Published: 24/02/2025 By LONEY MILLER
Rightmove has released its latest House Price Index, showing encouraging figures that indicate things are setting the market up for a busy spring. Buyer demand remains high, applications for Mortgages in Principle are skyrocketing and the average number of available homes for sale per estate agency branch is the highest in 10 years, as more people are committing to their property goals for 2025.The data shows house prices have increased by 0.5% nationally and up 2.3% in London over the last four weeks, and more specifically here in Wandsworth by 1.1%. Whether you are a buyer or a seller, this change in the market could have a big impact on your next move.
But what does this mean for you and your property journey? At Loney Miller, we’re committed to keeping you in the loop with the latest market trends and helping you navigate the ever-changing landscape, to get you where you want to be.
What this means for buyers
If you’re looking to buy property in London, now could be a great time to do so.
In the House Price Index, Rightmove said: "There are 28% more first-time buyers in the capital currently going through the completion process than at this time last year, more than any other region."
For buyers looking to purchase property in our area, it indicates a strong market demand, so getting on the property ladder or investing in your next property, sooner rather than later, could protect you against future price increases.
Buyers prepared and ready to move faster, are more likely to complete sooner. With the incoming stamp duty changes and end of the fiscal period looming, you may be more likely to be able to negotiate and make the process smoother for yourself if you have all your ducks in a row now.
Rightmove stated: “The average number of available homes for sale per estate agency branch continues to run at a 10-year high”. For buyers, this means that there’s a larger supply of properties available, giving you plenty of options; increasing the likelihood of finding a property that suits your needs and budget.
The combination of more homes on the market and more first-time buyers completing at a fast pace is likely to create a better environment for buyers, providing them with greater choice.
What sellers need to know
Rightmove’s data shows that house prices are increasing, which is a huge positive for those looking to sell in early 2025.
In the UK, the average asking price is up by 0.5%, even more so in our area of London, where prices have increased over the past four weeks by 1.1% with an average house price of £856,327, showing this is a great time to sell, especially in Wandsworth.
The number of people applying for a Mortgage in Principle on Rightmove has reached an all-time high, with a 49% increase compared to this time last year, indicating people are gearing up to find a property this spring. The number of new sellers coming to market, compared to a year ago, has increased by 13%, with buyer demand 8% ahead, and sales agreed numbers up by 15%. These numbers show that the market, nationally and locally, is looking ideal for sellers.
Whatever your property goals are, the team at Loney Miller is here to support you. We pride ourselves on offering a friendly, personalised service, alongside the highest levels of client care and local knowledge to help you find the property of your dreams in South West London.
Whether you’re looking to buy or sell, get in touch with us here and let’s get you moving.