The Property Market Picture: December 2025

Most years when we tip over into the twelfth month, these sorts of market update tend to focus on the year that’s been, as the nation settles into its festive lull, all thoughts of moving – or even thoughts about thinking about moving – banished to January.

It is a time when estate agents up and down the land usually report being entirely short of new instructions or any viewings to speak of, and focus instead on calming the frayed nerves of the few stressed and urgent clients who are still clamouring to get exchanged before the great Christmas shutdown…

I say, ‘most years’. This year, however, has been a bit of an exception.

The market is suddenly rather lively. New instructions are up, new applicant registrations are up, and sales agreed numbers are already starting to follow.

But why?

A Pre-Budget Pause

We experienced an unseasonably slow autumn that can in many ways be put down to a pre-Budget rumour mill. Speculation about potential stamp duty relief encouraged many buyers to hold fire in case they could save money by waiting. At the same time, talk of a possible new property-based wealth tax on homes over £500,000 caused understandable hesitation in some markets.

This was less dramatic in Swindon as a whole than in some other parts of the country, our own local average being £261,000 according to most recent data from the Office for National Statistics (ONS).

It is not unheard of, particularly in locations such as Old Town, much of SN5, The Lawns and Tadpole Village, not to mention other nearby villages such as Highworth, Shrivenham, Wroughton and Cricklade. Looking on Rightmove currently, of 1,156 properties listed for sale in Swindon (including Tadpole, which falls into a Swindon search on Rightmove, but not including those other villages I mentioned, which do not), 81 are priced in excess of £500,000 – 7% of the market in Swindon itself.

The result of these things? With the Budget date pushed so late this year – to November 26 – that normally busy period after a relaxed summer failed to spring to life. Buyers were registering in fewer numbers than normal, and even then not committing. Sellers were either delaying decisions, or if pushed to sell for more urgent reasons have slashed prices to appeal to a disaffected pool of potential buyers – again, more a national story than a particularly local trend, but as it happens, property prices here grew just 2% over 12 months.

Nationally, sales agreed numbers dipped, and local market data here in Swindon reflected the same. Even though major house price indices such as Halifax and Nationwide reported modest month-on-month price growth, and overall price growth of 3% over 12 months – slightly ahead of our own local price growth, as mentioned above – the uncertainty that settled over the market has kept momentum from building.

Post-Budget: Demand Reappearing

Once the Chancellor delivered the Budget, offering neither major shocks for home sellers nor any sweeteners for buyers, market activity has unsurprisingly returned almost instantly.

Agents across the South West are reporting an uptick in enquiries. Buyers who had been sitting tight, perhaps hoping for the cut to stamp duty which had been rumoured, have suddenly returned to the field, the lack of any new incentives even for stretched first-time buyers not deterring them.

Love or hate the Budget – and from speaking to people locally, I know how most feel – what it did provide was clarity.

And clarity, in my opinion, is often all the property market actually needs to get moving. When people know the lay of the land, they can adjust to it and keep on moving.

Economic Conditions Are Helping Confidence Return

No one can pretend that the economic backdrop is perfect but, in an odd twist, there are legitimate reasons for improved confidence. The Office for Budget Responsibility has suggested the UK’s fiscal position is better than many expected earlier in the year, thanks partly to stronger wage growth.

That wage growth is feeding into consumer behaviour.

Spending over the Black Friday weekend was up on last year – an early sign that households feel a little more secure than they did 12 months ago.

This is important to us in the property world… because when consumer confidence rises, the housing market tends to follow.

Rates, Jobs and Affordability

The labour market has cooled, but unemployment still remains low by long-term standards. It might be at 5%, but that still means 95% of people are employed. Wages have grown, and as mentioned above, people are spending. Crucially, financial markets expect the Bank of England to cut interest rates this month, with a further reduction expected by many economists in the first quarter of 2026. Lenders are already responding by sharpening their pencils when it comes to mortgage rate pricing.

Between now and March/April 2026 represents a great chance to secure a purchase before competition increases, as greater numbers of buyers are bound to enter the market by the Spring.

What’s Happening to Property Prices?

Across the UK, average house prices are up around 3% year-on-year, with rents up 5.5%. As mentioned a couple of times, not to labour the point, prices here in Swindon have seen slightly softer growth over the past 12 months – but not dramatically softer. Nevertheless, prices being slightly behind the curve is positive for motivated buyers, who now have a little extra incentive to act while conditions favour them.

For sellers, this is a market that suddenly shows plenty of opportunity. Buyers are active, properties that are priced correctly are achieving strong interest, and reduced stock numbers – natural, at this time of year – means that well-presented homes stand out even more. Selling now does not mean selling at below market value, even if property prices increase – it is about making the sale work for you, and that comes down to strategy.

And strategy is right up our street.

What Should Swindon Property Sellers and Buyers Do Now?

The usual December lull will come – but there is sudden good interest, and even with a break in that in another couple of weeks or so, it is momentum that will bounce back in January and run into February and beyond. This will become especially true if those interest rate cuts do materialise – keep your eyes glued to our social media on December 19^th!

If you're considering bringing a property to market, the next few weeks through to early Spring could be a wise move, before the number of properties on the market swell to rebalance supply versus demand.

For buyers, acting now could mean beating the spring rush and securing a home before increased competition returns.

Here at The House Group, our members have not switched off. We are at your service, active, and ready to support anyone preparing to make a move. The market is alive and it is bubbling.

If you’d like a conversation about your plans, we’re here to help.