Market Momentum: A spring update on the past quarter

As we step into spring, the property market in Essex and Suffolk has shown signs of resilience and activity, despite challenges such as the upcoming stamp duty changes deadline on the 1st of April. Here’s an overview of the latest trends that have been shaping the local housing market in the past three months:

The number of new sellers entering the market was up by 13% compared to last year, while buyer demand increased by 8%. Sales agreed also rose by 15%, reflecting a more active market than this time last year.

First-time buyers were particularly active, driven by the impending changes to the stamp duty exemption. This created a short-term boost in transactions, with many rushing to complete purchases before the end of this month with changes coming into affect on the 1st of April.

Buyer confidence improved, with 62% of agents reporting increased optimism compared to three months ago. However, the national supply of homes for sale was at a 10-year high, which tempered price growth in some areas.

Detached homes were particularly popular, with an 18% rise in demand-to-supply ratio year-on-year. In contrast, demand for flats had slightly declined since January.

The stamp duty changes had an impact on short-term activity. Many buyers rushed to complete their purchases before the 1st of April to avoid higher costs. This led to a temporary surge in transactions, but we expect to this surge slow down after the changes have come into place.

With economic growth forecasts remaining modest for 2025 and interest rates stabilising, the housing market in Essex and Suffolk is likely to continue its steady recovery throughout the year.

If you’re considering buying or selling a property this spring, now is the time to act. We are here to guide you through every step of your journey!

Get in touch today: https://www.oakheart.co.uk/contact