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4.97 out of 5 based on 2,400+ reviews
Rated 4.97 out of 5 from 2,400+ reviews
As the New Year approaches, we take a moment to reflect on the mortgage and housing market over the past year and consider what changes may lie ahead in 2025.
Early in the year, we expect to see a surge in demand from first-time buyers, many of whom may be relying on the bank of mum and dad to support their first purchase. The upcoming Stamp Duty changes that come into play from March 31st 2025 are the driving force behind this anticipated urgency, although meeting the deadline may prove challenging. For those aiming to complete before this date, securing a skilled solicitor may be crucial as January progresses.
Some buyers are already considering the potential impact of the higher stamp duty costs. This could affect their willingness to make offers on property or be used to negotiate lower asking prices if they fail to meet the deadline.
We expect all lenders, particularly building societies, to aim to help more first-time buyers get on the property ladder. This area has seen significant innovation in recent years, and we hope this continues.
The buy-to-let market faced another blow this year with the introduction of an additional two per cent Stamp Duty surcharge announced in the Autumn Budget. Alongside enhanced regulatory and taxation challenges, UK Finance expects BTL purchase activity to contract by seven per cent to £9 billion in 2025.
While the market traditionally slows in the lead-up to Christmas, activity remains stronger than last year – sales agreed are up 22% and new buyer demand is up 13% – laying the foundations for a potentially busy Boxing Day bounce, according to Rightmove. Their data shows clear signs that buyers who are likely to face higher stamp duty charges are racing against the clock to complete their purchases.
Whatever your situation, our premier mortgage team, can advise on the best solution. We specialise in complex and bespoke mortgage solutions to help you find the best possible terms.
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