New year, new home? Why January 2025 is the month to make your move
January 2025 is the ideal month to move home according to experts, with interest rates falling, mortgage approvals rising and a buoyant property market.
Interest rate cuts
Last week Halifax and HSBC, two of the “big six” lenders announced cuts to their mortgage rates.
Halifax cut their rates by 0.35% on their 1.5-year and 3-year fixed remortgage products. Depending on the loan-to-value (the percentage of the properties value you are borrowing), interest rates could be as low as 4.22%.
HSBC have announced that they will reduce their mortgage rates on 6th of January. This will apply to their two, three, five and ten-year fixed products. These cuts apply to all of their products between 60% – 95% loan-to-value.
Leeds Building Society also announced they will cut rates by 0.21%.
These announcements come at a welcome time for potential home movers as we move into the new year.
Mortgage Approvals on the rise
While mortgage approvals slowed slightly following the Chancellor’s Autumn Budget, they are predicted to rise in the new year.
With mortgage rates coming down and a bullish approach from lenders more home buyers than before will find their mortgage application approved – and at lower rates.
Buyer Demand is on the rise – especially from first-timers
December 2024 saw a 20% year-on-year rise in the number of enquiries to estate agents about properties for sale, according to information provided in the Guardian.
2024 was also a record year for first-time buyers, who accounted for 31% of all property sales.
Record numbers of properties were listed in late 2024
Rightmove also recorded its busiest day for property listings on boxing day 2024. The majority of these homes were mid-market 3 & 4 bed homes, while 35% where smaller first-time buyer properties.
Rightmove also recorded their busiest day for visits, with boxing day 2024 their busiest yet.
What this means for you
All signs point to a buoyant property market in 2025, with lenders making money available, approving applications and record numbers of properties and enquiries.
If you are thinking of moving in 2025, contact us today for a free, no-obligation valuation of your property call.
Call us on 0141 478 9090 or fill in our form.
