The 2024 Thanet Property Market: Insights and Predictions for 2025
As an experienced estate and letting agent based in Thanet, I closely monitor both the UK and local property market trends. 🏡📈
2024 has been a pivotal year for the property market, with notable changes and trends shaping buyer and seller activity. In this article, I’ll recap the key highlights from the past year and share my predictions for 2025. Let’s dive in. 🔍
2024: A National Property Market Overview
In 2024, the UK property market recorded 1,230,136 homes sold subject to contract (stc), a significant increase compared to 2023, when only 1,066,212 properties were sold stc. 📊
- 15.4% more UK homes sold stc in 2024 compared to 2023.
- The average sale price rose from £354,981 in 2023 to £361,529 in 2024 (+1.84%).
- The pound per square foot increased from £331 to £340 (+2.72%).
The number of transactions is a far better bellwether of the UK property market’s health than house prices. The increase in transactions highlights a robust market where demand remains strong. 💷🏠
Key Drivers of the 2024 Property Market Surge
Several factors contributed to this growth:
- Falling Mortgage Rates: Lower interest rates made borrowing more accessible for buyers.
- Wage Growth: Rising wages boosted buyer confidence.
- Low Unemployment: A stable job market encouraged significant life investments like buying a home.
- Changing Preferences: Post-pandemic shifts in lifestyle priorities influenced where and how people wanted to live.
2024 in Thanet: A Local Perspective
Turning to Thanet, the local property market also saw significant activity in 2024:
- 2,733 homes sold in 2024, up from 2,275 in 2023 (+20.1%).
- The average sale price was £326,933 in 2024, compared to £333,668 in 2023 (-1.7%).
- The pound per square foot decreased slightly from £342 to £331 (-3.2%).
While house prices dipped slightly, the increase in transactions signals a healthy, active market. The number of homes sold is always a stronger indicator of market health than fluctuating prices. 📉📊
Looking Ahead: Predictions for 2025
The 2025 property market holds promise but will require a strategic approach. In Thanet, several local factors will play a key role:
- Local Employment Levels: Job stability directly influences buyer activity.
- Infrastructure Developments: Projects in the pipeline could attract new residents.
- Demographic Shifts: Changes in local population dynamics may impact demand.
Understanding these nuances will be essential for homeowners and landlords navigating the market in 2025. 🎯📋
The Importance of Realistic Pricing
One of the biggest takeaways from 2024 is the importance of pricing your home correctly. Of the 5,499 homes that left Thanet estate agents' books in 2024:
- 36.77% sold and completed.
- 63.23% were withdrawn, unsold.
Properties priced right from the start are far more likely to sell quickly and successfully. Homes listed at an appropriate price within the first 25 days of being marketed have a 94% chance of completing, compared to just 56% for homes lingering on the market for over 100 days. ⏳
Final Thoughts
Thanet’s property market is poised for another dynamic year in 2025. Whether you’re buying, selling, or renting, local expertise and a well-informed strategy will be your greatest assets. 🏡
If you’re considering selling your home in 2025, I’m here to help. Let’s ensure your property stands out, attracts motivated buyers, and achieves a smooth sale from start to finish. Contact me today for expert advice tailored to the Thanet market. 📞💬
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We welcome your comments or suggestions for future articles.
Contact us at enquiry@cookeandco.com or call (01843) 231833.
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