As the property market shows signs of sustained recovery, estate agents are expressing optimism for 2025. Southgate Estates unpacks the latest findings and shares what these developments could mean for the Exeter market.
According to GetAgent’s CEO, Colby Short, 76% of estate agents are forecasting another positive year for the property market in 2025. This optimism is bolstered by a steady rise in mortgage approvals, an early sign of improved market conditions.
The Bank of England’s latest figures reveal consistent growth, with approvals surpassing 60,000 in February and climbing to 68,303 by October. These statistics suggest a strengthening buyer base, setting the stage for a busy year ahead.
The survey conducted by GetAgent also highlights that 67% of estate agents expect buyer demand to continue its upward trajectory in 2025. Additionally, 64% believe this heightened interest will lead to increased sales compared to 2024.
However, a notable challenge looms on the horizon: the upcoming deadline for Stamp Duty Land Tax (SDLT) relief at the end of March. This impending change may prompt a surge in buyer activity as home buyers rush to finalize purchases before the 1st April cutoff. Afterward, many expect the market to level off, bringing a more measured pace to the remainder of the year.
While optimism prevails, estate agents remain cautious about persistent issues. High house prices continue to strain affordability, and elevated mortgage rates pose significant barriers for prospective buyers. Limited housing supply also remains a pressing concern.
“Despite these challenges, 2024 has laid a solid foundation for recovery,” Colby Short observed. “As we transition into 2025, the market’s momentum should carry forward, presenting opportunities for growth and stability.”
In Exeter, Southgate Estates has observed similar trends aligning with the national outlook. “The Exeter market is uniquely positioned to benefit from these positive developments,” a Southgate Estates representative commented. “Whether buying or selling, individuals can navigate these conditions effectively with the right strategy and support.”
Southgate Estates stands as a trusted name in Exeter’s property market. With expertise in property sales across the city and its surrounding areas, they also offer a comprehensive lettings service tailored to the needs of landlords and tenants alike.
For professional advice and tailored property solutions, get in touch with Southgate Estates:
Southgate Estates
51 South Street, Exeter, EX1 1EE
01392 207444
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https://southgateestates.co.uk/
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