Breaking Property News 21/01/25
Daily bite-sized proptech and property news in partnership with Proptech-X.
An uncertain 2025: making the property market work in your favour
Property experts across the country are predicting that 2025 will be a buyer’s market, offering potential new property owners more negotiating power and putting sales on the increase.
According to recent analysis by Savills, ‘property sales activity is likely to remain strong until March. We expect buyers will seek to beat the reversion to higher stamp duty rates in April by bringing purchases forward, creating a peak in sales during Q1. Longer term, the market will continue to be sensitive to interest rates. Our forecast for 4% price growth in 2025 relies on mortgage rates falling in line with expectations. Mortgage interest rates and underlying swap rates have remained relatively stable since the autumn. But some lenders started the year by cutting their interest rates to compete for buyers more aggressively.’
What does this mean for agents? Sales will be agreed but with a relative glut of properties, there will be a lower demand – and purchasers will be more picky leveraging their position to get the best property at the best price. According to The Independent, “the number of available properties per estate agent is at a decade high.” So, agents need to find the best way to increase market share when conditions are not so favourable for vendors, making sure they can engage buyers and close sales.
Cut Above the Competition: Solid Design The first impression is critical in today’s digital world. Buyers are scrolling through listings online, and you only have a few seconds to capture their interest. A well-designed listing is essential for standing out. Poor website design or difficult-to-use interfaces can drive potential buyers away.
Virtual Tours: Make Properties Shine Virtual tours are rapidly becoming an essential feature in property listings, offering agents a way to be fully transparent by ensuring no details are hidden. They provide prospective buyers with the ability to explore a property remotely, allowing them to experience the space before committing to an in-person viewing.
A survey conducted by Made Snappy 360 revealed that 72.8% of consumers found virtual tours influential in their decision-making process when choosing to buy a property, compared to relying on static images alone. This demonstrates the significant role virtual tours play in engaging buyers and building confidence in their purchasing decisions.
Accessibility: Be Where Buyers Are Buyers are increasingly turning to property platforms such as Zoopla, Rightmove, and others to conduct their property searches. Having your listings accessible across multiple channels is crucial, with these platforms being where the majority of property buyers begin their search. Ensuring your listings are well-presented on these sites is an important element of attracting interest.
Speed and Efficiency: Leverage Technology Time is money, particularly in the property industry. Buyers with more options don’t want to waste time. Integrations that streamline processes are key to saving time for agents and delivering faster service to clients. Systems like GlueDog connect suppliers directly to estate agents’ CRMs, eliminating the need for duplicate property creation or manual data transfers between systems. This seamless integration simplifies workflows, reducing admin work and giving agents more time to focus on selling properties.
Final Thoughts The property market in 2025 presents a unique set of challenges and opportunities for those willing to take the risk. Buyers will have more negotiating power, so sellers must be proactive in making their properties stand out. Utilising new technologies, user-friendly designs, and offering modern tools like virtual tours may help give you a competitive advantage. Keeping an eye on market shifts, such as stamp duty changes, can help you make the right decision at the right time. Understanding these trends will be critical to navigating the year ahead successfully.
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
You May Also Enjoy
How to Become an Estate Agent with No Experience
9 Advantages of Selling Your House by Auction
Majority of Tenants Unsure How Changes Will Affect Them, Says LRG
Perfume Storage Tips: How to Keep Your Fragrances Fresh
Renters’ Rights Bill Delay Causing Uncertainty for Tenants and Landlords