As 2024 draws to a close, optimism among estate agents for 2025 is reaching new heights. Southgate Estates breaks down the latest data and explores what this means for Exeter’s buyers and sellers.
The property market appears poised for another strong year, with 76% of estate agents surveyed by GetAgent expressing confidence in continued growth during 2025. Colby Short, CEO of GetAgent, points to increasing mortgage approvals as a critical factor behind this positive outlook.
The numbers tell a story of resilience. February marked a turning point with monthly approvals exceeding 60,000, and by October, the figure had risen to 68,303, according to the Bank of England. Such steady growth highlights a resurgence in buyer activity that could define the year ahead.
The GetAgent survey also found that 67% of agents predict a continuation of strong buyer demand into 2025, while 64% foresee an increase in sales compared to 2024. This aligns with trends observed locally, where interest from prospective buyers has been gradually climbing.
However, Southgate Estates notes that the market faces a potential speed bump with the impending Stamp Duty Land Tax (SDLT) relief deadline in March. Buyers may rush to finalize transactions before the 1st April cutoff, potentially creating short-term disruptions. Following the deadline, agents expect the market to stabilize and return to more balanced conditions.
Despite the encouraging outlook, challenges remain. High house prices and limited housing supply continue to affect affordability. Elevated mortgage rates are another hurdle for many buyers, potentially curbing their ability to enter the market.
“The landscape in 2024 has been challenging but hopeful,” Colby Short remarked. “While affordability and supply issues persist, the overall trajectory is positive, and we anticipate further recovery in 2025.”
Southgate Estates sees similar patterns playing out in the Exeter property market. “The momentum we’re witnessing offers promising opportunities for both buyers and sellers,” a spokesperson explained. “Strategic planning will be crucial, particularly for buyers navigating affordability concerns. Sellers, on the other hand, can capitalize on this renewed demand to achieve strong outcomes.”
Southgate Estates is a highly regarded estate agency located in the heart of Exeter. With a focus on property sales across the city and its surrounding areas, they also offer a leading lettings service that supports landlords and tenants with tailored solutions.
To discuss your property needs with the experts, reach out to Southgate Estates:
Southgate Estates
51 South Street, Exeter, EX1 1EE
01392 207444
Website: https://southgateestates.co.uk/
Google Business Profile: https://g.co/kgs/hrhUrUy