Spring brings a sense of renewal, not only in nature but also in the property market, where activity surges as flowers bloom and daylight extends. Data indicates that two-thirds of homes listed for sale in February and March successfully complete transactions, marking the highest success rate compared to any other months.
February and January also have the fastest average time to find a buyer at 51 days, with March and April following closely at 52 days.
This seasonal trend underscores the significance of spring as an optimal period for home sales, likely driven by increased buyer interest and favorable market conditions.
The number of first-time buyers entering the property market increased by 19% in 2024 compared to 2023, reaching 341,068. Although this remains below the 2022 peak of 369,870, it marks a significant recovery following the decline in 2023. This resurgence is likely linked to improved mortgage affordability, as interest rates have stabilised, offering greater financial certainty to prospective buyers.
First-time buyers accounted for 54% of all mortgaged home purchases, demonstrating their substantial presence in the market. Additionally, 62% of these transactions involved joint purchases, indicating a trend toward shared homeownership. The average age of a first-time buyer is 33, reflecting the demographic profile of those stepping onto the property ladder. These trends suggest a revival in first-time home ownership, driven by more favourable financial conditions.
Renter behaviors are shifting significantly, with renting no longer seen solely as a temporary phase before homeownership but increasingly becoming a long-term lifestyle choice. As tenants establish deeper connections with their rental properties, landlords are adapting to meet these evolving expectations. A substantial 73% of landlords are open to renters personalizing their homes, reflecting a growing flexibility in property management. Additionally, 34% of landlords collaborate with renters to approve decoration plans, further enabling tenants to create spaces that feel truly their own. Moreover, 20% of landlords involve renters in selecting tradespeople, granting tenants a greater sense of agency over maintenance and improvements. These trends indicate a progressive transformation in the rental market, where both landlords and renters are fostering more cooperative and accommodating relationships, ultimately redefining the traditional dynamics of renting.
The mortgage market has seen a positive development as increased competition among lenders has led to interest rates dipping below 4% for certain mortgage deals with a 60% loan-to-value (LTV) ratio. The chart illustrates the trend in fixed mortgage rates over the past year, comparing 5-year and 2-year fixed rates. While rates have fluctuated, the latest data from February 2025 indicates that some mortgage providers have introduced rates under the 4% threshold, as highlighted by the yellow reference line. Both 5-year and 2-year fixed mortgage rates demonstrate a downward trend, suggesting a growing competitive pricing environment aimed at attracting borrowers. The data, sourced from Dataloft by PriceHubble and the Bank of England, reflects a broader shift in lending conditions, potentially offering favourable borrowing opportunities for homebuyers seeking lower mortgage costs.
The process of buying a home is often compared to falling in love, as both experiences involve emotional highs and lows. According to data from the English Housing Survey 2023–2024, homeowners’ length of stay in one place varies significantly based on their mortgage status. Mortgage-free owner-occupiers remain in their homes for an average of 23.8 years, demonstrating long-term stability and attachment to their property. In contrast, owner-occupiers with a mortgage tend to stay for a significantly shorter period, averaging 9.3 years. This difference suggests that financial obligations and loan terms may influence mobility, whereas outright ownership provides greater permanence. The findings highlight the varying degrees of commitment homeowners have to their properties based on financial circumstances.
As March arrives, longer days and brighter skies draw more home buyers out to hunt for their dream property. Spring sees a surge in home sales, with 27.1% of transactions occurring during this season – the busiest of the year.
The number of first-time buyers (FTBs) above the age of 50 has surged by over 30% in the last five years, while the proportion of those aged 30 and under is on the decline. With affordability becoming a challenge, more people are waiting until they are over 50 to purchase their first home.
Interestingly, although London currently has the lowest percentage of first-time buyers above the age of 50, it is experiencing the fastest growth rate. The total purchases from over-50s have increased by an impressive 64% between 2018 and 2022.
Looking ahead, it’s projected that over-40s will make up a quarter of all first-time buyer transactions by 2030, while those in their fifties will account for 5%. These findings come from #Dataloft, Tembo, FCA data spanning from 2018 to 2022.
The average asking price for new sellers had a significant increase of 1.3% in January, marking the highest price rise since 2020. This growth is more than double the average increase seen over the past 20 years (+0.6%).
With mortgage rates decreasing and a positive economic outlook, buyer demand is on the rise. In fact, 42% of agents have reported higher buyer demand compared to the previous year.
Furthermore, the number of properties entering the market in the first week of this year has increased by 15% compared to last year. This indicates that sellers are growing more confident about the upcoming year.
To ensure a successful move this year, it is crucial to have accurate and realistic pricing that aligns with the local market.
Source: #Dataloft Poll of Subscribers, Rightmove (January 2024)
At Truuli, we pride ourselves on offering the quickest sale to completion timescales in the industry. According to the latest data compiled by Twenty EA*, we consistently outperform all other top 10 agents in this regard.
Source: Twenty EA June 2023
We understand that receiving an offer on your property can be an exciting experience for sellers. However, we also know that the period between offer and completion can feel like an eternity as there are several tasks that need to be performed, including searches, mortgage approvals, and enquiries.
Unlike many other estate agents who believe their job is done when they receive an offer, we at Truuli believe that our job is just beginning. We’ve found that after receiving an offer, there’s still a 40% chance that the transaction won’t go through. For this reason, our senior staff manages each sale from the time of offer all the way through to successful completion.
This period between offer and completion is what we call the ‘sales progression process’. It involves collaborating with solicitors, surveyors, mortgage companies, buyers and sellers. While much of this work happens behind the scenes, it requires a considerable degree of coordination to ensure that everything runs smoothly. At Truuli, we take great pride in providing excellent service throughout this process so that our clients can rest easy knowing that we’re working tirelessly to get them moved within their desired timescale.
Whether you’re considering selling your property or simply seeking the latest local market updates, your Truuli property expert is here to provide complimentary and transparent advice, empowering you to make informed decisions. Let us help you evaluate your options today. Click here to book a market appraisal for your property.
£17 billion is gifted, or informally loaned each year, of which over half is used for property purchase or improvement (The Institute of Fiscal Studies).
Virtually all money transfers come from parents aged over 50 to children in their late 20s and early 30s. The average gift for property purchase or improvement is over £20,000.
The age children leave home is generally between 25 and 27 years, and the average age to purchase a first property is 33. Over 22.4% of families in the UK include one or more adult children.
Research by Legal and General indicates that without the financial help of family and friends, over 70% of prospective home buyers would have to delay their property purchase plans, by an average of 4 years. Source: Dataloft, The Institute of Fiscal Studies, Legal and General, Census 2021
Starting my Estate Agency career at just 21, I was constantly amazed by parents who gifted large sums of money to help their children purchase a home. Who wouldn’t want to help their kids? Working in prestigious areas of South West London, I was surprised to find that the average gifted amount was only £20,000. I thought it would be a little higher.
For those without the luxury of parental financial assistance, there’s a glimmer of hope. The return of 100% mortgage is a game-changer and offers renters a chance to step onto the property ladder. I urge all renters to speak with a mortgage advisor and explore their options.
For the duration that 100% mortgages remain available I’m curious to see whether gifted deposits, 100% mortgages, or self-funded deposits will come out on top in terms of transaction splits. I think the bank of Mum and Dad may still dominate. Only time will tell!
