In response to the ONS Private Rents and House Prices data published today which showed that average UK house prices increased by 3.4%, to £292,000, in the 12 months to October 2024, Nick Leeming, Chairman of Jackson-Stops, comments:
“The final few weeks of 2024 have provided the market with stable footing for a busier year ahead. While a continued stream of announcements from the government benched around housebuilding and planning permission promise to bring greater supply to the market, sellers continue to hold a slight advantage as we head in to next year.
“Whilst there is an understandable focus on enabling first-time buyers to get onto the property ladder from the industry, attention must also be paid to older homeowners to incentivise downsizing and improve market fluidity. As well as downsizers and first-time buyers, we expect to see more buying decisions being motivated by the strong competition for school catchment areas following wider policy changes.
“November saw a month-on-month increase in completions across the Jackson-Stops network, spurred by the late Autumn Budget. Instructions and new applicants are also on a par with a year ago with notable instructions in the South East and along the commuter belt. This activity reflects market confidence and a commitment to press on with property moves. We hope for more fluidity, confidence and opportunity in 2025 at all stages of the market, though questions remain on the pace of policy changes and what impact this will have on market conditions."
