In response to the ONS Private Rents and House Prices data published today which showed that UK house prices increased by 4.6% to £268,000 in the 12 months to December 2024 and average house prices in England increased to £291,000 – an increase of 4.3% - Nick Leeming, Chairman of Jackson-Stops, comments:

“Limited supply in certain local markets and an air of reservation in December saw house prices grow modestly, providing stability as the market anticipates new opportunities and a busier spring following a more reserved 2024.

“Across Jackson-Stops' network, local areas such as Chester, Cranbrook, Oxted, Truro, Dorking and Woking have already started the new year with a significant influx in the number of new applicants registering their interest compared to the number of new instructions coming on to the market. This trend is reflective of a more committed pipeline of buyers moving forward with purchases not just because they need to, but because they want to.

“There is much for buyers to be hopeful about too. The Bank of England initiated a base rate cut in February, with further reductions anticipated throughout the year. This will boost buyer confidence, though affordability constraints will persist – particularly at the lower end of the market. Positively however, high street mortgage lenders are already starting to ease rates back from the recent peak of 2022, which is promising news for those needing to remortgage or relocate in the coming months.

“We anticipate 2025 will usher in a more dynamic market that enables transactions to move freely. This is not just important, it’s vital, as the market continues to wait for Government housing targets to become a reality.”