Now that we are all settled into 2025 and the festive period is well and truly behind us, you might be in a position where you need to know how the property market is performing as you are buying or selling a home. We understand, and to help you know how the start of the year has panned out for North West London property, we have everything you need to know just here.
How is the market performing right now?
It’s a very promising start to the new year. Nationally, we have seen the largest monthly jump in prices at the start of the year since 2020, with the average price of property coming to market rising by 1.7 per cent this month to £355,189. While we always expected to see a jump due to the usual seasonal lull in December, it’s promising to see the increase reach these levels.
Despite a slight decrease from last month, figures from the latest House Price Index from Rightmove show that in our corner of the capital, the London Borough of Camden still holds an impressive average property price of £1,031,176.
With record numbers of early-bird sellers coming to market from Boxing Day, we can see there is solid demand for people wanting to move home. When looking at the same period as last year, new properties coming to market are 11 per cent ahead and the average number of homes for sale per estate agency branch is currently at its highest for this time of year in a decade.
What does this mean for sellers?
As a seller, you want to ensure you are getting the best price for your property while ensuring you remain competitive. With increased buyer choice, you don’t want your home being overlooked in favour of a similar property just because it has a lower price tag than yours.
But we have every reason to remain optimistic. Buyer activity is encouraging and active, with the House Price Index data showing that the number of buyers contacting estate agents about homes for sale up 9 per cent on the same period last year.
Furthermore, the number of sales being agreed is 11 per cent ahead of this time last year, brought about by a combination of good choice for buyers and a healthy demand keeping the sales trend positive.
What does this mean for buyers?
As expected, we saw a very big appetite from sellers wanting to list their properties in the “Boxing Day Bounce”. This is great news as buyers have more choice than ever, giving you even greater options to find your dream home.
However, this isn’t the time for you to slow down your search or think that more options give you more time. It’s an active market, and with sales agreements higher than this time last year, buyer enquiries also up, and Rightmove recording its busiest start to a year for Mortgage In Principles, there is strong evidence for buyer intent and you have competition.
Looking at the year ahead
The Index looks to show very early lead indicators that we are in for a much busier 2025. Rightmove forecast a larger number of transactions this year of 1.15 million with an average asking price of +4 per cent.
While this is great news all round, we still have to be mindful of uncertainties ahead:
- Future interest rates drop
- Increased Stamp Duty from 1st April which will see an increase affecting some house buyers and the property market as a whole.
- First-time buyers. While unlikely to affect more affordable parts of England, the Index says that at +8 per cent, the number of enquiries in this sector is the lowest increase of all market sectors.
How Paramount Properties can help
As your place for property, making sure that you feel supported and guided throughout the process of buying or selling your home is important at Paramount. Our four decades of experience means we are well placed to navigate you every step of the way. Get in touch with our expert team to begin your property journey with us.
