Confidence is building in the property market, with predictions pointing to another positive year ahead. Southgate Estates takes an in-depth look at the insights driving this optimism and how these trends may impact the Exeter region.
A recent survey by GetAgent reveals that 76% of estate agents believe 2025 will see sustained improvements in the property market. Colby Short, CEO of GetAgent, attributes this confidence to a steady rise in mortgage approvals, an early indicator of market recovery.
Since February, mortgage approvals have consistently exceeded 60,000 per month, climbing to 68,303 by October, according to the latest Bank of England data. This upward trend suggests growing buyer activity, which could signal strong momentum for the year ahead.
Buyer interest appears to be on the rise, with 67% of agents surveyed expecting this demand to persist through 2025. Many anticipate this will translate into tangible results, with 64% predicting higher sales volumes compared to the previous year.
However, Southgate Estates notes that the approaching Stamp Duty Land Tax (SDLT) relief deadline at the end of March could momentarily disrupt the market. Buyers may rush to complete purchases before 1st April to avoid higher costs, creating a potential bottleneck. After this deadline, a period of stabilization is expected as the market adjusts to the new conditions.
While the outlook for 2025 is largely positive, industry professionals are mindful of persistent challenges. High property prices and affordability remain key concerns, alongside elevated mortgage rates and a limited housing supply.
“The property market has shown resilience this year, despite higher borrowing costs,” Colby Short commented. “As we enter 2025, these challenges will remain, but the overall trend is one of cautious optimism as recovery efforts continue.”
In Exeter, Southgate Estates observes similar trends, with an increase in activity among both buyers and sellers. A spokesperson for the company commented, “While affordability remains a hurdle, the local market offers exciting opportunities. Buyers who plan strategically and sellers who act during this period of renewed demand can make the most of these favorable conditions.”
Southgate Estates are a trusted estate agent located in the heart of Exeter. They specialize in property sales throughout the city and its surrounding areas, including neighboring towns and villages. Their expertise extends to a highly regarded lettings service, offering comprehensive support for landlords and tenants alike.
For expert guidance and personalized property advice, contact Southgate Estates:
Southgate Estates
51 South Street, Exeter, EX1 1EE
01392 207444
https://southgateestates.co.uk/