As the property market gears up for the anticipated busy springtime rush, house prices and buyer choice have continued to rise in recent months.
The months of March to June are traditionally seen as one of the busiest periods for the property market. However, in recent years, leading property portals and estate agents have also reported on the rise of the ‘Christmas Rush,’ with millions of buyers visiting property websites between Christmas and Boxing Day.
The result has been a property industry that has shown robust activity in recent years, despite the challenges posed by the pandemic, turbulent global politics and increased mortgage rates.
Domestic conditions have also contributed to increased activity in the property market. Buyers are racing to beat the looming stamp duty deadline, and some landlords are exiting the rental space in anticipation of changing rental rules.
In this article, we’ll explore the current state of the house-buying market and the contributing factors at play prior to the ‘spring rush’ in greater detail.
House prices are often cited as one key indicator of property industry activity. According to the Royal Institution of Chartered Surveyors (RICS) UK Residential Market Survey, January 2025 (1), a net balance of +22% of responding participants reported an increase in house prices during January 2025.
Net balance relates to the proportion of surveyed Chartered Surveyors reporting a rise in prices minus those reporting a fall.
Rightmove also recently reported an increase in house prices in its latest House Price Index (2), released on the 17th of February 2025.
According to Rightmove, the average price of properties coming to market has risen to £367,994. This represents a rise of 0.5% (+£1,805), which is a 1.4% increase in house prices compared to the same period last year.
While this is good news for sellers, it should be noted that Rightmove reveals that house price growth is currently 0.3% slower than would normally be expected during this time of the year.
This has been attributed to a combination of buyer reservations over the upcoming stamp duty deadline and the high levels of choice currently available to buyers.
The good news for buyers is that they are currently experiencing a huge range of choices across the property market.
Rightmove notes in its House Price Index that the number of available homes for sale is at a 10-year high. This it suggests is partially responsible for limiting the expected New Year price surge.
Furthermore, RICS also points to a consistent increase in the availability of stock in the housing market. A net balance of +25% of respondents to its January Residential Market Survey reported an increase in new instructions coming to market.
This trend has further been consecutively in RICS reporting for the past nine months, suggesting that buyers have a wide selection of properties available to them.
Fortunately for sellers, the availability of stock is being somewhat tempered by a healthy appetite for homes from buyers.
Here, there is some diversion in industry reporting with RICS suggesting that buyer demand has leveled in recent months, while Rightmove observes an increase of 13% of new buyers coming to market and an overall increase of 8% in demand compared to last year.
This discrepancy could be explained by the volume of data available to RICS respondents compared to Rightmove, which currently represents the UK’s largest property portal.
It should also be noted that Rightmove is reporting current volumes directly, while RICS’s methodology compares the numbers of individual respondents reporting growth (or lack thereof) month-on-month.
According to RICS, the level-off in demand for property has been gradual over the past five months since a net balance of +16% in August last year. This suggests that even though RICS is now reporting a slowdown in buyer demand, it follows a period of heightened (if gradually diminishing) growth.
Comparing this picture with the notable increase in buyer demand reported by Rightmove suggests that the overall state of the property market is highly buoyant.
With high levels of stock and eager buyers seeking to secure a new property for 2025, the next few months are set to be a busy time for property buyers and sellers alike!
As a trusted estate agency with over 40 years of industry experience, Edward Mellor offers fully integrated financial, planning, conveyancing, and surveying services under one roof.
If you are looking to sell a property in time for the spring rush, simply contact us using the link below to book a free property valuation today.
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1 – RICS UK Residential Market Survey January 2025
2 – Rightmove House Price Index
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