Zoopla expects the property market to return to growth in 2025 as its latest figures show a recent surge.
According to their figures, they’re predicting the property market to grow by 2.5% in 2025. “The housing market has been resilient in the face of higher borrowing costs over the last two years,” said Richard Donnell, executive director at Zoopla.”
Increase in demand
In November buyer demand increased 24% year-on-year and the number of sales agreed rose to 19%. New housing stock increased by 15%, and the stock of on-sale-homes by 10%.
The question for the PRS and landlords, is this due to the incoming changes in Stamp Duty, coming into effect in April next year? It looks like the recent surge could be down to first time buyers rushing to get in before the changes.
Nationwide averages
According to other data from Zoopla, house prices rose across the country, but Northern Ireland and the North West seeing the greatest increase at 6.3%. However, the South East is the slowest, with their affordability model suggesting that prices are inflated as much as 30% in this area.
Mortgages in 2025
Zoopla doesn’t expect to see any significant drops in interest rates for the first part of next year, but it does expect lenders to look closely at their affordability assessments, allowing for more purchasing.
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