Adam Lake, a partner with Jack Willmott in Hockerill Street estate agent Willmott & Lake, reviews the property market, locally and nationally, in 2024 and gives an insight into what to expect in 2025…
The property market in Bishop’s Stortford (CM23) has seen an eventful year, reflecting wider national trends while maintaining its local charm and appeal.
With an average sale price of £504,445 over the past 12 months, our town continues to attract buyers from far and wide.
A mix of residents wishing to stay local and new buyers drawn to our vibrant community, outstanding schools and excellent transport links makes Bishop’s Stortford a prime location for homeowners.
A challenging year for the UK property market
Nationally, 2024 brought significant challenges. The Bank of England base rate, which peaked at 5.25%, reached its highest level since 2008. Encouragingly, we’ve seen two consecutive cuts, bringing the rate down to 4.75% by November – a promising sign for buyers and sellers alike.
Adding to the uncertainty was the General Election, which saw Labour assume power in July. Elections often cause hesitation in the property market and Bishop’s Stortford was no exception. However, Labour’s policies, particularly regarding stamp duty, have introduced notable changes with local implications.
From April 1, 2025, the stamp duty threshold cut will end, meaning purchases over £125,000 will attract additional costs. For example, a buyer spending £250,000 will pay £2,500 in stamp duty compared to £0 under the current rules. Additionally, as of October 31, 2024, the surcharge on additional properties increased from 3% to 5%, making it more costly for investors and landlords to expand their portfolios.
This change aims to ease competition for first-time buyers, but we’ve already seen a reduction in investor activity locally, which has slowed this segment of the market.
Local market activity in 2024
Despite these challenges, Bishop’s Stortford has experienced a bustling property market this year. On average, 101 new properties came to market each month, totalling 1,109 listings from the start of January to the end of November. Of these, 736 sales were agreed (an average of 67 a month), showcasing consistent buyer interest.
However, the high number of price reductions – 655 in total, averaging 60 per month – has been a standout feature. This trend reflects both changing market conditions and increased competition, particularly from new-build developments.
Large-scale projects like Stortford Fields and Bellway’s apartments at the Goodsyard development near the railway station have added a significant number of properties to the market, often with incentives that appeal to buyers. This surge in availability is likely influencing asking prices for more established homes, as sellers adjust to remain competitive.
Looking ahead to 2025
We’re ending the year on a high note, with 79 sales agreed in November across CM23 compared to 50 in the same month last year – a rise of 58%.
This uptick reflects both the recent drop in interest rates and the urgency among buyers to secure properties before the return of standard stamp duty thresholds. October and November both saw significantly more activity than most other months, which is a real positive end to the year.
Looking to 2025, the market holds reasons for optimism. Experts anticipate further interest rate cuts, which should stabilise mortgage rates and improve affordability for buyers. Locally, we expect a surge in activity as many who delayed their plans during the election period, and its immediate aftermath, decide to make their move.
With a clear sense of direction from the new Government and the festive season behind us, the new year is likely to bring fresh momentum to the property market.
Bishop’s Stortford: A community to call home
Beyond the data and trends, Bishop’s Stortford remains a truly special place. Its thriving community, excellent schools and superb commuter links to London and Cambridge make it a perennial favourite for buyers.
As local estate agents, we’re proud to play our part in helping people to find their ideal homes here.
Whatever your plans for 2025 – whether buying, selling or simply exploring your options – we’re here to help.
Disclaimer: Figures and analysis exclude new-build properties and are based on available CM23 data.