The Wembley Property Market Review of the Year 2024
What has been happening over the last 12 months in the Wembley Property Market?
The Wembley housing market has shown signs of resilience in 2024, with available stock increasing, up 20% on this time last year. December has also seen sellers having increased faith in the Wembley property market with new instructions up 16% on the same period last year. House prices in Wembley have an overall average of £475,653 over the 12 months.
The majority of properties sold in Wembley during the last year were flats, selling for an average price of £323,019. Semi-detached properties sold for an average of £609,099, with terraced properties fetching £553,967. Overall, the historical sold prices in Wembley over the last year were 5% down on the previous year and similar to the 2021 peak of £472,620.
During 2024 first-time buyers formed the largest buying group and we expect this to continue into 2025. Buyers showed increased confidence with sales agreed up 65% on this time last year. This may be largely due to the looming stamp duty changes coming into force on the 1st of April 2025. The zero rate threshold for main residences will drop from £250,000 to £125,000, with the first-time homebuyer threshold dropping from £425,000 to £300,000. This impending change is likely to cause a strong first quarter of 2025 with homebuyers trying to complete sales before 1st April.
The Mortgage Market in 2024 and Trends in 2025
2024 represented a steadier year in general for the mortgage market. The downward trend in rates experienced in January & February did not sustain across the year, as many predicted.
Worse-than-expected inflation figures have led to higher rates. Fortunately, we have not seen the huge fluctuations that marked 2023 & led to marginally lower house prices last year.
As consumers adjusted to higher rates, the mortgage market performed robustly & is now primed to grow in 2025 – The Bank of England started cutting the Base Rate in the second half of the year, and February 2025 is earmarked for the first reduction of possibly 3 or 4 reductions, in 2025.
If you need a review of your mortgage or are looking for a new mortgage in 2025, than get in touch with Jordan Moss of Mantra Mortgages.
In summary, 2024 exceeded expectations but with higher-than-expected rates of inflation and stamp duty changes 2025 will be a challenging year for the housing market.
If you have any questions about getting your property journey moving in 2025 then we are here to help.
Here's to your success in 2025.
Abigail and all the team at Grey & Co
