The 2024 Frome 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 Frome, I like to monitor the UK and Frome 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.

Frome House Price Review: The December 2024 Update

Frome homeowner or landlord? Curious about the trends in the Frome property market? One measure is the average price paid for homes bought and sold in Frome in the last 12 months, on a rolling month by month basis.

Each month we like to share this figure, and whilst this figure alone will not tell you much, its trend will. Our followers on social media know we write regular articles on the Frome property market. It is in those articles we expand and clarify what these monthly figures mean to you.

The UK Rental Market in 2024: A Story of Change and Contrast

This graphic highlights the average rent paid for new private tenancies across the 12 UK regions in 2024. 

Unsurprisingly, London sits at the top, with rents averaging a staggering £2,883 per calendar month – just under double the next highest region.

Here’s the full list, ranked by average rent: 

First-Time Buyer Mortgage Payments: A Regional Breakdown

Recent data from Nationwide highlights the percentage of a first-time buyer’s take-home pay required to cover mortgage payments across the UK. While these figures may seem high, it’s important to note that they are, between 20% to 40% lower than in the late 1980s, when interest rates were significantly higher. This offers some perspective, especially given the challenges faced by first-time buyers in today’s Frome property market.

Here is a breakdown of the data by region, starting with the highest:

The Frome Baby Boomer Housing Paradox: Wealth in Property, But Nowhere to Go

For decades, baby boomers in the UK have been the quiet beneficiaries of a housing market that has worked in their favour. Rising property prices and a growing housing shortage have pushed home values sky-high, giving this generation substantial equity in their homes. However, as more and more boomers enter retirement age, a new reality sets in, and the properties they need for this next stage of life are almost impossible to find.

Why Choose Us?

Below are just a few reasons how we can help you sell or let your property:

  • Experienced, friendly team
  • Private Offices
  • Modern marketing
  • Competitive fees
  • Award winning agency

For more information see our services or contact us for more information.

naeaarlatpoTSI-ACtdsrightmovezooplaprimelocation2onthemarket