As the festive season approaches, the property market in West Berkshire is proving resilient, with signs of steady recovery and renewed confidence. With price adjustments and growing buyer activity, 2024 has been a year of renewed confidence in the local housing market.

Key Market Insights

Average Sale Prices:

• The average sales price in West Berkshire over the past year was £370,857, aligning closely with the South East regional average of £370,657.
• Houses averaged at £430,018, while flats offered a more accessible average price of £215,112.

Year-on-Year Change:

• Average property prices in West Berkshire dipped by -1.5%, reflecting affordability challenges such as high house price-to-income ratios and rising costs of living, which are impacting buyers across southern England.

A Market on the Move

The broader UK housing market has demonstrated resilience, with national sales agreements up by 19% year-on-year, reflecting a renewed sense of confidence that is also boosting activity in West Berkshire. Locally, West Berkshire has benefited from:

• Increased Buyer Confidence: Lower mortgage rates, now averaging 4.1%, combined with rising household incomes, have boosted activity.
• Growing Housing Supply: An expanding housing stock continues to attract first-time buyers and families seeking better value outside of urban centres.

Looking Ahead to 2025

The property market’s outlook for 2025 is both promising and nuanced.

• National Price Growth: UK house prices are forecast to rise by 2.5%, although the South East may see more modest gains due to ongoing affordability pressures, such as higher average house prices compared to incomes, which can make purchasing less accessible for many buyers.
• Higher Transaction Volumes: Sales are expected to increase by 5%, with over 1.15 million transactions predicted across the UK.
• Stamp Duty Changes: New rates in April 2025 are likely to increase costs for many buyers, particularly in the mid-range price bracket, potentially tempering price growth.

What Does This Mean for You?

• Sellers: If you’re considering selling, listing your property before April 2025 could help you avoid any market slowdowns caused by higher stamp duty costs.
• Buyers: Stable mortgage rates and a wide variety of properties make this a great time to explore the market and find your dream home.

Let’s Talk

Get in touch today for tailored advice on your property goals. Call me on 075029 13500 or email team@emmettbloom.co.uk to arrange a quick meeting.

Wishing you and your loved ones a joyous festive season and a prosperous New Year! Let’s make 2025 the year we help you find your dream home.