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1st April 2025
Spring Property Market Report April 2025
With Easter falling late in April this year and the weather still changeable it might seem spring has not quite arrived.
However, the latest benchmark industry data from Rightmove shows that when it comes to the property market the seasonal uptick in activity is well and truly underway.
As often is the case, these national figures reflect what's going on locally in Brighton and Hove. At Maslen Estate Agents we have many years of experience and know that the time of year really does impact on the way people buy and sell homes.
So here's our take on what the latest figures really mean for our area.
Spring bounce
It stands to reason that every year spring gives the
property market a boost. The nights are longer, days (hopefully!) warmer and
plans for moving are being taken seriously by all sides
This year started on a good note which means that moving forward in April there are already many positives to report.
House prices are holding more or less steady, with a 1.1% increase in the average price of property coming on the market. This is in line with the long-term March average increase, but it's certainly a long way off from the steep increases we've been seeing over the past few years.
The big thing for anyone thinking of selling their home to take into account is that the number of new sellers is 8% higher than this time last year. That equates to a very competitive market, in fact it's the highest figure at this time of year since 2015.
More choice
Of course more sellers is good news for buyers because it gives them a greater chance of finding their ideal new dream home.
Rightmove reports that sales being agreed are 9% more than at this time a year ago, proving that if the price is right buyers are prepared to move fast and secure the property.
One big factor that needs to be addressed is that mortgage affordability, though better, hasn't been moving as fast as some had hoped or predicted. The latest Bank of England decision on interest rates shows how the pace of change is slowing.
So although potential buyers are benefiting from the most choice of properties for sale in a decade, mortgage rates are only slightly lower than at this time last year, standing at 4.74% for the average five-year fixed rate as opposed to 4.84% twelve months ago.
Of course, when you consider that the peak in July 2023 was 6.11% it's still a better picture, and the indications are that over the course of the year things will get better still.
Local matters
It's what's happening where you live that really counts when
you are selling or buying a new home and in Brighton and Hove we're seeing a
similar picture to that painted by the Rightmove national figures.
Essentially prices are stable and the local market is busy. However, those sellers who are successfully finding buyers are listening to their estate agent when it comes to asking prices.
The key is knowing that valuations need to reflect the competitive nature of the market. Some estate agents will still overvalue, either telling clients what they think they want to hear, or not being confident enough to simply tell them the truth.
We have always worked on the basis that puts honesty and transparency at the heart of what we do. We will never give you an unrealistic valuation to simply get your business. We want to sell your home for you, not have it languishing on the market for months, ultimately leading to a price reduction.
Our office in Lewes Road maintains its status as the busiest and most successful estate agency in the area and we work across the whole of Brighton and Hove, having done so for more than a quarter of a century.
We believe we're Brighton's Best - call 01273 677 001, email [email protected] or pop into our central office on Lewes Road to have a chat in person to find out more.