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:
- 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.
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.
