The past few weeks have brought significant news for home-movers and the property market has been left in a state of flux. Buyer demand noticeably dipped following the Budget announcement at the end of October, which confirmed higher stamp duty charges for most home-movers, second-home buyers, and some first-time buyers. However, if we pull the camera back slightly, the picture improves. Two rate cuts by the Bank of England in September and November fed a growing sense of optimism and provided a powerful boost to sentiment. While short-term trends remain uncertain, the market is more active than this time last year. If mortgage rates fall enough to materially improve affordability, stronger price growth and higher transaction volumes could follow. There are good reasons to feel very positive about 2025.
I strongly believe that all property market conditions create unique opportunities. In the South West, the market’s current lull presents options for those prepared to act. The market always slows down in the run-up to Christmas, but buyers and sellers who adopt a strategic approach, supported by experienced local professionals, can achieve excellent results.
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