After the festivities of the Christmas season, it’s time to set our sights on the new year and see what’s in store for the housing market.
What are the sales trends?
Across the UK, house prices are projected to rise by 2.5% in 2025, with a 5% increase in the volume of housing transactions. Both Zoopla and Rightmove expect around 1.15m completions to happen this year, building on the improving market conditions.
In the 12 months to October 2024, the average house price increased by 3.4% to £292,000 according to the Office for National Statistics. In Wales, the average house price is £222,000 while in Cardiff it is £281,000.
The boosts to these figures come from increased sales activity in 2024 and a greater buyer confidence.
What’s happening in the rental market?
Rents were 3.9% higher in 2024, and while the current imbalance between supply and demand is narrowing, Zoopla is predicting that it will still be a prevalent characteristic of the rental market in 2025.
Average UK rental costs have risen by £3,240 since 2021 and are expected to rise by 4% in 2025. The latest ONS data, published on 18 December, revealed that the average monthly private rent price in Cardiff ranges from £832 for a one bedroom property to £1,555 for a property with four or more bedrooms.
When should you get your property on the market?
In 2024, the sales market was estimated to have completed 1.1m sales, 10% higher than in 2023. House prices are expected to continue to rise in the new year, but trends predict that 2025 is set to be another year that favours buyers rather than sellers.
First-time buyers are more likely to start their property journey in the new year so have your property ready to launch to the market to secure some spring interest.
While the supply and demand gap is shrinking in the rental market, it is far from gone, and many new property owners may start to look into listing their property to rent this year. As a landlord, consider giving your home a spring makeover and maximising its assets to make it the most desirable property on the market.
Whether you’re looking to buy, rent, sell or let in 2025, it’s imperative to keep up with the ever-changing housing market to assess how your requirements can fit in. Call us at 029 2062 6252 or visit in branch to get expert advice on getting the dotted line signed and securing those agreements.