Mover Alerts looks at the dynamics of the UK property market in 2024 and makes predictions for 2025.

Last year at The Movers and Storers Show, Mover Alerts predicted growth in the UK property market in 2024, contrary to most of the national press that warned of a property crash.  The crash never came and Mover Alerts, part of Twenty Ci, were right.  This year, in the Seminar Theatre, Colin Bowkett presented the analysis of 2024 and dusted off his crystal ball once again to look at what might be ahead.

Colin painted a very positive picture for 2024 and predicted that it would continue throughout 2025.  He said that the residential sales market was 12% up on last year, back above pre-COVID levels. The properties listed for sale in November were the highest in six years.

Sales agreed in 2024 were 17% up on 2023, again back to pre-COVID levels. The East Midlands was the strongest region.  Higher-value property sales were up by more than 20%, with the strongest demand for detached houses.

Colin said that sellers had been greedy in trying to get the best prices, with 38% of them having to reduce their asking price to secure a sale.  Property prices overall were up by around 2%.  It was taking approximately four months to sell in England and Wales.

The market had been adversely affected in 2024 by sporting events such as football European Cup and The Olympics. There are no such events planned in 2025.  “Going into 2025 on the sales side we predict that it’s going to be very strong,” said Colin.  “There are a lot of properties going up for sale now and that will give us a good start.  It’s looking very positive for next year.” 

Lettings

Colin said that high demand for rental properties had pushed rents up. Landlords were choosing to sell properties, with 47% of new sales recorded as properties that had been let in the previous three years.  This has resulted in the rental stock reducing by 12.5% in the last year.  Fewer properties on the market resulted in tenants staying longer, with average stays increasing from 3.5 years to 4.7 years.  The average letting price increased by 5% in 2024 and by 37% since 2019.

Photo:  Colin Bowkett, Mover Alerts.