Boston House Sales Up 9.2% as Interest Rates Fall

 

Last week, the Bank of England's interest rate dropped to 4.5%, marking its third cut in under a year. This decision follows a previous reduction in November 2024, with the rate remaining unchanged in December. While most of the Bank’s policymakers supported the move to 4.5%, a minority favoured a more aggressive cut to 4.25%, highlighting the ongoing uncertainty surrounding the UK economy.

The decision is widely seen as a positive step for the housing market. Lower borrowing costs could improve affordability, boosting confidence for homebuyers and those looking to remortgage. Activity levels in the property sector have already shown improvement, with increased buyer registrations at the start of the year. However, while sentiment may improve, the immediate effect on mortgage rates is expected to be gradual as lenders respond cautiously to the new environment.

The trajectory of further interest rate cuts will depend on broader economic stability. Although inflation is lower than last year, it remains a key factor influencing future monetary policy. While there is optimism that additional cuts could follow in 2025, economic volatility means nothing is guaranteed.

The latest rate cut is expected to boost confidence in the property sector.

So, what does this mean for Boston homeowners and buyers?

The UK property market was already showing signs of resilience in January, so this cut will benefit it with even more improved affordability. However, sustained growth later in the year and beyond will depend on wider economic conditions and how quickly lenders adjust mortgage rates in response.

Looking at the January stats, the number of UK homes sold subject to contract in January 2025 was 98,978, a rise of 17.2% from January 2024, when 84,509 UK homes sold stc. For comparison, only 70,277 homes were sold stc in January 2023.

 

Regionally, this was mirrored in the East Midlands, as there were 6,278 homes sold stc in January 2024, which increased to 8,004 homes in January 2025.

 

Looking at all the UK regions and the number of homes sold stc in January 2025, compared to January 2024, the East Midlands saw the biggest jump, with sales up 27.5%, followed closely by East Anglia, which surged 26.6%. The South East also performed well, rising 17.9%, with the South West not far behind at 16.9%. London saw a strong 18.1% increase, showing continued resilience in the capital. The West Midlands climbed 14.5%, the North East was up 14.1%, and the North West followed at 13.4%. In Yorkshire & Humber, sales increased 12.7%, and Wales recorded a 13.9% uplift. Scotland saw a more modest rise of 5.3%, while Northern Ireland was the only region to decline, down 3.4%.

 

Looking at Boston's picture …

 

·         In January 2023, 54 Boston homes sold stc, with an average price at sale agreed of £190,242.

 

·         In January 2024, 70 Boston homes sold stc, with an average price at sale agreed of £196,303.

 

·         In January 2025, 59 Boston homes sold stc, with an average price at sale agreed of £200,020.

 

(Boston = PE21).

 

House sales in Boston have dropped 15.7% year-on-year yet increased 9.2% compared to two years ago.

 

Optimism has been evident among prospective buyers and sellers throughout the last six months of 2024. This is despite mortgage interest rates rising ever so slightly since the summer of 2024. This modest cut in rates will do a lot to reduce mortgage rates in 2025 and thus continue demand for property.

 

What about house prices in 2025?

 

Denton House Research continues to publish the £/sq.ft metric on sales agreed, which has proven to predict Land Registry figures five months in advance with a 92% accuracy. January’s final figure for the UK sales agreed stands at £342/sq.ft, showing an upward trend from £339/sq.ft in December 2024, £334/sq.ft in August 2024, and £330/sq.ft in January 2024. This means UK house prices have risen 3.64% in the last 12 months.

 

Even with this upswing in property market activity, I believe house price levels are likely to remain roughly stable.

Considerations for Boston’s property market.

This latest data provides an opportunity for reflection.

For Sellers: The market is changing, requiring a more strategic, adaptable, and patient approach. Properties are taking longer to sell, so a competitive price is essential to securing a buyer.

For Buyers: The market presents both challenges and opportunities. Some properties will still attract strong competition, but many buyers will benefit from more choices and additional decision-making time.

External factors such as global economic shifts, inflation, and interest rate changes could influence Boston's property market.

Selling and buying your Boston home: Key Strategies.

Given the current conditions, a well-planned approach is essential.

For Sellers: Pricing remains the most crucial factor in attracting the right buyer. Beyond that, standout marketing will make a difference. High-quality video tours, targeted social media campaigns, and interactive property listings can help a home stand out in a more competitive market.

For Buyers: The property market is different in every part of Boston. Each area has its trends. If you are looking for a property that is in high demand, expect competition. Having a mortgage pre-approval in place will provide an advantage over other buyers. Expanding the search area may also uncover hidden opportunities. In a less competitive market, buyers have more negotiating power on price and extras such as carpets, fixtures and fittings.

One key point is that 81% of home sellers are also buyers. If you achieve a lower price than expected when selling, you should gain when purchasing your next home.

As we move into 2025, the Boston property market remains a mix of opportunity and challenge. Whether you are a first-time buyer, a homeowner planning to move, a buy-to-let investor, or someone relocating, understanding the market's trends will be essential.

The best approach is to stay informed, remain adaptable and remember that moving home is about the transaction and the journey.

What are your thoughts on Boston’s changing property market? Do you expect any major shifts or trends? I would love to hear your insights.

 

 

How Long Does It Take to Sell a Home in Boston?

 

If you’re a homeowner in Boston thinking of selling your property, you have probably wondered how long it will take to find a buyer.

The timeline for selling a home varies depending on factors such as property type, price, and market conditions. Fortunately, we’ve compiled the latest statistics for 174 Boston homes that have sold stc in the last 3 months, split down by type (detached houses, semi-detached homes, terraced houses, and flats) to give you a clear picture.

·         Of the 78 Boston detached homes sold (stc) in the last 3 months, the average time from coming onto the market to sale agreed was 139 days (median time 101 days).

 

·         Of the 61 Boston semi-detached homes sold (stc) in the last 3 months, the average time from coming onto the market to sale agreed was 95 days (median time 47 days).

 

·         Of the 15 Boston terraced/town houses sold (stc) in the last 3 months, the average time from coming onto the market to sale agreed was 91 days (median time 52 days).

 

·         Of the 5 Boston flats/apartments sold (stc) in the last 3 months, the average time from coming onto the market to sale agreed was 278 days (median time 162 days).

 

(N.B. – Some of you will notice all the numbers don’t add up to the total number in the second paragraph. This is because there are certain types of property that fall outside the four main types, including mobile homes, commercial, land and building plots etc. Boston being Boston town centre plus 2 miles).

These figures show the average number of days a property in Boston takes to go under offer. However, selling a home doesn't stop there. The entire process—from listing your property to completing the sale—can stretch over many months due to legal procedures and other factors.

 

It currently takes, on average, 114 days from agreeing to

sell to completing a Boston property

(interesting when compared to the national average of 119 days)

While the statistics provide an overview of the home buying and selling timeline, it's essential to delve deeper into why homes may sell faster or slower in Boston. Below, I explore these factors to help you maximise your chances of successfully selling your Boston home.

Why Does It Take Longer to Sell Some Boston Properties?

Selling a home in Boston involves more than simply placing it on the market and waiting for offers.

A variety of challenges can affect how quickly your Boston property sells. Here are the most common reasons homes might linger on the market longer than expected.

1. Setting the Right Asking Price For Your Boston Home

The biggest factor in selling a home is pricing it correctly. Overpricing will deter buyers, as your home may not appear in their search results, appear out of kilter with similar properties for sale, or may not align with their expectations.

Remember, over the past 24 months, only 58.66% of Boston homes listed for sale successfully sold, resulting in a move. The remaining 41.34% were withdrawn from the market without a sale.

The solution? Work with a knowledgeable estate agent who understands the local Boston market. Research what similar homes in Boston have sold for and seek valuations from multiple agents to ensure your pricing is competitive.

 

2. Estate Agent Performance

The choice of your estate agent plays a pivotal role in how fast your home sells (and even if it sells at all). Some agents excel at marketing properties and maintaining active communication with potential buyers on their mailing lists, while others may fall short. If your agent isn't delivering on their promises, don't hesitate to follow up and hold them accountable.

As an estate agent specialising in the Boston property market, I ensure my clients receive a tailored marketing strategy, especially for the town's nuances, complete transparency and ongoing updates to secure the best results.

 

3. Quality of Photographs

In today’s digital first world, high quality photographs are essential. Boston buyers scrolling through Rightmove, Zoopla and On-The-Market listings form their first impressions based on photographs. Poor or outdated photography can leave a property overlooked, especially seasonal photos (i.e. Christmas decorations or snow on the ground in summer) as they reveal how long the home has been on the market.

Consider revisiting your property’s photos with your agent regularly. Fresh, professional images can transform your home’s appeal and attract more potential buyers.

4. Mortgage Challenges

 

Some properties in Boston might be more complex for buyers to secure mortgages on. For example, apartments with short leases, unique construction materials, or flats above shops can raise concerns for lenders. These challenges can limit the pool of potential buyers. If your property falls into one of these categories, work with your agent to address these issues. Solutions such as extending your lease or highlighting property strengths can make your Boston home more marketable.

 

5. Timing of Sale

The time of year can influence how quickly properties sell. Spring and summer typically see heightened buyer activity, while autumn and winter may present slower markets. External factors like economic uncertainty or mortgage rates can also impact buyer behaviour.

If timing isn't ideal, a strategic marketing approach can still generate interest and results. A skilled Boston estate agent will tailor your home to the prevailing market conditions,

 

Selling Your Home in Boston

I recognise selling your home is more than just a transaction—it’s a journey that requires expertise, preparation, and persistence. As an estate agent deeply invested in Boston’s property market, I pride myself on providing personalised advice and support to every client.

Whether you’re selling a detached home, a charming terrace, or a modern flat, I’m here to guide you through the process.

If you're considering selling your home, let's discuss how we can achieve the best outcome for you. Send me a message or call today—I'd be delighted to help you navigate the Boston property market with confidence.

 

 

How Long Does a Property Spend on the Market in Boston?

When browsing property portals (Rightmove, Zoopla or On The Market), many people wonder why some Boston homes linger on the market far longer than others. It’s easy to assume there’s something wrong - an issue with the property, an inflated asking price, or a lack of interest - but that’s not always the case. Sometimes, it’s simply down to poor marketing, unrealistic expectations, or even a change in the seller's circumstances.

If you’re on the other side of the fence, currently selling a home in Boston, you’ve likely asked yourself: “Why is this taking so long?” Whether your property seems to be lingering on the market or you’re struggling to find that dream home, delays are often a natural byproduct of the property market’s ebbs and flows.

But how long is too long to wait before something changes?

Let’s face it, when your home stays unsold longer than expected, frustration sets in. Is it the market? Is the price too high? Or is there simply less demand for your type of property? If your home sits at the premium end of the market, delays are par for the course. Higher value properties have fewer buyers, meaning patience is a virtue - but even so, the right strategy can make all the difference.

One of the biggest culprits for a slow sale is overpricing. Even if you’re happy to accept a lower offer, an unrealistic asking price can stop potential buyers from even booking a viewing.

First impressions matter, and buyers compare everything they see online before deciding which properties are worth their time. The bottom line? If your price doesn’t align with the market, you’re already at a disadvantage.

The Latest Market Trends in Boston

The following data highlights how long properties in Boston have been on the market today compared to January 2024, offering insight into recent trends. This isn’t about how long it takes to sell a home but rather the current duration properties have been listed. These figures can help identify shifts in market activity and buyer demand over time.

·         Detached homes in Boston - Average time on the market today is 138 days, compared to 151 days in Jan 2024.

·         Semi-Detached homes in Boston - Average time on the market today is 128 days, compared to 110 days in Jan 2024.

·         Terraced/Town Houses in Boston - Average time on the market today is 130 days, compared to 111 days in Jan 2024.

·         Flats/Apartments in Boston - Average time on the market today is 176 days, compared to 271 days in Jan 2024.

 

An Interesting Boston Property Market for Buyers

The overall number of homes available in Boston (town centre plus 2 miles) has remained roughly the same over the past year, going from 412 in January 2024 to 398 in January 2025. However, it gets even more interesting when we split it down by property type.

Here’s the breakdown:

·         Detached homes in Boston - 144 for sale in January 2025, compared to 188 - a 23.4% decrease.

·         Semi-Detached homes in Boston - 111 for sale in January 2025, compared to 95 - a 16.8% increase.

·         Terraced/Town Houses in Boston - 58 for sale in January 2025, compared to 43 - a 34.9% increase.

·         Flats/Apartments in Boston - 37 for sale in January 2025, compared to 32 - a 15.6% increase.

·         Others (Mobile Homes/Building Plots etc) in Boston - 48 for sale in January 2025, compared to 54 - a 11.1% decrease.

 

 

The Importance of Presentation of Your Boston Home

Buyers today have no shortage of tools to help them browse properties on the portals meaning they can scroll through hundreds of options in a matter of minutes. The average buyer views just 4-5 homes before making a decision on which home to buy, spending barely 25 minutes in each. If your property doesn’t stand out from the crowd with top quality photos, well designed brochures, and engaging video tours, it risks being dismissed without a second thought.

It’s not just about having the right asking price - it’s about making sure your home looks and feels irresistible online. Buyers need to imagine themselves living there, and that starts with how your property is presented.

Advice for Boston Buyers: Be Proactive, Not Reactive

For buyers, finding the perfect home isn’t just about what’s on the market; it’s about being one step ahead. Did you know that around 10% of properties never make it onto the portals? Many buyers miss out on their dream homes simply because they’re relying solely on online searches. Registering directly with estate agents can give you an inside track on upcoming properties before they’re widely advertised.

Beyond that, patience is key. Finding the right property takes time, especially when you’re balancing factors like budget, location, schooling, and family needs. Rushing into a decision often leads to regrets. With so much money at stake, it’s worth taking a step back and considering every option carefully.

What Does This Mean for You?

Whether you’re buying or selling, Boston’s property market continues to offer opportunities - provided you approach it with the right mindset. For sellers, the message is clear: price realistically, present professionally, and ensure your home shines in a crowded market. For buyers, it’s about staying proactive, patient, and ready to act when the right property comes along.

Ultimately, the Boston property market rewards those who take a considered, strategic approach. Whether your goal is to sell quickly or secure that dream home, understanding the market dynamics can help you achieve the best possible outcome.

Next week, I’ll talk about exactly how long Boston properties are taking to sell.

 

 

The 2024 Boston Property Market

An analysis of last year’s property market

and what will happen in 2025?

 

As an experienced estate and letting agent based in Boston, I like to monitor the UK and Boston 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 Boston.

 

Key Drivers of the UK Property Market Surge

 

Several factors have contributed to this positive momentum:

 

1. Falling Mortgage Rates: Lower interest rates have made borrowing more accessible, encouraging buyers who may have previously hesitated due to affordability concerns.
2. Wage Growth: Rising wages have given potential buyers greater financial confidence, enabling them to consider property purchases.
3. Low Unemployment: A stable job market has fostered a sense of security, emboldening people to make significant life investments, such as buying a home.
4. 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.

 

 

Boston’s Property Market: A Comparative Analysis

 

When we turn our attention to Boston, it's important to recognise that local markets can behave differently from national trends (Boston being PE21).

 

In 2023, 754 Boston homes sold for an average of £192,240 (at an average of £186/sq.ft.), while in 2024, 801 Boston homes sold for an average of £196,300 (at an average of £188/sq.ft.).

 

The most important thing here is the increase in the number of transactions.

 

6.2% increase in Boston 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 Boston’s Property Market

 

Boston'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 Boston 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 Boston. 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 Boston homeowners planning to sell or landlords managing portfolios. Evaluating your property's position within the Boston 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 1,071 homes that left Boston estate agent books in 2024, only 642 of those homes the owner sold and moved (59.94%), while the remaining 429 homes (40.06%) withdrew, unsold

 

 

The Key to Selling Your Home in Boston is Realistic Pricing

 

Looking at the statistics above, over half of the properties listed for sale in Boston go on to sell. This highlights an essential truth about the Boston 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 Boston.

 

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 Boston, 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 Boston'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 Boston home.

 

 

Boston Properties Selling in 71 Days

 

Are you a Boston homeowner or landlord? Are you thinking of selling your home or property in early 2025?

Then, in this article, let me show you how long it will take, on average, to find a buyer for your Boston home and how long solicitors will take to get you moved.

Independent research from Denton House Research shows that in the last 12 months, looking at every UK estate agent’s 1,064,223 sales agreed and 816,299 exchanges, on average, it has taken 73 days from the property coming on the market to become sold subject to contract, up from 67 days for the 12 months ending in June 2024.

Then, it has taken 113 days from the sale being agreed to completion (completion is when the keys and monies are sorted), an improvement on the 117 days for the 12 months ending June 2024. The journey is a long one and not guaranteed as nationally, only 53.6% of UK homeowners who placed their homes on the market in 2023/4 have sold and moved (the remaining 46.7% coming off the market unsold).

 Step 1 – Finding Your Buyer 

The first step is to engage an estate agent (naturally, we’re here to assist) who will work with you to develop a pricing and marketing strategy tailored to attract the right buyer for your situation.

Recent independent data reveals that, over the last three months, a property in Boston has taken an average of 71 days to reach an agreed sale (Sold Subject to Contract). However, as I’ve discussed in my recent articles, the Boston property market is far from uniform; it’s more like a fly’s eye, with countless small, distinct micro-markets. 

Reflecting on this independent research—which focuses exclusively on Boston—it’s fascinating to observe how these different price segments (or micro-markets) are currently performing when we look at the average time it takes to secure a buyer in the Boston area. The average time to find a buyer in the last 3 months in Boston for those properties that have agreed a sale on them is as follows… 

(Boston centre plus a 2-mile radius). 

·         Under £100k - 72 days

·         £100k to £200k - 48 days

·         £200k to £300k - 103 days

·         Over £300k - 121 days

Then, I analysed the same statistics and determined which price band had the highest ratio of properties sold (STC). 

·         Under £100k - 35 sales agreed (SSTC) - 19.02% of the properties Sold STC in Boston in the last 3 months

·         £100k to £200k - 94 sales agreed (SSTC) - 51.09% of the properties Sold STC in Boston in the last 3 months

·         £200k to £300k - 47 sales agreed (SSTC) - 25.54% of the properties Sold STC in Boston in the last 3 months

·         Over £300k - 8 sales agreed (SSTC) - 4.35% of the properties Sold STC in Boston in the last 3 months

So, you’ve secured a buyer. What happens next?

 Selling your property in Boston brings challenges and involves coordination with a diverse group of professionals. This can result in notable differences in the timeline for completing one Boston property sale compared to another.

Step 2 - Instruct Solicitors (and Mortgage Broker)

We can recommend top solicitors to assist with your Boston sale. As the seller, your solicitor will start preparing the initial legal documents for your property (with your input) and then forward them to your buyer's solicitor.

Step 3 – Legal Work and Survey 

After receiving the paperwork, your buyer's solicitor will request local searches from the local authority or land registry to ensure no planned developments, like roads or airports, are impacting your property. These searches can take a few weeks to return, during which the buyer's solicitor may raise questions with your solicitor. Simultaneously, a surveyor will inspect the property to confirm it's structurally sound and valued correctly for the purchase. 

Step 4 – Exchange of Contracts 

Once the mortgage, survey, and legal work are cleared of any issues, both buyer and seller sign the contracts, leading to the "Exchange of Contracts" between solicitors. At this stage, the buyer pays a non-refundable deposit, legally committing both parties to the sale. But wait—there’s still one step to go!

Step 5 – Completion

Completion is when the money and keys are transferred. Typically, this takes place one to two weeks after exchanging contracts (although, since the lockdown, completion can occur on the same day as the exchange). At this point, the buyer's solicitor sends the purchase funds to the seller's solicitor, and once they are received, the keys are handed over to the buyer.

 

In Boston, it currently takes 71 days to find a buyer (Step 1) and 113 days from instructing solicitors (Step 2) to completion (Step 5)

 

In summary, you should anticipate waiting five to six months from the day the 'For Sale' board goes up to the day you move out.

If you're considering selling your home in Boston, or you’re a Boston landlord looking to sell a buy-to-let property with tenants in situ, feel free to reach out. I’d be happy to have an informal, no-obligation conversation to help you secure a good price with minimal hassle. Drop me a message or give me a call.

 

The Hidden Trap of Overpricing Your Home in Boston's Property Market

 

In an age of sensational headlines, the UK property market - particularly in Boston - often finds itself misinterpreted.

 

While we cannot ignore the challenges of higher mortgage rates and shifting buyer preferences, it is vital to appreciate the broader context to understand what's happening in the Boston property landscape.

 

The UK housing market is currently at a junction, characterised by its lowest house price growth in 12 years and a rising number of homes for sale. Higher mortgage rates have made a sizable dent in market activity, affecting everything from buyer demand to the volume of property sales.

 

Don't get me wrong; Boston properties are still selling (7.9% more Boston homes sold per month in 2024 compared to 2023), but not at the rate or level they were in 2021.

 

Therefore, correctly pricing your Boston property for sale cannot be underestimated. Let me explain the reasons behind the current state of play nationally and, finally, the exact story of what is happening now (and in the future) in Boston.

 

The Importance of Correctly Setting an Asking Price for Your Boston Home

 

Putting your Boston home on the open market at an asking price that is too high can considerably deter potential buyers and limit the number of people who come to view it. Buyers always have a budget in mind, and if your property is priced above comparable homes in your area, it's likely to be filtered out of search results and ignored.

 

Even if your property gets some attention, the inflated price can signal that you're not serious about selling or unwilling to negotiate. This can result in your home languishing on the market, which could necessitate future price reductions.

 

Over time, buyers will begin to be suspicious that something must be wrong with your property, irrespective of its high price.

 

Thus, setting a realistic, market-aligned asking price for your Boston home is vital for attracting a broader pool of qualified buyers and facilitating a quicker, more lucrative sale with a higher chance of actually moving home.

 

Remember, looking at an independent analysis by TwentyEA and Denton House Research of the 1.1m house sales in the whole of 2023, if the property sells (Sold STC) within the first 25 days of it going on the market, the chances of that sale agreed exchanging and completing (i.e. you moving) is 94%, while if it takes more than 100 days to achieve a sale (often because the initial asking price has been set too high and time is wasted), the chances of that sale subsequently exchanging and completing drops to 56%.

 

The Impact of More Homes For Sale

 

The UK property market looks promising. Nationally, this year the number of properties sold (STC) was 1,045,620 (to the end of October), 8% higher than the same sales figure to the end of October 2023 (when it was 912,919).

 

However, there are 724,312 properties for sale in the UK, which is 9.4% higher than at the same time in October 2023, when it was 662,829. It must also be remembered that the figure was 506,614 in October 2022 and 438,005 in October 2021.

 

There are 65.4% more homes for sale in the UK today compared to 3 years ago.

 

Just Only Half of All UK Homes Put on the Market, Sell and Move

 

Since 1st January 2024, of the 1,222,925 homes that left UK estate agents' books, 654,081 (53.5%) exchanged and completed contracts (meaning the homeowner moved and the estate agent got paid). The remaining 568,844 (46.5%) were withdrawn from the market, unsold. In essence, you have a flip-of-the-coin chance of selling, and homeowners moving.

 

Focus on Boston

 

·         In 2021, there were an average of 85 new Boston properties coming onto the market and 93 Boston homes sold (STC) each month. The average number of homes for sale in 2021 was 329.

 

·         In 2022, there were an average of 101 new Boston properties coming onto the market and 81 Boston homes sold (STC) each month. The average number of homes for sale in 2022 was 365.

 

·         In 2023, there were an average of 103 new Boston properties coming onto the market and 76 Boston homes sold (STC) each month. The average number of homes for sale in 2023 was 515.

 

·         2024 YTD, there has been an average of 93 new Boston properties coming onto the market and 82 Boston homes sold (STC) each month. The average number of homes for sale in 2024 was 497.

The volume of properties for sale in Boston has increased by 51.2% over the past three years. While this surge in available properties hasn't significantly impacted house prices, it is likely the main reason Boston house price growth has been kept in check.

With more Boston homes on the market, local buyers now have greater choices and can be more discerning. This often leads to balanced negotiations, and so can moderate rapid house price increases. This dynamic ultimately benefits buyers and sellers, balancing the market and providing fair value across transactions.

Boston = PE21

 

The Costly Trap of Overvaluing: How It Could Affect Your Boston Property Sale

Starting with a realistic asking price is the most sensible approach if you want to sell your property in Boston. Overpricing (or, as it's called by some over valuing), where the asking price is set too high, may be tempting, but it often leads to challenges that can delay your sale. Once a property is listed, it has a single chance to captivate buyers as a new instruction—bringing excitement and immediate interest. Miss that window with an overinflated price, and your dream home could slip through your fingers while you wait for a sale that never comes.

 

In Boston, we’re seeing an increase in properties priced way above their actual market value—a trend often driven by estate agents focused more on the number of listings than on making actual sales. This approach can harm many Boston homeowners, initially setting their hopes high with a lofty price, only to later reduce it after losing valuable time and reducing the chances of actually selling their home and moving (as discussed above). This can be disheartening for many homeowners looking to move, especially if it means missing out on another property they have their eye on.

 

Research from Which reveals that properties priced correctly from the outset sell faster and often achieve a better final price than those that start high and then undergo reductions. Overpricing by as much as 10 to 20% of your property’s actual value can leave it lingering on the market, losing the early buyer attention that often results in successful sales.

 

Further complicating the issue is that some estate agents incentivise their staff to prioritise listing properties rather than selling them, pushing prices not in line with the market. With the Boston property market stabilising, setting a realistic price has become even more crucial in attracting serious buyers and ensuring a timely sale.

 

Outlook for the Boston Property Market

 

While dramatic house price rises aren't anticipated in Boston’s immediate future, there’s no significant drop expected either (for more, see my previous articles). Demographic and economic shifts - such as an ageing population, more flexible work arrangements, a strong labour market, and sustained immigration - could contribute to renewed market activity in the coming years. Additionally, base rates are expected to dip below 3.5% by the end of 2025, likely impacting buyer behaviour more noticeably next year.

 

The British property market faces some challenging conditions, with effects of the budget still to be seen and those fuller mortgage rates affecting affordability. However, the trend of above inflation pay rises that we have seen in the country over the last 12 months could make homeownership more accessible for many more people in the medium to long term. However, combined with a potential drop in mortgage rates in 2025, wages continuing to outstrip inflation and demographic shifts, these changes could encourage an even healthier and more balanced property market in the next 12 months?

 

Understanding these trends helps both Boston buyers and sellers make more informed decisions. Though the market may seem under strain now, Boston homeowners who set realistic asking prices will be in a strong position as the market looks to become more accessible in the near future.

 

If you're in Boston and considering a move, reach out for a free, no-obligation valuation or market appraisal of your home. I aim to get the best possible price for your property, with advice tailored to give you the greatest chance of a successful sale in today's market.