As we end the year, we hope the new one will be better. The housing market certainly had a tough time being the casualty of the economy and indecision of the government.
In all my years in the business I would say 2025 was one of the toughest years we have experienced. The budget a month before Christmas created so much uncertainty and stalled the market for the whole of Autumn. Speculation was rife in the lead up which deterred activity and as soon as the budget was over, the Christmas lead up began. This has resulted in a very slow three/four month period.
For most of the year, confidence was low with many potential house movers waiting for positive news before entering the market. Interest rates edged down gradually throughout the year and arguably they are now at a point which may mean borrowing is more affordable to many.
A significant factor this year was house prices, particularly asking prices being too high. Locally approximately 50% of properties that did sell needed the asking price to be reduced before agreeing a sale. This could be due to estate agents over valuing or sellers having over inflated expectations.
As we go into 2026 we are optimistic that the housing market will have a better year. With more affordable interest rates, the budget behind us and a more settled political situation we feel there is pent up demand which will result in greater activity.