Autumn is one of the busiest times of year for the property market, as people hunt for new homes between summer holidays and the festive season.
Getting a foot on the property ladder is expensive and stressful, with figures from Gov UK putting the average property at £282,000 nationwide, a figure that increases to £689,245 in London.
But Rightmove expert Tim Bannister says the ball is currently in the buyer’s court, with sellers forced to price their homes competitively because of an increase in the number of properties on the market since this time last year.
Looking ahead, Tim is confident that the ‘big picture looks positive for the market heading into 2025’ — welcome news for first-time buyers or anyone looking to trade up. Metro has unpacked why the outlook is better than it was…
Slow price growth
Tim explains that average asking price growth is a good measure of the confidence of a seller.
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And while house prices went up last month, Tim says the increase – 0.3% – is considerably lower than the 1.3% growth we typically see in late autumn.
Along with greater affordability, first-time buyers should also remember that they’ll be covered by stamp duty land tax relief on any purchase up to £250,000.
That threshold is set to fall to £125,000 in March next year, so it could pay to act fast.
This isn’t something you’ll need to remember to do, as it’ll be applied automatically – but it’s a nifty help for first-timers, regardless.
More homes on the market
Buyers have more choice than they’ve had for years, according to Tim, who says the average number of listings per Rightmove agent is now at the highest it’s been since 2014. That’s an increase of 12% year on year.
It’s all down to supply and demand. Simply put, prices are cheaper because there are more homes to choose from.
Competitive prices
A greater number of homes on the market means sellers are forced to list for less in the hopes of attracting interest from buyers.
And if you’re a first-time buyer, some developments will actually pay you to buy.
Take Royal Docks for example, where some building associations will offer cash incentives to encourage first-time buyers to move in.
Aqua Gardens offers a £5,000 cashback of one, two and three-bedroom shared ownership homes – but only if you use their recommended solicitor and broker, and exchange within 28 days.
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‘With shared ownership, you can purchase between 10% to 75% of a property and you can increase this share as and when you can afford to, reducing the rent owed in the process,’ Lomond CEO, Ed Phillips, recently told Metro.
The ‘eyesore’ named the most popular London borough for first-time buyers
Research has named the most popular London borough for first-time buyers – and it’s Brent in the northwest, which spans the likes of Willesden, Wembley, Kensal Green and Queen’s Park.
According to figures from Hamptons Estate Agents, a whopping 77% of homes in this northwest London location have been snapped up by first-time buyers in the first half of 2024, followed by Greenwich (72%), Newham (69%), and Tower Hamlets (63%).
The likes of Barking and Dagenham, Havering and Waltham Forest came close, at 60%, 59% and 54% respectively.
The analysis also showed that while it’s not all roses in the London property market, first-time buyers accounted for a record-breaking 48% of homes sold in the Big Smoke this year alone – up from 41% in 2023 and 28% in 2014.
‘This method can be a great way for first-time buyers to get their first foot on the ladder in one form or another. However, it’s important to note that the smaller the deposit you place initially, the more interest you are likely to pay over the lifetime of your mortgage.’
A stickier market
An increase in listings gives buyers more choice, which Tim says means houses are taking longer to sell than they did in the same period last year.
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In October, it took an average of 61 days for homes to sell across the UK. That’s a steady climb from 60 in September, and 59 in August, according to Rightmove.
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