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.