What do the early signs say about UK property in 2020?admin
With suggestions from industry experts at the end of 2019 that the Conservative election victory would see a strong and growing UK property market in 2020, we take a look at what the early signals have shown.
According to research by property website Rightmove, house prices in the UK increased at the quickest rate since they started their house price index in 2002.
The renewed and continued confidence for movers and investors saw the average price of properties newly on the market rise by 2.3%.
Miles Shipman, director at Rightmove said that the Conservative victory at the election created a “window of stability which suggests we are in store for an active spring market.”
Meanwhile, property transactions in December rose 6.2% year on year, further demonstrating the buoyancy and activity in the market.
Director of Private Finance Shaun Church backed this up, stating: “The end of 2019 saw a surge in property transactions, and this increase in activity looks set to continue into early 2020. “ Once again he credits the election result as restoring certainty and stability to the market, prompting confidence amongst buyers and sellers alike.
Further positivity has come from the Royal Institution of Chartered Surveyors (RICS) and mortgage provider Halifax reporting that housing market activity has outperformed expectations since December, although performance had been positive in November also.
Considering the activity and market behaviour so far, the UK property market in 2020 is on track to continue strongly with appetite amongst both buyers and sellers, offering supply for homeowners and opportunity for growth and attractive yield for investors.
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