Every seller wants those magic moments when an offer has been accepted and exchange arrives but how easy will that be to achieve in 2025?
With some milestone changes in the sales market ahead, Open Property Group reveals the 5 things that might stop your home from selling this year.
- Stamp duty changes: it’s going to get more expensive to purchase a property from 1st April 2025 due to stamp duty changes. Buyers who have budgeted using the old rates may defer a property purchase to save up the shortfall or abandon moving plans altogether. To illustrate, the stamp duty bill attached to a £295,000 property will become £2,500 more expensive from 1st April.
- Moving costs: stamp duty is just one cost attached to buying a property and this year looks set to test potential purchaser’s funds like never before. Our guide to moving costs in 2025 breaks down the individual fees and charges buyers should expect. Open Property Group’s research discovered the cost of many essential components has increased in the last 12 months – costs that may scupper buying home for many.
- Short leases: those hoping that extending leases or buying freeholds would become easier and cheaper in 2025 will have their hopes dashed. The Leasehold and Freehold Reform Act 2024, which was given Royal Assent under the previous Government, is not yet in force. Compounding the matter is Labour’s desire to make its own mark, with plans to supersede the Conservative’s Bill with its own updated version. Sadly, Labour’s Bill is not expected to pass into law until 2026. Short leases will remain unattractive among most buyers until the law changes.
- A tenant in situ: having a rent-paying tenant in situ used to be a positive as other landlords could snap up the property as a going concern but 2025 will see buy-to-let demoted as a good investment. The Renters’ Rights Bill will come into effect this year, making it harder to evict tenants and make any profit from property investment. Selling a property with sitting tenants will become harder in 2025, with buyers preferring vacant possession.
- An inflated asking price: 2025 is shaping up to be a buyers’ marketing, meaning they hold all the power when it comes to negotiating. There are enough online tools for purchasers to research house price trends and local values, so any property that’s overpriced will stick out like a sore thumb. Sellers who stick to their guns and won’t budge when it comes to offers will find they languish on the market, with realistically priced homes getting snapped up.
The golden rules when selling in 2025
- Acknowledge demand and values in your area, and price accordingly
- Be realistic about the condition of your property and how it’s value may be affected
- Understand that a higher-than-average asking price may delay your sale
- Take professional advice about selling a buy-to-let, especially if there’s a tenant in situ
- Consider extending your lease if there are less than 80 years left
- Appreciate buyers will have higher costs in 2025 and they may make low offers to compensate
If you are selling your home and have found yourself stuck on the market, Open Property Group can help. We are professional property buyers who specialise in quick cash sales and chain rescues.
Open Property Group will continue buying properties throughout 2025, making offers on flats and houses that other buyers overlook. Request a cash offer now or contact our team for advice.