The UK housing market has demonstrated robust performance in recent months, buoyed by stabilising economic conditions and a resurgence in buyer activity. Propertymark’s latest Housing Insight Report highlights encouraging trends, including the strongest November sales figures in over three years for many regions.
Buyer demand continues to rise
In November 2024, the average number of sales per member branch stood at 9, marking a three-year high for the month. Buyer interest is also climbing, with 108 new prospective buyers registering per member branch – representing a two-year peak.
Regionally, growth remains uneven. Areas like the North West, West Midlands, and Scotland reported strong house price growth, while parts of the South East, including London, experienced a deceleration in demand compared to the previous year.
Affordability is another factor driving positive outcomes. In November, the proportion of properties achieving their asking price nearly doubled, rising from 6% in October to 11%. This suggests growing confidence among buyers, even as the market grapples with longer transaction times.
Transaction delays persist
Despite these positives, the house-buying process remains a challenge. Propertymark data revealed that 38% of agents report transactions taking an average of 17 weeks or more from offer acceptance to exchange – a figure that continues to trend upwards.
Nathan Emerson, CEO of Propertymark, acknowledged these complexities but highlighted the market’s resilience:
“The housing market stands in a strong position for growth as we kick off the year. Regionally, the strength of the market varies due to fluctuations in supply and demand, but overall, the economy is far more stable than it was 12 months ago.”
What’s ahead for property investors?
Looking to 2025, the market offers opportunities for landlords and property investors to build on recent gains. Emerson noted that controlled cuts to interest rates could support affordability, but the impending Stamp Duty increases on 1 April are likely to drive a rush to complete transactions in the first quarter of the year.
“We have continued to see house price growth over the last 12 months in many regions, and we expect this momentum to continue,” Emerson added. “The housing market is always a strong indicator of wider economic health, and while challenges remain, we are optimistic the market will operate positively.”
For landlords, the stabilisation of inflation and interest rates creates a favourable environment for investment. Areas with strong regional growth, such as the North West and Scotland, present excellent opportunities for expanding portfolios and securing long-term value.
