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The season may be shifting, but the UK property market is moving fast. With interest rates easing slightly and more homes coming onto the market, the balance of power is shifting towards buyers – especially those who are financially prepared and willing to act.

Buying: A Buyer’s Market Emerges

Market conditions have changed significantly over the past month, with many describing it as one of the fastest shifts seen in years. The number of homes available for sale has grown, and according to Zoopla, there are now 8% more listings than this time last year.

For buyers in Bromley, this means less competition and more options. With mortgage rates stabilising, borrowing is becoming more accessible, and buyers are taking advantage. Being mortgage-approved and flexible with timelines can give buyers the upper hand.

Many lenders are also offering incentives or tailored products to help first-time buyers and those moving up the ladder.

Selling: Adjusting to a Changing Pace

Sellers in Bromley are encountering a slightly more competitive environment. The rise in listings has shifted momentum in favour of buyers, meaning that pricing a property correctly from day one is essential. Overpriced homes are being left behind as buyers become more selective.

Rightmove and other platforms have reported that the time to secure a buyer has increased slightly compared to earlier this year, highlighting the need for strong presentation, accurate pricing, and pre-prepared legal documentation to avoid delays and stand out from the crowd.

While demand hasn’t disappeared, it’s more cautious and value-driven. Sellers willing to be flexible and responsive to market feedback will be better positioned to achieve a sale.

Lettings & Landlords: Rental Growth Easing, But Pressure Remains

The rental market is still under pressure, but there are signs of it levelling out. According to the ONS, average rents now sit at £1,398 in England, £999 in Scotland, and £807 in Wales.

Encouragingly, rent arrears have dropped to just 2.0%, one of the lowest rates seen this year. This is a strong sign that tenants are managing their budgets more effectively, possibly due to stabilising incomes and better tenant referencing.

Despite this, stock shortages remain a concern. Around 22% of landlords have indicated they are considering exiting the market once the Renters’ Rights Bill becomes law. Should this happen, it may cause further instability in 2025, tightening supply in an already stretched market.

Landlords in Bromley should continue to monitor legislation, review their portfolios, and ensure all documentation, EPCs, and maintenance requirements are fully up to date. Although conditions are starting to rebalance, demand remains high in many areas.

What Happens Next?

There’s a growing sense of caution in the market as we approach the November Budget. Some buyers are delaying decisions in case there are changes to property-related taxes, while landlords are watching closely for updates on rental legislation and potential tax reforms.

At the same time, proactive buyers and investors are recognising the current conditions as an opportunity. With greater choice, increased seller flexibility, and fewer bidding wars, now could be an ideal moment to secure a property before competition picks up again later in the year.

If you’re considering buying in Bromley, it’s worth getting your finances in place, speaking to a broker, and registering with Daniel Treasure. Having everything ready could make all the difference in securing the right home at the right price.

Final Thought: Prepare Now, Act Smart

Buyers in Bromley: You’re in a stronger position than you have been in years. Use this time to your advantage by securing a mortgage in principle, researching local prices, and acting decisively when the right home comes up.

Sellers: The market is more competitive. Price accurately, get your home presentation-ready, and be open to negotiation.

Landlords: While rent growth is easing, demand is still high. Maintain compliance, watch for legislation, and consider your long-term strategy.

Everyone: Keep an eye on the November Budget and upcoming legislation. Policy shifts could impact timing, costs, and buyer sentiment in the final quarter of 2025.

Daniel Treasure is here to support you in Bromley whether you’re buying, selling, or letting. Call 020 3488 7782 or email daniel@daniel-treasure.com to speak with a member of our team.

Note: The information in this article is based on data as of September/October 2025 and may change. Always seek professional advice for specific circumstances.

The summer may be winding down, but the UK property market is showing signs of shifting momentum as we move into autumn. Buyers, sellers, landlords and renters are all feeling the impact of interest rates, supply, and tax reform speculation.

Buying: Price Growth Slows, Supply Grows 

According to the latest ONS data, average UK house prices rose 2.8% year?on?year to £270,000 in the 12 months to July 2025. That’s down from 3.6% in the year to June. England saw prices at £292,000, up 2.7%, Wales at £209,000 up 2.0%, and Scotland at £192,000 up 3.3%.

At the same time, price pressure is easing: annual growth has cooled, and buyers have more options. More homes are on the market, particularly in southern England, leading to increased competition among sellers.

For buyers in Bromley, this means you may be in a better position to secure the property you want – there will be lower competition in some areas and more stock. Being mortgage-ready and knowing what you want will help.

Selling: Realistic Pricing Is More Important Than Ever

Sellers are being challenged by growing supply and slowing annual growth. Recent data from Rightmove shows the average asking price in Britain is now £370,257, which is about 0.1% lower than this time last year. That’s the first year-on-year decline in asking prices since January 2024.

While more listings means more choice, it also means properties that are not competitively priced will stay on the market for longer. Realistic pricing, good presentation, and smooth legal and valuation prep are more valuable than ever.

If you’re selling in Bromley, focus on being competitive, have legal and survey documents ready, and be open to realistic offers.

Lettings & Landlords: Rent Growth Easing, Challenges Mount

Private rent inflation is continuing to slow. The ONS reports that average UK private rents rose 5.7% year-on-year in the 12 months to August 2025, down from 5.9% to July. In England, that’s about £1,403/month, in Wales £811, and in Scotland £1,002.

Regionally, the North East leads with 9.2% rent inflation, while Yorkshire & The Humber shows the lowest at around 3.4%.

However, landlords are facing pressure. Rising costs, tenant-rights reforms, and tax-uncertainty are causing some to question whether holding property is still worth the squeeze.

If you’re a landlord in Bromley, now is a good time to review running costs, ensure your property is well-maintained, anticipate regulatory compliance, and consider how any tax changes might affect your profitability.

Tax Reform & Stamp Duty: What’s on the Table

The conversation around property taxes is intensifying. Chancellor Rachel Reeves is reported to be exploring various reforms ahead of the Autumn Budget. Key proposals include allowing stamp duty payments in instalments over several years rather than as a lump sum at purchase, as a way to ease upfront costs for buyers.

There is also ongoing speculation about replacing Stamp Duty Land Tax (SDLT) with a “homeowner tax” or a seller-side levy, particularly for homes above a certain threshold.

These reforms are still proposals, but they are influencing market confidence already. Sellers and buyers in Bromley should stay aware, as whichever direction tax policy takes could shift costs, timing, and incentives.

What’s Next: Rates, Forecasts, and Autumn 2025 Outlook

Growth is expected to stay modest through the rest of 2025. Current forecasts don’t point to rapid gains – rather, slow but steady movement. With inflation still above target, borrowing costs remain a concern.

Mortgage rates are holding relatively high, and many analysts expect that rate cuts will come, if at all, gradually. Combined with tax policy uncertainty, this suggests that many buyers will move carefully, and many sellers will price cautiously.

Bottom Line: Be Ready, Not Rushed

• Buyers in Bromley, you’ve got a little more leverage than earlier in the year. Do your homework and get your financing in order.
• Sellers, expect quieter market conditions in many places. Setting the right price will be more important than ever.
• Landlords, costs, regulation, and tax change risks are real. Plan ahead.

Keep a close watch on proposed Stamp Duty or property tax reforms – they could change how deals are negotiated and who pays what.

We are here to help whether you’re buying, selling, or renting in Bromley. Call 02034887782 or email daniel@daniel-treasure.com to speak with our friendly team.

Note: The information in this article is based on data as of August/September 2025 and may change. Always seek professional advice for specific circumstances.

The summer holidays may be in full swing, but activity in the UK property market hasn’t slowed. Movement continues across buying, selling, and renting – and there’s big news brewing on potential stamp duty reform.

Buying: A Steady Climb with Improved Affordability

House price growth remains firm. The Office for National Statistics reports that average UK house prices rose by 3.7% year-on-year, reaching around £269,000 in June – a clear step up from May’s 2.7% rise.

Prices also gained 1.4% month-on-month, showing ongoing buyer confidence.

What’s behind the momentum? Mortgage rule changes are helping. According to Zoopla,updated affordability tests have increased borrowing power by up to 20%, triggering an 11% rise in demand and an 8% increase in sales compared to last year.

For buyers in Bromley this translates to more choice and stronger negotiating power – especially if your finances are in good shape. Have your mortgage agreement in principle sorted and be ready to act when the right property appears.

Selling: Pricing Matters More Than Ever

It’s a more promising market for sellers, but price sensitivity still plays a big role. RICS data from June shows buyer demand has turned positive for the first time since December 2024, with a net balance of +3%. However, price expectations remain cautious at –7%.

Seasonal patterns are also at play – prices are a little softer, but transaction levels remain stable. Rightmove’s latest trends suggest that realistically priced homes are still attracting buyers.

If you’re thinking of selling in Bromley, pricing correctly is crucial. Today’s buyers are motivated but value-focused. Pre-viewing valuations and having legal paperwork ready can give your listing the edge. 

Lettings & Landlords: Rental Growth Slows, But Remains Strong

Rent inflation is beginning to ease, but remains high. The ONS reports that private rent prices rose 5.9% year-on-year to July – down from 6.7% the previous month. The UK average monthly rent now stands at £1,343.

Regionally, the North East leads with an 8.9% rise, while London continues to top the rent charts at £2,250, with more moderate growth of 6.3%.

For landlords in Bromley, this slight cooling means a little breathing room – though upward pressure on rents continues. Now is a good time to focus on property upgrades, tenancy renewals, and ensuring EPC and safety compliance is up to date.

Chancellor Reeves Plans to Scrap Stamp Duty – Here’s What It Could Mean

One of the biggest talking points this month is the future of Stamp Duty. Chancellor Rachel Reeves is reportedly considering replacing it with a new property tax, potentially applied to the sale of homes over £500,000. The idea is gaining traction among those who believe SDLT slows down the market and holds back first-time buyers. Removing it could help free up transactions and encourage movement across the chain. But there are concerns too. Critics argue it could penalise downsizers and those dealing with inherited property – and may not reduce overall costs in the long run.

What’s Next: Rates, Forecasts, and 2025 Outlook

Forecasts for the remainder of 2025 remain cautious but steady. Rightmove anticipates modest house price growth of around 2%, supported by stable interest rates and renewed buyer activity. The Bank of Englandrecently reduced the base rate to 4%, marking the first cut since May.

Bottom Line: Stay Prepared, Expect Movement

For buyers in Bromley, this market is a window of opportunity – just be organised and ready to move quickly.

Sellers, stay realistic. Buyers are active, but they know their budgets.

Landlords, it’s a good time to invest in your property’s condition and keep everything in order.

And keep an eye on potential Stamp Duty changes – if they come in, they could reshape the way deals are structured.

Whether you’re buying, selling, or renting in Bromley. Call 0203 488 7782 or email daniel@daniel-treasure.com to speak to a member of our friendly and experienced team.

Note: The information in this article is based on data as of July/JAugust 2025 and may change. Always seek professional advice for specific circumstances.

It’s one of the busiest times of the year in the UK housing market, and this time, the news is looking better than many expected. There’s a renewed sense of movement from both buyers and lenders. If you’re thinking of buying, selling, or just keeping tabs on what’s going on, now’s a good time to get clear on the facts.

Positive Momentum, But No Quick Fixes

Activity across the board is up. Rightmove and Zoopla both report a steady rise in supply, demand, and transaction volumes compared to this time last year. Buyers are returning, sellers are feeling more confident, and deals are getting done.

If you’re currently exploring property for sale in the Bromley area, it’s a promising time to book viewings and make sure your mortgage options are in place. Stock levels are improving, which means a wider choice of homes and less fierce competition than we’ve seen in previous months.

Mortgage data backs up the trend with more buyers getting approved. The value of new mortgage commitments has also edged up, showing that buyers are willing (and able) to stretch slightly further to secure the right home.

That said, speed is still an issue. Around a quarter of purchases are taking 16 weeks or more to reach exchange. It’s a good reminder that being organised matters. A well-prepared buyer or seller has a much better chance of keeping things on track.

The Rental Market: More Pressure Ahead?

The lettings market continues to face pressure, with demand far outstripping supply. Rents remain high, and landlords are paying close attention to the upcoming Renters Reform Bill, expected to pass later this year. While it’s set to give tenants stronger rights, it may also push more landlords to sell up, which would further tighten the available rental stock.

Still, there are a couple of silver linings. Rent arrears remain below last year’s levels, and tenant demand is showing no signs of cooling. For landlords looking to restructure or exit the market, now might be the time to speak with us, your local estate agent in Bromley about local demand and pricing strategies.

Interest Rates: Moving in the Right Direction

One of the biggest confidence boosters in the current market is the direction of interest rates. After peaking at 5.25%, the Bank of England base rate has now dropped to 4.25%, and forecasters expect it to fall further in the coming months. There’s even talk of it dipping to 3.5% by the end of the year.

Some lenders have already started adjusting their mortgage rates in anticipation, making it an ideal time for buyers to lock in competitive deals. If you’re browsing property for sale in Bromley, this shift could give you just the headroom needed to make an offer.

Sell Now or Wait? Both Options Make Sense

There’s no one-size-fits-all answer to the question of timing your sale, but here are some factors to help guide your decision:

Why you might wait:

• Interest rates are set to fall again, which could boost buyers’ confidence and budgets. 
• You may be able to test a slightly higher asking price as the market strengthens. 
• Buyers aiming to be “in by Christmas” often act quickly in late summer and early autumn.

Why acting now might be better:

• A temporary inflation spike is forecast for the autumn, which could unsettle buyers. 
• The autumn Budget could create policy uncertainty. 
• A surge in landlord sales (due to legislative changes) may increase local competition.

Whatever your choice, remember that the process itself can take months. Listing your home now doesn’t mean moving next week. It just means getting the wheels in motion and giving yourself options.

Mortgage Market Overhaul: What’s Changing and Why

Mortgage lenders are gradually introducing changes that reflect how buyers’ needs have evolved. While these updates won’t all hit immediately, they signal a more flexible future.

Loan-to-income ratios: 
Lenders are becoming more open to lending slightly more to applicants with steady income, even if it’s lower, provided repayments remain affordable.

Stress test adjustments: 
Some lenders are easing their ‘worst-case scenario’ interest rate checks, allowing more borrowers to qualify for larger loans.

Longer mortgage terms: 
A 30-year term is now common, especially for first-time buyers. It keeps monthly repayments lower, which is often the key to affordability. From next year, rules should make it easier to shorten your mortgage term later without hefty penalties.

Product innovation: 
Look out for green mortgages (linked to EPC ratings), home improvement loans, and extended fixed rate offers. A good mortgage broker can match you to the right deal for your situation.

As your local estate agent in Bromley , ask us to recommend a mortgage broker. We can connect you and make your search for property for sale in Bromley much smoother.

A Market That’s Starting to Move Again

A lot of the restrictions placed on lending were introduced in 2014, when the financial landscape looked very different. With house prices having risen sharply since then and wage growth lagging behind, buyers have been squeezed by outdated lending rules. The current changes aim to correct that and create a more realistic, fairer system for today’s borrowers.

Whether you’re a first-time buyer, looking to move up the ladder, or considering a downsize, this market is finally showing signs of life after a period of uncertainty.

If you’re planning a move soon, now’s the time to get organised. Speak with us – your experienced estate agent in Bromley, sort your finances, and make sure you’re ready to act when the right property comes up. There’s a sense that confidence is returning, and that’s often when the best deals are done.

Call us on 0203 488 7782 or email daniel@daniel-treasure.com to chat with a member of our friendly and experienced team.

Note: The information in this article is based on data as of May/June 2025 and may change. Always seek professional advice for specific circumstances.

May has arrived with a mixed but cautiously optimistic outlook for the UK property market. Following the seasonal spring uplift in activity, trends are starting to reflect both renewed confidence and continued adjustment. House prices are rising – though more slowly – mortgage rates are easing, and the rental market remains stretched.

Here’s what you need to know this month if you’re buying, selling, letting, or renting.

House Prices: Modest Growth as Listings Surge

The average asking price of a home coming to market hit a new high of £379,517 in May, according to Rightmove . However, the pace of growth has eased, with prices up just 0.6% from April, marking the smallest May increase since 2016. A key factor here is supply. The number of properties coming to market is up 12% year-on-year, giving buyers more choice and putting pressure on sellers to be competitive.

Demand for property in Bromley meanwhile, remains solid, with buyer enquiries 3% higher than this time last year. Some analysts, including those cited in The Times , suggest this year could see national house price growth of 3.5%, buoyed by falling mortgage rates and improving economic stability.

If you’re planning to sell your home in Bromley, this is still a favourable window – especially with more buyers entering the market – but accurate pricing and strong marketing are more important than ever.

Mortgage Market: Rates Continue to Fall

The Bank of England held its base rate at 4.25% this month following a 0.25% cut in April. That move has helped ease mortgage costs, which had been a major obstacle for buyers throughout 2024. As of mid-May:

• The average two-year fixed mortgage rate is 4.61% 
• The average five-year fixed rate is 4.59% 
• Some of the lowest available fixed deals are now dipping below 4% for buyers with larger deposits

This marks a clear shift from the 6% plus rates seen last year and is improving affordability across the board. Buyers should still get a mortgage agreement in principle before making offers – particularly in areas where properties are selling quickly.

Sellers: Strong Interest, but More Competition

The traditional spring bounce in the sales market is in full swing. More sellers are listing their homes, and buyers are active again. But with supply at its highest point in over a decade, competition between sellers has also ramped up.

The most successful sellers in this market are the ones who price realistically and ensure their property looks its best online. That means professional photography, tidy kerb appeal, and well-maintained interiors. With many buyers looking to move before the summer holidays, now is an ideal time to list – just make sure your home stands out.

Buyers: More Choice, but Be Ready

With supply improving, buyers now have more choice and, in many cases, a bit more bargaining power. But desirable homes are still being snapped up quickly, especially those priced in line with current local demand.

Preparation is key: get your mortgage sorted, have a solicitor lined up, and be ready to act fast when the right property comes up. Pay attention to factors like EPC ratings and transport links, as these remain top priorities for many homeowners and investors.

Rental Market: Still Tight, but Rent Increases Slowing

The rental sector remains under pressure, but there’s some sign that the breakneck pace of rent growth is finally cooling.

According to the Office for National Statistics , the average UK private rent hit £1,332 per month in April, a 7.7% increase year-on-year. England saw rents rise to £1,386, Wales to £792, and Scotland to £1,001. This is still a significant jump, but down slightly from previous months, suggesting rent inflation may be levelling off.

Tenant demand remains high, and rental stock remains low in many regions, particularly for family homes and pet-friendly properties. If you’re a tenant, it’s worth acting quickly when something suitable comes up – and ensuring your paperwork is ready.

Landlords: Changing Legislation on the Horizon

The proposed Renters’ Rights Bill continues to make its way through Parliament and, if passed, will bring sweeping reforms to the rental sector. The current draft includes:

• Abolishing fixed-term assured shorthold tenancies 
• Making all tenancies periodic by default 
• Limiting rent increases to once per year 
• Increasing notice periods for landlords who wish to sell

This legislation will change how landlords manage tenancies and may influence investment decisions for new entrants. Staying on top of compliance will be crucial. Now is a good time to review tenancy agreements and ensure property management processes are up to date.

Looking Ahead: A Market Adjusting, Not Retreating

The remainder of spring and early summer is expected to be busy. More listings will continue to bring balance to the market, while lower mortgage rates may encourage more first-time buyers and movers who sat out last year.

We’re not in boom territory, but this is a far more stable environment than we saw throughout much of 2023 and 2024. For sellers, it’s a good time to act – but not a time to overprice. For buyers, it’s a market full of opportunity, but preparation remains key.

Landlords will want to keep an eye on changing legislation and consider how their investments might need to adapt. Meanwhile, tenants should continue to expect high competition and rising rents, albeit at a slightly gentler pace.

If you’d like tailored advice about your next move – whether that’s buying, selling, letting, or renting – get in touch with the friendly team on 02034887782 or email daniel@daniel-treasure.com today.

We have the local market knowledge and property insights for Bromley to guide you every step of the way.

Note: The information in this article is based on data as of April/May 2025 and may change. Always seek professional advice for specific circumstances.

The UK property market is currently undergoing some noticeable changes, affecting everyone from homeowners and landlords to buyers and tenants.

With interest rates fluctuating, house prices adjusting, and rental demand continuing to grow, staying informed about the latest trends is more important than ever.

Whether you’re looking to move, invest, or understand what’s happening in the property market, knowing where things stand can help you make better decisions.

Over the past year, economic conditions have played a major role in determining house prices and mortgage rates. Many potential buyers are watching interest rates closely, while sellers are deciding whether now is the right time to list their property. At the same time, landlords are facing ongoing legislative changes, and tenants continue to deal with increasing rental costs.

March is often a busy period in the property market, with the arrival of spring encouraging more people to buy and sell. The government’s forthcoming Spring Statement is expected to bring further announcements affecting property transactions, mortgage lending, and rental regulations. 

Understanding these developments and their potential impact can help buyers, sellers, landlords, and tenants plan their next steps with greater confidence .

Market Overview: Trends and Influences

During February, UK house prices experienced a slight decline of 0.1%, bringing the average property value to £298,602. This unexpected dip follows a period of consistent growth.

The Royal Institute of Chartered Surveyors (RICS) reported that February marked the weakest month for the housing market since late 2023. A net balance of 14% of agents and surveyors noted a drop in new buyer enquiries, the lowest since November 2023. Additionally, 13% reported a decrease in agreed sales, with London experiencing a more pronounced downturn.

Mortgage rates have also seen some fluctuations. As of March 1st, the average two-year fixed mortgage rate stands at 4.87%, down from 5.01% at the start of February. The average five-year rate decreased to 4.69% from 4.81% over the same period. However, concerns about rising inflation may influence future rate decisions.

It’s not all bad news though! Some regions continue to show resilience and the recent reduction in the Bank of England’s base rate to 4.5% may lead to more competitive mortgage deals, potentially easing the path for prospective buyers.

Recap:

How have UK house prices changed recently?

UK house prices saw a slight decline of 0.1%, bringing the average property value to £298,602.

What are current mortgage rates?

As of March 1st, the average two-year fixed mortgage rate is 4.87%, and the average five-year rate is 4.69%.

Is now a good time to sell my property?

With the traditional spring surge, it can be a great time to sell. However, setting a realistic price and ensuring your property is well-presented are crucial.

How is the rental market performing?

Rents continue to rise, with private rental prices increasing by 8.7% in the 12 months to January 2025. Tenant demand remains high, making it a strong market for landlords.

March Insights for Homeowners and Sellers

For home owners considering selling their properties, current market conditions present both challenges and opportunities.

• Pricing Strategy : With the recent softening in house prices, setting a realistic and competitive price is essential to attract potential buyers. 
• Market Timing : The traditional spring surge in property listings is approaching. Listing your property during this period can increase visibility and buyer interest. 
• Property Presentation : Investing in minor renovations and ensuring your home is well-presented can significantly impact buyer perception and, consequently, the final sale price.

Considerations for Buyers

Prospective buyers should navigate the current market with careful planning.

• Mortgage Preparedness : Securing a mortgage agreement in principle can strengthen your position when making offers, especially as lenders adjust rates in response to economic indicators. 
• Market Research : Stay informed about regional price trends. For instance, while some areas have seen price declines, others have experienced annual growth.
• Energy Efficiency Matters : With energy prices still a concern, many buyers are prioritising homes with good insulation, modern heating systems, and higher EPC ratings. Choosing a property with energy-efficient features can mean lower bills and improved resale value in the long term.

Rental Market Dynamics

Both tenants and landlords are experiencing changes in the rental sector.

For Tenants

• Rising Rents : latest figures show that average UK private rents increased by 8.7% in the 12 months to January 2025, slightly down from the 9.0% rise in December 2024. 
• Increased Competition : With a limited supply of rental properties, tenants may face heightened competition and should be prepared to act swiftly when suitable properties become available.

For Landlords

• Regulatory Compliance : Staying updated on legislative changes is crucial.
• Investment Opportunities : Despite challenges, the rental market continues to offer solid returns, especially in regions with high demand. Evaluating local market conditions can help identify lucrative investment opportunities.

The Future Outlook

The property market’s trajectory will depend on various factors, including economic policies, interest rate decisions, and regional supply and demand dynamics.

• Interest Rates : The Bank of England’s recent base rate reduction to 4.5% reflects efforts to balance economic growth with inflation control. Future rate decisions will influence borrowing costs and, consequently, property affordability. 
• Government Policies : The forthcoming Spring Statement is anticipated to address housing affordability and may introduce measures impacting both buyers and sellers. 
• Regional Variations : The north-south divide in house price growth is expected to persist, with northern regions potentially outperforming southern counterparts.

Need Expert Guidance?

Navigating the current property market requires informed decision-making. At Daniel Treasure, we offer tailored advice to meet your unique needs. Whether you’re buying, selling, renting, or letting in Bromley, our team is here to help. Contact us on 020 3488 7782 or email daniel@daniel-treasure.com to discuss your property needs.

Note: The information in this article is based on data as of February/March 2025 and may change. Always seek professional advice for specific circumstances.

With the first quarter of the year now behind us, last month brought a positive forecast as some of the uncertainty of the past 12 months is starting to ebb away. Thanks to the latest developments in the economy, the property market is looking brighter for the next few months as we move forward towards summer.

Inflation Set to Impact Mortgage Rates

According to the Office for National Statistics, March saw the Consumer Price Index fall to 3.2%, taking the UK’s economy ever-closer to the target of 2% set by the government. This looks like good news for the property market, thanks to the influence it will have on mortgage rates.

The most up-to-date data from the Bank of England shows that the flurry of initial activity seen at the beginning of the year has now begun to calm. February saw a significant increase in the number of mortgage approvals as mortgage rate cuts prompted market activity. However in March, the number of agreed sales dropped to 2% above 2017-2019’s average, down from February’s 13% above.

Since mortgage rates now are almost back to the same level as seen in late December, it looks unlikely that the pace of activity seen so far this year will be maintained into the summer months.

Potential Action on Leasehold Maintenance Contracts

Homeowners locked in private new-build communal area maintenance contracts have a glimmer of hope on the horizon as over 40 Conservative MPs call for a ban. As the Leasehold Bill slowly works through Parliament, the Housing Secretary is now under pressure to include a “Fleecehold” ban to help the millions of people living under this model and facing steep estate fees.

The CMA (Competition and Markets Authority) has also recently recommended bringing an end to this model too, putting forward a proposal that local councils be required to adopt new housing estate public amenities once complete. According to the housing minister, the government is now paying careful consideration to this report, which also suggests introducing a property agent regulatory body to address leasehold issues and raise standards across the industry.

With news of homeowners facing shocking increases as high as 274% in their annual service charge bills for 2024, the prospect of the some positive change in the status quo can only be cause for cautious celebration.

Potential Stamp Duty Cut on The Cards?

The Government is allegedly considering lowering stamp duty in the Autumn Statement as part of its bid!

A recent report in The Times suggests that the Treasury is considering moving the stamp duty threshold from £250,000 to £300,000. This would mean that nearly half of all people buying homes would have no stamp duty to pay, saving up to £2,500!

New stamp duty plans were rumoured to appear in the spring budget statement, however, plans were removed due to worries about fuelling inflation.

However, as inflation is now expected to fall, Government officials could now be reconsidering this as a “pre-election giveaway” to drum up support ahead of the general election.

A year is a long time in politics though, so it’s important to understand that current stamp duty will remain in place until March 2025. Current fees mean that home purchases under £250,000 will not be subject to stamp duty, a 5% fee applies to homes from £250,001 to £925,000 5%, 10% for homes up to £1.5m and 12% for homes thereafter. This gives some certainty for homebuyers in the short term. 

Watering Down of Renter Reform

The news isn’t so good for renters, though, as the government set out changes to the planned protections in England for renters following concerns from a number of Conservative MPs that the original proposal would be too much of a burden for landlords.

The latest alterations include requiring tenants to commit to at least a 6-month contract rather than being able to end their tenancy with 2-months’ notice from day one and, most controversially, delaying the no-fault eviction ban on existing tenancies pending the outcome of the justice secretary’s assessment of the court system’s ability to handle repossession claims.

One positive proposed change, however, is the introduction of a right to local council homelessness support for tenants who find themselves evicted under the new grounds for possession.

While this watering down of the Renters (Reform) Bill is sure to be received negatively by those tenants who are aware of its existence, recent research published by the TDS Charitable Foundation shows that a surprising 83% of people who are currently living in a rental property lack any awareness of the Bill’s proposals. Of those who know about the proposed reforms, most are pessimistic about their ability to result in tangible changes. 42% believe the Bill will change little about the rental sector, while 37% believe it is unlikely to be implemented at all.

Good News for Landlords as Tenants Stay Longer

While tenants may be less than thrilled with the latest developments in the property market, things are looking up for landlords as The DPS (The Deposit Protection Service) released its research that revealed tenants are staying in their properties for a third longer than in 2020.

Today’s typical tenancy is now lasting for 924 days, a significant increase over the 706 days seen four years ago. It appears that a combination of the cost-of-living crisis, high rents, and a competitive market for new rental properties are leading to renters remaining for longer periods in their homes.

In further positive news for landlords, Octane Capital reports that the typical buy-to-let property yield has now increased to 5.8%, up from 4.9% over the last two years, and while running costs have gone up over the same period, landlords are still enjoying attractive net profits overall. This report, paired with the proposed delay in the no-fault eviction ban, is likely to encourage existing landlords to remain in the market for the foreseeable future.

As we move further into the second quarter of the year, time will tell how the property market will develop. Traditionally, spring sees more homes being listed for sale, so we will wait with anticipation to see what May has in store!

What Next?

I’m delighted to bring you our property market updates each month. If you are thinking of buying or selling a property, please get in touch on 0203 488 7782 or email daniel@daniel-treasure.com.

As we reach the end of the second month of the year, the UK property market seems to be settling into a positive pattern, with buyer confidence continuing to rise and mortgage rates coming down.

A recent Dataloft Poll of Subscribers found that 85% of surveyed estate agents noticed an improvement in buyer confidence over the last three months, while the consumer confidence level has reached its highest point since January of 2022.

With hopes high for a reduction in interest rates on the horizon, we are moving towards spring with strong potential to see recovery in 2024’s housing market.

Biggest Increase for A Year in House Prices

The average house price has risen significantly throughout the UK according to both Halifax and Nationwide as we move into spring 2024. Average properties are now worth approximately £257,656, representing a rise of 0.7% according to Nationwide, while Halifax, the largest provider of mortgages in the UK, reports that an average home now has an asking price that is 2.5% higher than that from January 2023. This price hike is the biggest experienced since 2020, over double the 0.6% 20-year average. We can put these increases down to falling inflation, improvements in mortgage rates, and growing strength in the labour market.

More Buyer Enquiries Show Increased Market Activity

Prospective homebuyers are now starting to look at taking another step up the property ladder, with January looking set to be Rightmove’s Agreement in Principle service’s busiest month since its initial inception in 2022. The increase in demand is being met by equal enthusiasm from sellers, with 15% more new properties coming onto the market when compared with this time last year.

New agreed sales are up by 13%, showing that sellers and buyers are becoming increasingly aligned on pricing. Yet as a fifth of sellers are still accepting over 10% below their asking price to secure their sale, it remains clear that attractive pricing is still crucial.

Mortgage Rates Falling but Base Rate Is Holding

The Bank of England’s Monetary Policy Committee held a meeting on 8^th February at which a majority decision was made to keep the base rate steady at 5.25%. This is the highest base rate seen since 2008’s Financial Crisis, yet instead of building societies and banks retaining higher interest rates on their mortgages, we are starting to see prices falling in February’s mortgage market, indicating that lenders are viewing the choice to hold rather increase the base rate as a positive sign from the Bank of England.

Moneyfacts now reports that both the current lowest fixed 2-year mortgage and fixed 3-year mortgage stand at 4.20%, with the lowest fixed 5-year mortgage having an interest rate of 3.93%. The number of available mortgage products for buyers to choose from has also increased for the sixth month in a row, with 5,899 different options currently on the table.

Growth In the Rental Market

During the last year, growth in the UK’s rental market was 8.3%, representing deceleration over the past three months from 8.8%. Yet, despite this drop, the growth rate remains at a historic high, with the 0.4% monthly growth comparing rather unfavourably to the 0.1% average between 2017 and 2019.

Currently, the average amount of rent tenants are paying in the UK each month comes in at £1,200, with renters in London paying the highest typical rent at approximately £2119 and those in the North East paying the lowest amounts at just £695.

London’s growth is slowing down as rents are hitting the affordability ceiling. It is now expected that rental growth will continue to slow down as affordability worsens, keeping demand firmly in check. Landlords appear to be taking a more realistic approach to rental pricing, perhaps taking the cost-of-living crisis into consideration as they set new rates, which is good news for those who are still unable or unwilling to purchase their own property.

Heading In the Right Direction for Spring?

With the start of 2024 seeing signs of success in the property market, it appears that we could be heading in the right direction for a positive Spring. Tenants and homebuyers alike are likely to see improvements as we move forward, making this an excellent time to start looking for a new home. As March is traditionally the month during which properties are most likely to secure a buyer, now is the perfect time for anyone considering selling to make moves towards finding an estate agent.

What Next?

I am delighted to bring you our property market updates each month. If you are thinking of buying or selling a property please get in touch with me on 0203 488 7782 or email daniel@daniel-treasure.com.

2024 is upon us already, and the property market is already making a strong start in January. Both the rental and sales markets are thriving as the year begins, and landlords and homeowners alike look set to benefit. So, what’s happening in the UK property market? Read on to find out.

A Rise In Monthly Average Rents

Since January 2023, there has been an increase of 9% in the average monthly rent. This has added approximately £1200 to a typical annual bill over the course of the past 12 months. It looks as if the start of 2024 is still going to be difficult for tenants, who now have to find the equivalent of a month’s average rent on top of their previous annual bill. On the other hand, this is good news for landlords, who are enjoying good profits from their investments.

The average monthly rent nationwide as we enter 2024 is now £1200, with almost double that amount being typical in the capital. It’s worth noting, though, that rental growth is predicted to start slowing down as the months go on since worsening affordability is likely to keep the demand under control. Some markets are already showing some resistance to high rents, so landlords should keep this in mind when considering any further price hikes.

House Price Increases Since December

Homeowners looking to put their properties on the market this January could benefit from house price increases. There have been predictions of 3% increases over those from the end of last year, as the prospect of potential cuts in the interest rate alongside more affordable mortgages are likely to result in more transactions taking place.

After 2023 saw sustained falls in house prices, it was forecast before the year end that 2024 would experience a further drop of 4%. However that now appears to have been a premature estimate. An increase in the number of mortgage approvals being received over recent months is now believed to translate into a minimum increase of 10% in transactions over this year.

Since December, new sellers’ asking prices have increased by approximately £4571, which represents the largest growth for this time of the year since pre-Covid times. Although overall prices are still 0.7% lower than those from a year ago, experts say that this year’s start looks quite promising as buyer demand is growing, and 15% more properties are coming onto the market. According to Rightmove, the beginning of the month saw a fifth more sales being agreed than this time in 2023 which indicates buyer confidence is returning.

Forecasters have also predicted that house prices are unlikely to drop significantly before the end of the year, with a decrease of only around 1% nationally being expected by December 2024 thanks to an underlying strong level of buyer demand.

Competitive Pricing Crucial For January Sellers

Although the increase in asking prices is good news for January sellers, it’s important to bear in mind that competitive pricing will be crucial when it comes to finding a buyer. Even though the month so far has seen growth in buyer activity, the amount of properties being listed on the market is still outpacing the number of purchasers making enquiries. That means realistic and accurate pricing for the local area lies at the heart of securing a sale, and sellers should resist the urge to over-optimistically price their UK property.

Cheaper Mortgage Deals

Although Howard Davies, chair of NatWest sparked criticism with his statement earlier this month that it wasn’t “that difficult” to get onto the property ladder, buying a home will still be unaffordable for a significant number of prospective purchasers in 2024. Yet there is some promising news on this front.

Mortgage deals are already becoming a little cheaper, with 5-year fixed-rate mortgages now averaging at 4.86%, down from a peak of 6.11% last July. Rates are also expected to reduce further in the weeks and months ahead, with the best deals now coming in under 4%. It has been predicted that borrowing costs will be cut by the central bank from its existing 5.25% rate to under 4% by this time in 2025, and that should reduce the cost significantly of taking a mortgage out.

Mortgage Time Bomb Potentially On The Horizon

Although those taking out a new mortgage may benefit from reduced costs, a mortgage time bomb could potentially be on the horizon for the millions of UK property owners who are coming to the end of their cheaper deals. Around 1.5 million homeowners will face a considerable increase in the amount they have to repay every month, and that could mean an average family having to find an extra £1800 a year to cover their housing costs.

A Strong Start To The Year

With growth in the market thanks to more affordable mortgage deals and an increase in UK property prices, 2024 is getting off to a buoyant start this January. As we head towards Spring, it will be interesting to see just how well the experts’ predictions pan out, and whether February will be an equally positive month for landlords and sellers alike.

What Next?

We are delighted to bring you our property market updates each month. If you are thinking of buying or selling a property in Bromley please get in touch with me on 020 3488 7782 or email daniel@daniel-treasure.com.

This month, we pick out the key points that affect the housing market from the chancellor’s Autumn Statement. There’s also been an increase in homeowners slipping into mortgage arrears, rents remain on the rise for new lets, and we reveal the best places to buy to avoid stamp duty for first-time buyers.

Read on to find out more.

Autumn Statement – Key housing market points

Chancellor Jeremy Hunt has made his Autumn Statement , and while there were no major surprises, a handful of the announcements will have a direct impact on the property market.

Firstly, the Mortgage Guarantee Scheme has been extended until the end of June 2025. The scheme, which was first introduced in 2021 and was due to end in December 2023, was designed to encourage lenders to offer more 95% loan-to-value mortgages to buyers with a 5% deposit. If a buyer defaults on their mortgage payment, the government steps in to cover some of the shortfall.

Whilst the scheme hasn’t been used extensively – with around 5% of first-time buyers using it since it was introduced – it has opened the door for more people to get onto the property ladder, and mortgage rates for buyers with a 5% deposit have dropped slightly in November, to 6.03% on average.

The chancellor used his Autumn Statement to promise investment of more than £110m to build 40,000 new homes over the next year. £32m has also been earmarked to beat a planning backlog and develop new housing in cities such as Cambridge, Leeds, and London.

In some good news for renters, the Local Housing Allowance rate has been increased. The rate, which affects how much help you get when renting from a private landlord, has been frozen since 2020, but the new increase will give 1.6m households an average of £800 support next year.

Mortgage arrears on the rise

The number of property owners falling behind on their mortgage payments rose sharply over the summer months, with UK landlords hit particularly hard.

Figures from UK Finance show that 87,930 homeowners were in arrears between June and September – an 18% increase on the same period in 2022. For landlords, it’s even worse, with the number in arrears having doubled in the past 12 months.

Whilst the sharp increase of homeowners in arrears may seem alarming, it still represents just 1% of the UK’s 8.8m outstanding mortgages. However, with an estimated 1.6m mortgage deals due to expire next year, the number of homeowners is set to increase further.

Already in 2023, the number of people in arrears jumped 7% in July to September compared with the previous quarter, although a slowdown in rising mortgage rates will hopefully keep mortgage defaults low.

Average rents for new lets continue to rise

The average rent for a new let has increased by more than 10% over the past year. It now stands at £1,166 per month according to property website, Zoopla. This in part has been caused by rising interest rates and cost of living.

But with demand for rental properties currently running at 27% above the 5-year average, many landlords now see multiple applicants per property with competition high. Average annual rents are £14,000, compared to £12,700 a year ago. The increases are much lower for existing renters, who have seen their annual rent increase by 5.7% on average.

First-Time Buyers: Best places to buy to avoid stamp duty

Stamp duty can add several thousand pounds to the cost of a property, and it’s a particularly unwelcome expense for buyers taking their first steps on the property ladder.

In England and Northern Ireland, stamp duty is payable on any property over £425,000 for first-time buyers, but one leading property website has revealed the areas where buyers are least likely to be affected.

According to Zoopla, the top places to buy for first-time buyers looking to avoid stamp duty are:

o Hull

o Blackpool

o Middlesbrough

o Hartlepool

Here, 98% of homes are for sale at less than the threshold.

Stoke-on-Trent isn’t far behind either, with 96% of properties falling below the £425,000 mark.

By region, the best place to buy is the North East, where 93% of properties are priced under £425,000, while at the opposite end of the scale, it’s no surprise to see that London is the most affected area for stamp duty, with just 27% of properties under the threshold.

It’s not all bad for first-time buyers in the capital though. If you’re looking to avoid stamp duty, then Barking and Dagenham are areas with the most properties priced under the threshold, with 69% of homes in the area available for less than £425,000.

We are delighted to bring you monthly property market updates. If you are thinking of buying or selling please get in touch with us.