February 2025 | Rightmove House Price Index
The 2025 property market is staying busy, with strong demand and more homes for sale. With the stamp duty deadline approaching, some buyers are moving fast. Here’s what Rightmove’s latest House Price Index reveals.
As we move into February 2025, the property market is staying active, with lots of opportunities for buyers and sellers. While price growth has slowed a little, things are still moving. Here’s what you need to know, based on the latest data from Rightmove’s House Price Index.
Price Growth Slows, But There’s Still a Positive Trend
The average asking price for properties coming to market has risen by 0.5% this month, or £1,805, bringing the national average to £367,994. While this increase is positive, it’s a bit more muted compared to recent months. This slower growth seems to be a result of the growing competition between sellers, especially with the stamp duty deadline just around the corner, which is influencing the pricing strategies of many sellers.
Stamp Duty Deadline Creating Urgency for Buyers
With the stamp duty deadline looming at the end of March, buyers in certain price bands are feeling the pressure. First-time buyers purchasing homes between £500,001 and £625,000 could face an extra £11,250 in stamp duty if they don’t complete their purchases before the deadline. While many buyers won’t be affected, those in these price brackets should act fast to avoid the extra costs.
Strong Market Activity as We Head Into 2025
Despite the slower pace of price growth, the market is still moving strong. New sellers coming to market are up by 13% compared to last year, while buyer demand has risen by 8%, and sales agreed numbers are up by 15%. January also saw a record number of Mortgage in Principle applications, with a 49% increase compared to January 2024. This shows that buyers are still keen to move forward with their plans and secure their next home.
What Does This Mean for You?
If you’re looking to buy or sell in 2025, now’s a great time to get started. While price growth may be slower, demand is still strong, and there’s more stock available than in recent months. Whether you’re looking to buy or sell, make sure you speak with your local avocado partner to get a clear understanding of what’s going on in the current market.
All of the information in this update comes from Rightmove’s House Price Index, click here to read the full report.
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