If you have been considering buying a property in the West Hampstead area, the turn of the new year could be the perfect time to put your plans into motion.
Following the recent Bank of England base rate reduction, things are looking positive for buyers as we head towards 2025.
How is the property market currently looking?
The housing market in general is becoming more active for buyers, with the number of new sellers up 6 per cent ahead of the same period a year ago, according to Rightmove's November House Price Index. Since the Autumn Budget, more than 84,000 more homes in the UK have been listed.
This increase in the number of sellers coming to market paired with the recent Bank of England base rate cut of 0.25% means that mortgages are becoming more viable for a larger range of people, and we’re seeing more buyers committing to their moving plans.
What is the current landscape in West Hampstead?
Here in West Hampstead, the average price of a property currently sits at almost £909,000, according to Rightmove data. The popular Camden borough remains a desirable location with great transportation links, a village-like community and plenty of fantastic bars, pubs and restaurants to enjoy - The Wolfpack and The Alliance are particular favourites of the Paramount team!
West Hampstead also offers a wide range of properties, with the majority of sales being apartments selling for an average of circa £706,000. If you are in the market for something slightly bigger that you can grow into, terraced and semi-detached properties are also extremely popular in our area.
How is the market expected to perform in 2025?
Early predictions for 2025 are looking strong, with sellers more confident about coming to the market as affordability and buyer optimism continue to increase. As more people look to sell their homes and get the ball rolling on their moving plans, we’re likely to see more choice in the market, meaning buyers will have more opportunity to find their perfect property without having to compromise.
If you are looking to purchase your first home, the new year is a great time to look at moving, as first-time buyer Stamp Duty relief has been extended until the end of March. In order to benefit from this, it’s important to get organised ahead of time and start your search as early as possible. But don’t worry, we know things like this can be confusing, so we’ve pulled together a handy buying guide to make the process that little bit easier to understand.
How can you prepare for a smooth move in the New Year?
To make sure you get the move of your dreams in 2025, the preparation starts now. It’s important to start deciding your non-negotiables such as price, location and timeline. Making sure you have everything in place now will give you more time to consider different variables when deciding on your new home in the future.
Finding the right location is key to getting the fresh start you deserve. Here in North West London, there are so many great options among the boroughs, and it is important to do your research before you go house-hunting. Our area guides are a great way of getting a feel of the places from the get-go, with in-depth knowledge and fantastic recommendations from the people who live there.
Lastly, if you are already on the property ladder, it is important to start preparing your house for sale ready for your move. Once you find the home of your dreams, you need to be able to get the ball rolling and ensure the chain doesn’t cause delays.
To help make this process as smooth as possible, you need a local agent who is not only an expert in their practice, but also in your area.
Whether you’re looking to buy, or need support with selling your current property, the Paramount Properties team is always on hand to help. Give us a call now and let’s get you moving.
