January 30, 2025
We’re really pleased to say that 2025 is off to a great start. The local property market is buzzing with activity and January has brought a flurry of movement across sales, rentals, and commercial properties. This reflects renewed confidence and enthusiasm among buyers, sellers, and landlords alike.
In this month’s update, we shed light on the trends shaping the local property market. Whether you’re a first-time buyer, landlord, or commercial investor, there’s plenty to look forward to in the months ahead.
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:
“Properties coming to the market in January almost tripled compared to December. Buyer enquiries have been strong as we entered the new year, with a healthy level of demand for property. Many first-time buyers are hoping to complete on their new property before the stamp duty fees increase from April.
Valuation levels and seller enquiries are high, but some sellers are hesitant to list their properties until they find their next home. Overall, prices remain stable. If interest rates and mortgage rates continue to fall, prices are likely to increase as the year goes on.”
Mortgages
The current Bank of England base rate is 4.75%, and the next decision will be announced on Thursday 6th February 2025.
As of 30th January 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 Manager at Jacobs Steel shares his thoughts on the December lettings market:
“The lettings market sprung into life in January, which is a positive and encouraging sign for our industry. Historically January tends to be slower in comparison to the rest of the year, as the market gathers pace.
This is an indicator that the rental market remains healthy and consistent. Properties are letting relatively quickly providing they are priced accurately, and the quality of tenants searching remains strong.
We are expecting to see this momentum continue throughout the year.”
Commercial market review
Leigh Doherty, Commercial Manager, has an in-depth understanding of the commercial property market. Here’s what he had to say:
“January has been an extremely busy month for listing properties, and we have taken on in excess of 10 instructions, which are a mixture of freehold and leasehold. These consist of industrial units, retail investments and offices.
We have more instructions coming in February which are very exciting and should create a lot of interest. So if you’re looking for a commercial property, then please contact us to register your details. Or if you would like to know the worth of your property and require a valuation, then just get in touch with our Commercial team.”
The road ahead
January has set the tone for what promises to be an exciting year in the property market, with strong buyer demand, a busy rental sector, and increased commercial activity. Whether you’re a buyer, seller, landlord, or investor, the local market offers plenty of opportunities. Contact us today to discuss how we can help you make the most of 2025.