The state of your local property market: March 2025

Spring is finally 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 and Stamp Duty still a big talking point and demand varying, 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:

“March has been an exceptionally busy month, with buyers rushing to complete before the upcoming Stamp Duty increases take effect. At Jacobs Steel, we’ve seen an 87% rise in exchanged units compared to February and a staggering 125% increase compared to January.

As we approach 31st March, marking the end of Q1 2025, the outlook is significantly more positive than the first quarter of 2024. Year-on-year, Jacobs Steel has achieved a 45% increase in agreed sales and a 77% rise in exchanged units.

The arrival of the spring market has brought a surge in new property listings, naturally attracting more buyers. Confidence has returned, and with interest rates holding steady, motivated buyers are acting decisively rather than waiting, making now an opportune time to sell.”

Mortgages

The current Bank of England base rate is 4.5% as of 25th March 2025. The next base rate review is scheduled for 8th May 2025.

As of 31st March 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 March lettings market:

“Spring has sprung and the rental market has picked up pace as we’ve started to enter the industry’s busy period which tends to be March – September, which is when we see the rental market at its peak.

The supply and demand challenge the industry has been facing of late seems to have become more balanced, although demand is still outweighing supply.

Rental prices continue to show growth, which is due to the rental market being stretched with the lack of supply and new investments, rents are expected to rise throughout the year.

The much-anticipated Renters Rights Bill implementation is also likely to be delayed until later in the year, potentially between October and December, the Bill aims to reform the rental sector and is expected to become law in Summer 2025.”

Commercial market review

Leigh Doherty, Commercial Manager, has an in-depth understanding of the commercial property market. Here’s what he had to say:

“As Spring has now arrived, we are finding that more applicants are starting to head out and view more properties, which is leading to an increase in offers which are being made. In addition to this, we have recently listed a good variety of different properties, but are finding the retail market remains the strongest, with at least two offers per property being listed.

Recently, we have listed a couple of freehold properties and in both instances, have gone to best and final bids, due to the popularity, so this is a good sign that the Commercial market is buoyant.

If you require a valuation or want advice, then please contact our Commercial Agency on 01903 792785.”

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 Jacobs Steel is here to help. Get in touch for expert advice and a chat about your options.