The 2024 Rugeley...

As a dedicated estate and letting agency based in Rugeley, we are passionate about keeping a close eye on property market trends, both locally and across the UK. It’s not just about numbers—it’s about understanding the stories they tell and how they impact our community.

Let’s take a closer look at the property market highlights from 2024 and explore what they might mean for Rugeley in 2025.

2024: A Strong Year for the Property Market

In 2024, the UK property market saw 1,230,136 homes sold subject to contract (STC)—a significant increase from 2023, where 1,066,212 properties sold STC. That’s a 15.4% rise!

For those who enjoy property stats:

• The average UK property sold STC in 2023 was £354,981 (£331/sq.ft.).
• In 2024, this rose slightly to £361,529 (£340/sq.ft.).

While house prices edged up, the real story is the surge in sales. It’s a reminder that the health of the property market isn’t just about prices—it’s also about the number of homes changing hands.

What’s Driving the Market?

Several key factors contributed to this growth:

1. Falling Mortgage Rates: Lower rates encouraged more buyers to take action.
2. Wage Growth: Higher incomes provided buyers with more confidence.
3. Low Unemployment: A stable job market made homeownership more achievable.
4. Changing Preferences: Post-pandemic lifestyle shifts continue to drive demand for homes that better meet people’s needs.

Spotlight on Rugeley’s Property Market

Let’s focus on Rugeley. How did our local market (WS15) perform in 2024?

In 2023:

• 537 homes sold for an average of £292,002 (£270/sq.ft.).

In 2024:

• 644 homes sold for an average of £287,959 (£273/sq.ft.).

That’s a 19.9% increase in sales! While average prices dipped slightly, the number of transactions climbed significantly—a great sign of a thriving local market.

What About 2025?

Looking ahead, Rugeley’s property market is shaped by unique local factors, including:

• Employment Trends: Local job opportunities directly impact confidence and demand.
• Infrastructure Developments: Improvements in transport, schools, and amenities can boost buyer interest.
• Demographics: Shifts in who’s living here—and what they’re looking for—play a big role.

Staying informed about these local nuances is essential for making smart property decisions.

Setting Realistic Expectations: The Key to Success

In 2024, 851 homes were listed in Rugeley. Of these:

• 516 homes (60.63%) sold and completed.
• 335 homes (39.37%) were withdrawn, unsold.

This highlights an essential truth: pricing your home realistically is the single most important factor in achieving a sale. Overpricing may seem tempting, but it often leads to missed opportunities and longer time on the market.

Homes priced correctly from the outset have a 94% chance of completing a sale within 25 days. If a home lingers on the market for over 100 days, that chance drops to just 56%.

Let’s Make 2025 a Great Year for Rugeley

As your local property experts, we’re here to help you navigate the market with confidence. Our in-depth knowledge of Rugeley, combined with honest, professional advice, ensures your property is priced to sell—not to sit.

Whether you’re planning to sell your home or manage a rental property in 2025, we can work together to achieve your goals. Our tailored strategies are designed to help you make the most of the opportunities in Rugeley’s property market.

Get in touch today for a friendly chat about how we can support you. Here’s to a successful 2025 for Rugeley homeowners and landlords!