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2024 Surrey Property Trends & What’s Coming in 2025

Wed 18 Dec 2024

Surrey Property Market 2024: A Resilient Year & What to Expect in 2025


As we close out 2024, the Surrey property market, spanning sought-after areas like East Horsley, Ripley, Bookham, and beyond, has demonstrated impressive resilience despite broader economic challenges. Whether in sales or lettings, sellers and landlords alike have navigated a dynamic landscape with increasing optimism for 2025. Here’s a look back at key trends in 2024 and the opportunities and changes that lie ahead in 2025.

2024: Key Trends in Sales

House Prices Remained Resilient According to Rightmove’s House Price Index, national asking prices rose 1.4% year-on-year, reaching £360,197. Locally, Surrey’s South East region saw annual growth of 2.5%, with average asking prices at £466,971​.
Insight: Surrey’s premium homes, particularly in picturesque villages like West Horsley and Cobham, remain in high demand. Buyers continue to prioritise space, lifestyle quality, and proximity to key commuter hubs.

A Strong Year-End Finish

Sales agreed in December were up 22% compared to 2023, signalling robust demand even during the festive season​. The “Boxing Day Bounce”—a key post-Christmas surge in buyer activity—remains a pivotal trend. Last year, buyer demand jumped 273% between Christmas Day and Boxing Day so we'll be ready to get your viewings and valuations booked into our diary to start January with a bang!

Takeaway for Sellers:

  • Early 2025 presents a prime opportunity to list your property. Booking viewings and valuations now will help you capitalise on this post-holiday demand and kickstart January with a strong position.
  • Mortgage Affordability Improvements
  • Falling mortgage rates, anticipated into 2025, are expected to further stimulate activity. This will be particularly beneficial for second-steppers looking to upgrade their homes, as affordability concerns ease and confidence grows.

2024: Trends in Lettings: A Competitive Market

The Surrey lettings market remained highly competitive throughout 2024. Tenant demand surged, particularly for properties near Guildford, Woking, and surrounding commuter hotspots. High-quality, family-friendly homes in Surrey’s villages continue to attract professionals and families seeking stability and lifestyle appeal. This year we often had multiple offers on rental property before they even hit the portals!

Looking Ahead: Key Changes for Landlords in 2025

1. Renters (Reform) Bill: New Regulations
The anticipated Renters (Reform) Bill is set to transform the lettings landscape, with key changes including:
  • Abolition of Section 21 ‘no-fault’ evictions: Retaining reliable, long-term tenants will become more crucial than ever.
  • Introduction of periodic tenancies: Fixed-term contracts may be phased out, providing greater flexibility for tenants.
  • Enhanced tenant rights, including easier permissions for keeping pets.
What This Means:
Landlords will need to prioritise tenant satisfaction, streamline management processes, and stay compliant with the new rules to avoid disruption.  Read our blog about the fine points of the Renters Rights Bill here.

2. Energy Efficiency Standards: EPC Changes
From 2025, landlords may need to meet stricter Energy Efficiency Standards, ensuring properties achieve a minimum EPC rating of C. This is part of the government’s drive towards net-zero targets.
What Landlords Can Do Now:
Plan upgrades such as improved insulation, efficient heating systems, and LED lighting. Spread costs over time to avoid last-minute expenses. Market energy-efficient homes to eco-conscious tenants who are increasingly prioritising sustainability.
Key Tip for Landlords:
Present your property to a high standard, invest in energy-efficient improvements, and focus on tenant retention to minimise void periods and ensure steady yields in 2025.

A Positive Outlook for 2025

Surrey’s property market, both in sales and lettings, remains a beacon of resilience and opportunity. For sellers, early 2025 offers a strong start to the year with heightened buyer demand. For landlords, preparation is key: understanding the upcoming regulatory changes and making improvements now will ensure success in a competitive market.

Whether you’re selling, buying, or letting, the team at Wills & Smerdon is here to provide expert advice and support tailored to Surrey’s unique property landscape. Thinking of selling or letting your property in 2025? Contact Wills & Smerdon today to book your free valuation.

Call:

01483 284141 | East Horsley

01483 224343 | Ripley