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Whether you’re buying or selling a home, we know how important it is for you to remain fully informed about the property market throughout the process. As we head towards the end of the year, we thought we’d let you know how things are currently looking here in North West London and what you can expect as we move into 2025.
How is the London property market performing right now?
Figures from the latest House Price Index from Rightmove come as no surprise as the usual seasonal lull can be seen nationally, with London echoing this trend. At an average of £661,444, house prices across the capital have dropped slightly compared to last month. But don’t panic - this is expected at this time of year and is what we consider to be the “calm before the storm”.
Looking more locally, while the monthly change in house prices is down 1.2 per cent in Camden based on three-month rolling average data, it is up 1.6 per cent on last year. This sees our borough sit in the top 50 per cent of overall price trends among the 32 London boroughs.
What does this mean for sellers?
It’s important not to be concerned, as this December’s figures follow the traditional pattern we would expect at this time of year. But rest assured, Boxing Day has become a hotbed of activity from buyers with demand jumping 273 per cent between the Christmas Day lull and Boxing Day in 2023, and you don’t want your property to miss out on this potentially increased visibility.
Activity in the run-up to Christmas also remains strong compared to the same period last year. Currently, the number of sales being agreed is up 22 per cent, showing a positive sales trajectory with the number of new buyers contacting estate agents up by 13 per cent, indicating there is still a healthy appetite for buying during the traditionally quieter period. If you are thinking about selling, now is a great time to put final plans in place to capitalise on the increased market momentum we experience at the very end - and start - of the year!
What does this mean for buyers?
If you are in the market for a new property, the “Boxing Day Bounce” is the ideal opportunity for you to set your sights on a fresh choice of listings. Last year, Boxing Day saw a record number of new sellers launching to the market for that time of year, giving buyers like you a great chance to find your next home over the festive period.
With mortgage rates forecasted to drop in 2025, improved affordability provides a great opportunity to find the place of your dreams. Do consider that it’s also expected to stimulate market activity seeing potentially increased competition, so it won’t ever be too early to start your search.
Understanding the broader trends
Rightmove’s latest figures show that prices end the year 1.4 per cent above December 2023 and predicts that new seller asking prices will further rise nationally by four per cent next year. However, it’s important we understand the context of where the property market is now, and consider where it will be in the coming months.
On March 31st we will see the Stamp Duty deadline arrive, and from April buyers may be subject to increased costs when purchasing their new property. With this in mind, we are likely to see increased numbers of people looking to move fast before the thresholds revert to their previous levels in order to save themselves some cash. As always, the key to taking advantage if this is to get organised ahead of time and make sure you are in the best possible position for either buying or selling.
Overall, the market is looking favourable for 2025 and we are expecting to see lots of movement in the first quarter of the year. Of course, factors such as the type of property, its location and price will impact how much benefit will be felt from a purchase, so it’s important to speak to the Paramount team about your individual situation. The majority of properties sold in West Hampstead over the last year have been apartments with an average sale price of £696,996, aligning well with the trend we are seeing across London of typical first-time buyers’ homes coming to market up by 20 per cent.
How Paramount Properties can help
As your trusted West Hampstead estate agent with four decades of experience behind us, we are here to help navigate you through the intricacies of the property market. Whether you are buying or selling, we are here to guide you every step of the way. Get in touch with our expert team to plan your next steps.
