More Choice, More Buyers - Spring Market Update 

More Choice, More Buyers - Spring Market Update 

Spring Buyers are benefiting from the highest property choice at this time of year since 2015, according to the latest research from Rightmove.

Despite ongoing global uncertainty, the property market remains resilient, Rightmove has reported that there are positive signs of growth in Spring Market in their March report - despite the last few weeks of uncertainty on the Global markets. This was evident in Shepherds Bush and Hammersmith with Kerr and Co reporting a 10 % increase in sales up to April this year.

Rightmove reported that the UK property market is 9% higher than at this time last year which is a really positive sign for the property market on a whole given the post-stamp-duty increase, with the number of new sellers 8% ahead year on year.  The post-stamp-duty-increase has had a few weeks to adjust and the market has levelled, and prices have adjusted to reflect the tax rise.  Those looking to move,  in the next few months are actively looking,  new buyer demand is up by 5% versus last year, and the number of new sellers coming to market is up by 4%.  Rightmove has seen the London market remaining steady, the queue of buyers completing on thier home move before the stamp duty rise, were successful and beat the deadline.  So what's next for the Spring Market ?
 
The resilience of the British property market will be further tested by the impacts of President Trump’s tariffs on the UK economy over the coming weeks and months.  There is also a potential boost to buyer affordability if Bank of England reduces the Bank Rate more quickly with another cut starting in the first few weeks of May.

Despite ongoing global uncertainty, the property market is holding its own, Rightmove have reported positive signs of growth heading into Spring and early Summer Market as buyers and sellers have not been put off to move.  in fact the number of sales being agreed were reported  9% higher than at this time in 2024, a positive sign for the property market post-stamp-duty increase.  More encouragingly the number of new sellers is now 8% ahead year on year from the pandemic.  Although mortgage rates remain fractionally lower than at this time last year.   The average five-year fixed mortgage rate is now 4.74%, down from the peak of 6.11% in July 2023, but only marginally lower than the 4.84% at this time in 2024. Hopefully a the rates will be cut again to help the lower end of the market .

Chris Kerr Director,  from Kerr and Co is encouraged by Rightmove's report, and news    Our sales team has had a record start to the year, we have been able to support and guide many of our buyers through the last few difficult months and delighted that many of our clients made the Stamp duty deadline in good time.  This month has been has been a period of adjustment, we have seen a levelling of property prices over the last few weeks, attracting more buyers to the market, resulting in more choice. 

How has this made an impact on the property market, what has changed ?    Its quite simple. pricing is key to a successful sale.  A experienced agent will establishing the USP of your property,  give expert professional advice on marketing and guidance on presenting you property.  These key factors makes a huge difference to attracting the right buyer. We still have a number of overseas investors who see West London as safe investment which is encouraging. The property market in Shepherds Bush and Hammersmith has remained resilient, its a vibrant part of West London with so much to offer families, young professionals and downsizers who wants to remain in an affordable well connected part of the City.'

For more information on how we can support you on your next move call us on 0208 743 1166 or [email protected]