In May 2025, the local property market has shown a mixture of resilience and opportunity. Analysis of 96 data points from the past six months indicates that the average price per square foot in the local market stands at £266. With the average property sale price resting at £270,039, we can glean significant insights into market dynamics and homeowner behaviour.
The turnover of sales over this period is recorded at 8%, suggesting a steady but cautious approach from buyers and sellers alike. This turnover is indicative of the ongoing demand for properties within the local market, with many homeowners recognising the long-term value of investing in their homes. It is an encouraging sign for the market that sales are occurring, albeit at a measured pace.
One key factor that continues to shape the landscape of the local property market is the average two-year fixed mortgage rate of 4.54%. While this figure might seem a bit daunting for prospective buyers, it is essential to remember that this rate is still relatively manageable when viewed in the context of overall household incomes. The average household income in the local market is currently around £41,700. This combination of income and mortgage rates means that many buyers can still access finance to purchase homes, especially if they take the time to shop around for the best mortgage deals.
However, the impact of rising mortgage rates cannot be overstated. Potential buyers may exercise a degree of caution, weighing their options and considering how a fixed-rate mortgage will affect their budgeting over the next couple of years. It is important for those considering entering the market to consult with mortgage advisors to ensure they are making informed decisions about their finances.
On the seller’s side, individuals looking to move may find that the current average property sale price of £270,039 has created a favourable landscape for them as well. Sellers in the local market are encouraged to present their properties well, as buyers are often seeking value without compromise on quality. Ensuring that a property is in good condition, tastes are catered for, and any necessary improvements are made can go a long way in achieving a successful sale.
With these trends in mind, we also need to consider how external factors can play a role in the decision-making process for both buyers and sellers. Economic stability, interest rates, and local community developments can significantly impact property values and buyer sentiment. For instance, certain areas may see an increase in property demand due to planned infrastructure projects or improving local services, which adds to their attractiveness for potential buyers.
Looking ahead, we anticipate that the local property market will continue to be shaped by a blend of changes – some may be gradual, while others could be significant, depending on fluctuations in mortgage rates and economic indicators. It is vital for both buyers and sellers to remain informed and agile, making decisions based on the latest data and insights.
With the swirling dynamics of the property market, understanding your position is key. If you are a homeowner considering selling, this is a perfect time to evaluate how your property fits into current trends. Similarly, buyers should take the opportunity to explore various financing options and understand their long-term goals before diving into a purchase.
In summary, May 2025 was an intriguing month for the local property market, evidenced by consistent pricing levels and turnover. The stats show there is still plenty of movement, despite the prevailing economic conditions.
As the only local member of The FIA, we are committed to offering top-notch advice and service to our clients. Whether you’re looking to buy, sell, or want to understand the nuances of the current market, David J Robinson Estate Agents and Auctioneers is here to help. We invite you to reach out for further information about the market or to request a market appraisal for your property. Your future home or next investment could be one conversation away.