Regional Property Market Update Spring 2025: North West

2024 turned into a much stronger year for the housing market than many anticipated, with a return to house price growth. This year looks set to continue in a very similar way with continued stronger levels of market activity and solid price growth.

Economic growth expectations

Whilst economic growth expectations have moderated a little for 2025 (the Bank of England recently cut its GDP forecast for the year to 0.75%), the economy is still expected to grow and growth levels should be sufficient to drive moderate house price growth. Beyond 2025, current economic forecasts point to stronger year next year, with economic growth momentum picking up speed. With a few conflicting signals the Bank of England will likely take a slow and measured approach to further interest rate cuts, but forecasts suggest there is scope for further rate cuts. The consensus forecast for year end is 3.75%.

Sales volumes recovery

Sales volumes suffered through much of 2023 and early 2004, what is evident now in the market is a recovery to normal levels of activity. The latest month sales volume for the UK* reported 88,200 monthly sales – broadly in line with the levels of activity in the market for the 5 years prior to covid. Mortgage approvals, which are the front runner to transaction activity, have also recovered to long-term trend levels. Latest monthly data** was 66,500 exactly the same as the monthly average for the 5 years to end 2019 (pre covid).

Market activity

January activity levels are certainly much stronger than a year ago. The number of new sellers coming to market was 13% ahead, buyer demand 8% ahead, and sales agreed numbers up by 15% according to Rightmove data. Additionally, the RICS leading indicator for prices has been at its strongest level for the last 3 months since the Truss mini budget in September 2022. First-time buyers have an extra motive to get on with their transactions, with the reversal in the stamp-duty exemption now looming close at the end of March.

Shifting market dynamics

Buyer confidence appears to be continuing to grow. In a recent poll, 62% of agents think that buyer confidence has slightly or significantly improved compared to 3 months prior*. However, the positive impact of improvements in buyer activity have been tempered slightly by extra supply for sale coming onto the market – keeping price growth low in some geographies. In fact, Rightmove data suggests that the national supply of homes for sale is at a 10 year high.

Average property values in the region were up 5.4% on last year’s levels. Strongest price growth was evident in Blackburn with Darwen, Sefton and Liverpool, all growing by more than 8%.

*Dataloft by PriceHubble, poll of subscribers

Cash sales

With the recovery in mortgage lending in 2024, the proportion of cash sales (those not requiring a mortgage) has also fallen back to more typical levels. Through 2023, when mortgage lending fell, the proportion of cash sales rose to a cyclical peak of 34%. For the 5 years prior to that the average was 28%. In 2024, the proportion of cash deals fell back to 31% and will likely fall back further in 2025 towards the long-term average. 32% of North West sales in the last year were cash transactions.

Sell your property with your local expert this season. Contact your local Guild Member today.

Financial Services

Contact a specialist from Aston & Co Financial Services for help with finding the right mortgage.

Read What Our
Customers Say

Jodie Skinner

From the beginning, our experience with Michael and Rhys has been brilliant. Whenever we had a question to ask or needed some additional information, they were both just a phone call away and were always happy to provide us with an answer. As first time buyers, they made us feel ...

Sue Smith

We can’t fault Aston and co in Syston, for their handling of the sale of our property. We were kept up to date weekly and nothing was too much trouble. Both Micheal and Rhys were approachable and very professional. I would definitely recommend using them for an efficient and hassle ...

Andy

Having had issues with other agents, we came to Astons who gave us an honest appraisal of our house – not overpricing it like others to gain business. Michael and Rhys are a great partnership and Rhys being local was able to provide viewers with information that other agents hadn’t. ...

Andy Freer

Recently sold our house with Aston & Co. We honestly could not have asked for more. From the moment Michael came to value the house, to the day to day communication from Rhys we have not had to chase them once. Michael and Rhys are a great partnership and a ...

V Pears

We chose Aston & Co in Syston to handle the sale of our property. We were kept up to date regularly and Michael and Rhys dealt with all matters efficiently and quickly.We would definitely recommend using them for an efficient and hassle-free move.

Gareth Mueller

We bought a house from a vendor who used Astons & Co as their agent. Rhys was helpful and professional from start to finish and regularly kept us in the loop with how things were progressing. Communication was efficient and swift all the way through.

Julie Pearson

From the first visit to value our property to the final phone call informing us of completion Rhys and Michael at the Syston office have been brilliant, down to earth, realistic with valuation very easy to get in touch with.Making everything less stressful.Regular updates were very reassuring . I would ...

Charlotte Hings

The team at Astons are great. They’re really down to earth, take time to listen and help resolve anything they can for you.Their communication is excellent as they always keep you in the loop with what is happening with your sale. They keep both seller and purchaser happy.Fees are reasonable ...

Julie Perkins

We have recently used Aston & Co to sell our property. At all times we received regular reports from them on interest and following viewings . When our property sold Astons managed the chain keeping all parties fully informed and I believe that without their input our sale would have ...

Tina Poole

Michael and Rhys handled both our sale and purchases. They had good local knowledge, their valuation turned out to be on point. Our sale viewings were nearly all on the same day and we accepted an offer very quickly. We were kept up to date regularly with that and our ...

How Much is Your Property Worth?

Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation.