With offices in Stroud and Gloucester as well as more than 260 years of experience, WSP Solicitors is well placed to understand the Gloucestershire property market.
SoGlos chats to its head of commercial property, Amy Leivers, and head of residential conveyancing, Lucy McCallum, to discover what's on the horizon for Gloucestershire residential and commercial property markets in 2025.
What trends have you noticed in the property market this year for both commercial and residential?
Lucy: When it comes to residential, prices are still rising but at slower rates. There has been a big increase in the number of properties being listed.
However, sales agreed are at a slower rate, suggesting some overpricing in the market. Mortgage wise the trend we've noticed is interest in the housing market has been buoyed by decreasing mortgage rates.
Amy: The local commercial property market has had a steady year and has also been boosted by changes in mortgage rates making more property finance available and assisting with improved yields and rental returns.
What property trends are you anticipating seeing in 2025?
Lucy: For residential properties, it is reported that average UK house prices are set to rise by around four per cent in 2025, but this may vary between regions.
With interest rates gradually easing, mortgage rates are expected to decline, increasing affordability for home buyers.
Amy: With the commercial market, if there are further interest rates cuts, this could improve the lending environment for commercial buyers and would encourage investment, leading to increased buyer activity.
We also expect to see more emphasis on environmental standards and properties meeting net zero or carbon reduction goals attracting more interest.
What’s one key thing property owners need to be bearing in mind as we approach 2025?
Lucy: In the residential market, Stamp Duty Land Tax (SDLT) thresholds are reverting back to previous levels after 31 March 2025, so if you are completing after that date, there will likely be more SDLT due.
This could lead to buyers asking for price reductions to take into account the additional cost to them.
Amy: Business owners need to be aware that in the commercial market, under the Levelling Up and Regeneration Act 2023, local authorities will have new powers to transform high streets in England, allowing persistently empty properties to have leases put up for auction.
Property owners should bear in mind that if units have been unoccupied for a certain period and if other conditions are met, they may be qualifying high street premises within the scope of the Act.
Is there anything that needs to be on buyers’ radars?
Lucy: Transactions are typically taking longer than pre-Covid levels due to delays elsewhere in chains.
Amy: Buyers should choose a property lawyer with good local knowledge and contacts to reach out to when needed.
We've seen cases where a party instructs a property lawyer who doesn’t have sufficient knowledge of the local area and therefore is unfamiliar with how to deal some of the challenges that a local lawyer is more experienced in dealing with.
Is there a pitfall you anticipate or anything buyers and sellers need to be aware of in 2025?
Lucy: Availability of desirable properties is expected to remain constrained in some areas, potentially driving up demand.
Amy: Buyers might need to act more promptly so they don’t miss out.
How can WSP Solicitors help buyers and sellers on their journey?
Lucy: WSP Solicitors can offer a comprehensive range of services that can assist individuals and businesses throughout their property journeys.
For residential property, we provide expert support in buying and selling homes, guiding clients through the conveyancing process with clarity and professionalism.
Amy: When it comes to commercial property, we provide advice on leases, property acquisitions, sales and development projects.
We also assist with landlord and tenant matters and aim to make life less complicated at every stage.
