In 2024, the UK housing market showcased a notable recovery characterized by a
3.4% increase in house prices, resulting in an average price of approximately £292,000 as of October
2024. This rise can be attributed to a decline in mortgage rates, which significantly boosted buyer confidence. However, as we look towards 2025, several challenges loom on the horizon, including the predicted tapering of interest rate cuts and the upcoming cessation of temporary stamp duty relief in April
2025. These factors could potentially dampen buyer enthusiasm and exacerbate affordability issues, leading to a cautious outlook for the housing market in the coming year. The final statistics for 2024 are anticipated to be released in February 2025, offering further insights into the market’s performance.
