CM23 Market Update – February 2025

As we step into March, it's a great time to reflect on how the property market performed across Bishop’s Stortford and the surrounding CM23 areas, including Farnham, Manuden, Birchanger, and Spellbrook. The numbers from February suggest a buoyant market, with strong levels of activity continuing from a busy start to the year.

February 2025 Market Overview:

• 148 new properties came to the market

• 72 sales were agreed

• 69 properties saw price reductions

• The average listing price for new properties was £585,365

• The average price of properties that went under offer was £591,502

• The average price reduction was 4.4%

These figures highlight a healthy level of movement in the market, with plenty of new instructions and a strong number of sales being agreed. The price reductions also indicate that sellers are adjusting to market conditions, ensuring properties remain competitive and attractive to buyers.

What This Means for Bishop’s Stortford and CM23

Bishop’s Stortford remains the most sought-after location within the CM23 postcode, with its fantastic commuter links, excellent schools, and vibrant town centre continuing to attract buyers. Farnham, Manuden, Birchanger, and Spellbrook also saw steady activity, benefiting from their charming village settings and easy access to Bishop’s Stortford’s amenities.

Mortgage Rates & Market Confidence

Another key driver of market activity has been mortgage rates. Speaking with several mortgage brokers, we’re seeing rates now dipping below 4%, which is fantastic news for buyers looking to secure a mortgage at a more affordable level. With borrowing costs stabilising and confidence growing, we expect demand to remain high as we move into the busy spring market.

Looking Ahead

With March already shaping up to be another strong month, we anticipate continued momentum as we head into spring. Our diaries are filling up quickly with valuation requests and viewings, which is a great sign of market confidence. If you’re thinking about moving or would like some tailored advice, we’d be happy to help.

Get in touch with Willmott & Lake today – whether you’re looking to sell, buy, or just explore your options, we’re here to guide you through the process.

📞 Call us on 01279 801165 📩 Email us at hello@willmottandlake.co.uk ☕ Or simply pop into our office for a chat!