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It’s a pivotal time at the moment for both sellers and buyers with the stamp duty deadline approaching. Not sure how this might affect you? The latest Rightmove House Price Index has been released, so let us talk you through the current state of the market and the key points you need to know.
How is the UK property market currently performing?
Following on from the busy start to the new year, growth in UK house prices has continued nationwide, albeit slower than expected at 0.5 per cent. This modest increase will be a proactive measure to compensate for the higher costs for buyers as the deadline comes at the end of March.
As we saw last month, the start to 2025 was a busy hive of activity as large numbers of people listed their properties on the market, leading to the number of homes for sale being at a 10-year high. SInce then, activity has slowed down to be at a steady 13 per cent ahead of this time last year.
Overall, we’re amidst a robust market right now, which is great news for both sellers and buyers. The number of potential buyers contacting agents is up eight per cent on last year with sales being agreed ahead by 15 per cent.
Looking ahead there is every reason to look optimistic as the number of people applying for a Mortgage in Principle on Rightmove hit a record in January 2025, a 49 per cent increase on the same month in 2024, indicating a healthy mortgage market.
What does the stamp duty deadline mean for house prices in West Hampstead?
The stamp duty deadline at the end of March won’t affect all areas in the country equally. For instance properties in lower-priced areas won’t really be affected as there will be a good number of homes available that will remain stamp-duty free.
Those that are set to be most affected are first-time buyers purchasing homes within the range of £500,001 and £625,000 where an extra £11,250 in costs could be incurred if the deadline is missed.
With the average price in London being £688,885 (£1,012,394 in Camden), and there being 28 per cent more first-time buyers in London compared to the rest of the country, you can expect a good proportion of homes in our area to be affected. As we edge ever closer to the deadline Rightmove expects a conveyancing log-jam with movers scrambling to complete their purchase in time.
How Paramount Properties can help
We understand that the property market can be a confusing place to be at the best of times, whether you are a buyer or a seller. At Paramount we strive to be your place for property, and that includes being your go-to resource to help you understand the nuances that your property journey exposes you to. Throughout the process, we will support you, guide you and keep you informed every step of the way.
Get in touch with our expert team to begin your property journey with us.
