Firstly, Happy New Year to you all.
As an experienced estate and letting agent based in Romford, I like to monitor the UK and Romford property market trends.
Therefore, I will start by analysing the 2024 property market (both nationally and locally) and then give my predictions for 2025.
In 2024, the UK property market recorded 1,230,136 homes sold subject to contract (stc). This figure represents a significant increase compared to 2023, where only 1,066,212 properties were sold stc.
15.4% more UK homes sold stc in 2024, compared to 2023
For those of you who like your property stats, the average price of the UK property sold stc in 2023 was £354,981 with an average of £331/sq.ft. In 2024, the average sale agreed price was 1.84% higher at £361,529, yet the average pound per square foot was 2.72% higher at £340/sq.ft.
The number of transactions has significantly risen, while the average price paid for a UK property and the pound per square foot has remained relatively the same. That means that while house prices have not really risen, the number of UK homes that sold did significantly. Remember, the best bellwether of the health of the UK property market is not necessarily UK house prices but the number of homes sold.
Such a change in the property market demands a deeper analysis to understand the underlying factors and what they might mean for local markets, such as Romford.
Key Drivers of the UK Property Market Surge
Several factors have contributed to this positive momentum:
- Falling Mortgage Rates: Lower interest rates have made borrowing more accessible, encouraging buyers who may have previously hesitated due to affordability concerns.
- Wage Growth: Rising wages have given potential buyers greater financial confidence, enabling them to consider property purchases.
- Low Unemployment: A stable job market has fostered a sense of security, emboldening people to make significant life investments, such as buying a home.
- Changing Preferences: Post-pandemic shifts in how and where people want to live continue to play a role, with buyers seeking properties that align with their evolving lifestyles.
Romford’s Property Market: A Comparative Analysis
When we turn our attention to Romford, it's important to recognise that local markets can behave differently from national trends (Romford being RM1 to RM7).
In 2023, 2,262 Romford homes sold for an average of £435,640 (at an average of £464/sq.ft.), while in 2024, 2,634 Romford homes sold for an average of £438,572 (at an average of £471/sq.ft.).
The most important thing here is the increase in the number of transactions.
16.4% increase in Romford home sales in 2024 compared to 2023
As I've stated before, the number of transactions is a much better bellwether of the health of the property market than house prices.
So, what of 2025?
Local Influences Shaping Romford’s Property Market
Romford's property market doesn't exist in isolation - it's shaped by a range of local factors that are often similar yet different from national trends. Changes in employment levels, ongoing infrastructure developments, and shifts in the local demographic profile can all impact it.
Regional policies can also influence market activity. Understanding these nuances is essential for property owners and landlords who want to make strategic decisions.
Looking Ahead into 2025: Advice for Romford Homeowners and Landlords
As we enter 2025, the UK property market shows continued promise, yet a one-size-fits-all approach won't work in Romford. National patterns interact uniquely with local circumstances, meaning it's vital to focus on what's happening on the ground here.
Local market knowledge is a key advantage for Romford homeowners planning to sell or landlords managing portfolios. Evaluating your property's position within the Romford market could make all the difference in navigating opportunities or mitigating challenges in the year ahead. While 2024 was strong, it’s critical to go beyond the headlines. Local insights often reveal opportunities that broad trends don’t capture.
Of the 3,577 homes that left Romford estate agent books in 2024, only 2,033 of those homes the owner sold and moved (56.84%), while the remaining 1,544 homes (43.16%) withdrew, unsold
The Key to Selling Your Home in Romford is Realistic Pricing
Looking at the statistics above, just over half of the properties listed for sale in Romford go on to sell. This highlights an essential truth about the Romford property market: pricing your home realistically is the single most crucial factor in securing a successful sale. Many estate agents are tempted to overprice properties to win your business, but this approach can significantly hinder your chances of selling, especially in a competitive market like Romford.
Research by ‘Denton House’ reveals that properties listed at the right price from the start are far more likely to sell quickly and successfully. For example, homes that sell within the first 25 days of being listed have a 94% likelihood of reaching completion and ensuring the homeowner successfully moves. However, if a property lingers on the market for over 100 days, if the homeowner does agree on a sale, the chances of that sale going on to exchange and complete (i.e. the homeowner moving) plummet dramatically to 56%.
As an experienced local estate agent in Romford, I understand the intricacies of our market and can provide honest, expert advice about your property's value. I aim to help you set a realistic asking price that maximises your chances of selling while achieving a fair and competitive market value. I analyse local market conditions daily and stay up-to-date with shifting trends, ensuring your home is priced to sell - not to sit on the market.
If you’re eager to move and want a reliable, professional approach to selling your home in 2025, I'm here to help. Let's work together to make your property stand out in Romford's market, attract motivated buyers and ensure a smooth sale from start to finish. Get in touch today for tailored advice and a strategy to sell your Romford home.
Call GBP Estates on 01708 504455 or pop in for a chat at our office - 35 Victoria Road, Romford, Essex RM1 2LH. Parking on front.