valuations increasing towards the end of February and into March… The sunshine always brings activity to the property market!
We have seen an uplift in out of area buyers viewing along the coast. Again, with the seasons changing and one eye on a new property for summer the out of town buyers are becoming more active. Prices remain stable and in some circumstances we’re seeing popular properties achieve above the guide price.”
Mortgages
The current Bank of England base rate is 4.5% as of 27th February 2025. The next base rate review is scheduled for 20th March 2025.
As of 27th February 2025, 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 Director at Jacobs Steel shares his thoughts on the December lettings market:
“February is generally considered to be quieter compared to peak seasons such as spring & summer, where the rental market is at its most buoyant, although statistically we are seeing comparable levels of business which is an encouraging sign for a generally slower time of year.
Due to the market not being yet at its peak, this means that properties need to be priced accurately to let and there is also less competition for tenants, therefore providing a more rounded market for both parties.
We’d expect the rental market to pick up pace as we enter a typically busy spring market.”
Commercial market review
Leigh Doherty, Commercial Manager, has an in-depth understanding of the commercial property market. Here’s what he had to say:
“February has been a very busy month, with many completions, valuations, and new listings. One sale which completed included Dolphin Court in Shelley Road, which was sold on behalf of our client GuidCare for just under £2.7m, which is a great achievement.
We have found that the investment market has improved this year, which is encouraging for the year ahead. In addition to this, we have listed some exciting new properties (including the featured industrial unit) which is proving to be very popular, due to the rarity. Industrial units have been few and far between, but we are now marketing 3 in Lancing Business Park, so if you require space, then please contact our commercial team.”
The road ahead
As the spring market starts to pick up, it’s a great time to make your move, whether you’re buying, selling, or just keeping an eye on the latest trends. Well-presented homes are attracting strong interest, but realistic pricing is still key to getting deals over the line.
If you’re thinking about your next step, the team at we’re here to help.
Jacobs Steel are estate and letting agents with offices in Worthing, Findon, Lancing, Shoreham-by-Sea and Brighton & Hove. We will guide you through the entire process, communicating with you every step of the way. Get in touch with the team to book your valuation visit now.
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