Dan Gooding of Rex Gooding Estate Agents discusses the West Bridgford property market update for 2024, focusing on trends, challenges, and future expectations.
Market Trends:
2024 has been a busy year, with a 26% increase in sales compared to the previous year.
Mortgage rates dropped by 1% to an average of 4.1%, though they fluctuated post-budget.
Interest and Mortgage Rates:
Interest rates remain high, but competitive mortgage deals are available, such as 5-year fixed rates.
Impact of Government Budget:
Changes to stamp duty, including thresholds impacting first-time buyers, were significant.
Buyers are expected to rush to close deals before April 1, 2025, due to stamp duty changes.
House Prices:
A 1.5% drop in 2023 was followed by a 2% growth in 2024 for the East Midlands.
Predictions for the next five years suggest a 24% growth in house prices, with an average increase of £84,000 in property value.
Outlook for 2025:
A busy start to the year is expected, especially with the Boxing Day property launch being a high-traffic day.
