You won’t often hear this, almost a week into December, but: the property market is suddenly waking up.
Most years, as we slide into the twelfth month, activity slows down noticeably. Sellers delay thoughts of moving until January, buyers get distracted by festivities, and agents focus on chasing those few final exchanges before the solicitors shut down for Christmas break.
But this year has broken the pattern. Analysts are reporting more new instructions, more buyer registrations, and a noticeable upswing in viewing activity.
So what’s going on?
A Pre-Budget Pause
An unseasonable slow autumn can in many ways be put down to a pre-Budget rumour mill. Speculation about potential stamp duty relief encouraged some buyers to hold fire in case they could save money by waiting. At the same time, talk of a possible new property-based wealth tax on homes over £500,000 caused understandable hesitation – particularly in markets like our very own, here in Edgware, where our average property value sits above that level (according to Rightmove, property values here sit at an average of just over £562,000).
The result of this? With the Budget date pushed so late this year – to November 26 – autumn, normally a busy period after a relaxed summer, failed to spring to life. Buyers were registering in fewer numbers than normal, but not committing. Sellers were either delaying decisions, or if pushed for urgent reasons have slashed prices to appeal to a disaffected pool of potential buyers.
Nationally, sales agreed numbers dipped, and local market data here in Edgware reflected the same. Even though major house price indices such as Halifax and Nationwide reported modest month-on-month price growth, and overall price growth of 3% over 12 months, the uncertainty that settled over the market (indeed, over the nation) has kept momentum from building.
Post-Budget: Demand Reappearing
Once the Chancellor delivered the Budget, with no major shocks for home movers and no sweeteners for buyers, market activity has returned almost instantly. Agents across North London are reporting an uptick in enquiries. Buyers who had been sitting tight, perhaps hoping for the cut to stamp duty which had been rumoured, have suddenly returned to the field, the lack of any new incentives, even for stretched first-time buyers, not deterring them. Love or hate the Budget – and from speaking to clients, I know how most lean – what the Budget did provide was clarity.
And clarity, in my opinion, is often all the property market actually needs to get moving. When people know the lay of the land, they can adjust to its contours and move forwards.
Economic Conditions Are Helping Confidence Return
No one can pretend that the economic backdrop is perfect, but in an odd twist making headlines this week, there are legitimate reasons for improved confidence. The Office for Budget Responsibility has suggested the UK’s fiscal position is better than many expected earlier in the year, thanks partly to stronger wage growth.
That wage growth is feeding into consumer behaviour. Spending over the Black Friday weekend was up on last year – an early sign that households feel a little more secure than they did 12 months ago.
It is important, though, because when consumer confidence rises, the housing market usually follows.
Rates, Jobs and Affordability
The labour market has cooled, but unemployment remains low by long-term standards. If it is at 5%, that still means 95% of people are employed. Wages have grown, and people are spending that money. Crucially, financial markets expect the Bank of England to cut interest rates this month, with a further reduction expected by many economists in the first quarter of 2026.
Lenders are already responding by sharpening their pencils when it comes to mortgage rates pricing. Between now and spring represents a chance to secure a purchase before competition increases from greater numbers of buyers entering the market.
What’s Happening to Property Prices?
Across the UK, average house prices are up around 3% year-on-year, with rents up 5.5%. Edgware, however, has followed the broader London trend of a more pronounced correction. Prices here have softened over the past 12 months – not so dramatically in the end as in other more central parts, but noticeably so, by around 3% (see Rightmove data here) giving motivated buyers extra incentive to act while conditions favour them.
For sellers, this is a market that suddenly shows plenty of opportunity. Serious buyers are active, properties that are priced correctly are achieving strong interest, and reduced stock numbers – natural, at this time of year – means that well-presented homes stand out even more.
What Should Edgware Property Sellers and Buyers Do Now?
The usual December lull will come – but there is sudden good interest, and even with a break in that to come in another week or so, it is momentum that will bounce back in January and run into February and beyond. This will become especially true if those interest rate cuts do materialise.
If you’re considering bringing a property to market, the next few weeks through to early spring could be wise, before the number of listed properties swells and rebalances supply and demand. And this is because buyer demand is finally rising, with sellers suddenly few by comparison.
For buyers, acting now could mean beating the spring rush and securing a home before increased competition returns.
Here at Petermans in Edgware, we’ve not switched off. We are at your service, active, and ready to support anyone preparing to make a move. The market is alive and it is bubbling.
If you’d like a conversation about your plans, we’re here to help.