Kings Lynn Property Market: 2024 Highlights and What to Expect in 2025
As we bid farewell to 2024, the Kings Lynn property market has shown its resilience, offering a wealth of opportunities for buyers, sellers, and investors alike. Let’s take a closer look at the trends that defined the past year and what lies ahead in 2025."
2024 at a Glance
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House Prices on the Rise:
- The average property price in Kings Lynn and surrounded area climbed to £291,828, marking a 2.9% increase compared to last year. This steady growth reflects a balanced and promising market.
- Flats reached a maximum value of £173,000, while houses topped out at an impressive £1.45 million, highlighting diverse opportunities for buyers and investors.
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Market Activity:
- 864 homes were listed for sale across Kings Lynn and the surrounding areas, with the average asking price at £306,610, exceeding the achieved sales average of £251,407.
- Property transactions saw a 21% year-on-year increase in October, with 100,410 completions nationally, indicating strong demand.
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Favourable Economic Conditions:
- The Bank of England’s decision to lower interest rates to 4.75% has fuelled mortgage affordability, with 68,303 approvals in October alone, representing a 42% annual growth.
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Rental Market Trends:
- Average void periods increased slightly from 19 to 21 days, suggesting that landlords may need to adapt their strategies to attract and retain tenants.
Looking Ahead to 2025
With the market showing signs of steady growth, 2025 is shaping up to be a seller’s market, especially for well-priced properties in desirable locations. Continued demand, paired with stabilising interest rates, presents opportunities for both buyers and sellers.
For those considering a move, acting early in the year could maximise value, as mortgage approvals remain robust. Landlords are encouraged to focus on tenant satisfaction to minimise void periods and optimise rental income.
Thinking of Moving in 2025?
If you’re planning a move in the new year, let My House Online guide you through the process. Recognised in the Best Estate Agency Guide 2025 for Kings Lynn, we take pride in our award-winning service and local expertise. Whether you’re buying, selling, or investing, we’re here to make the process smooth and stress-free.
Get in touch today on 01553 670179 to explore how our innovative tools and tailored strategies can help you sell your home for the best price and ensure a hassle-free move.
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