Now the dust has settled on the General Election results, it’s possible to make some predictions about the performance of the housing market in 2020. Here are three property trends we can expect to see over the next 12 months:
1. Market recovery
The prospects of the UK housing market seem better than they have been for the last few years. Increased clarity over Brexit, plus political stability, equal increased confidence on the part of purchasers.
This means more property should come onto the market, increasing stock availability for landlords. Another effect of this, of course, could be a rise in prices. Rightmove predict a rise of 2% over the course of 2020.
The predicted rise in prices is not likely to help housing ladder hopefuls, however. For landlords, this should be good news as it helps to ensure a continuous supply of tenants. If affordability is minimal, then fewer first-time buyers might be chasing the sort of properties landlords favour too.
3. Regional variation
One of the key property trends we can expect to see in the coming year concerns regional variation. Although Rightmove predicts an overall rise in value to the tune of 2%, this is expected to vary across the UK. The property website giant expects London property values to rise by only 1%, while houses in the North of England could see their prices increase by between 2% and 4%. Currently, the average London house costs over £600,000, while the average home in the North East sells for under £150,000. Could we be about to see the property market levelling out a little?