property market predictions

Industry weighs in with property market predictions for 2020

With the start of the new year, industry experts are looking ahead to what 2020 may hold for the property market.

It is expected that the newly elected Conservative government may lead to stability and possible growth.

According to Propertymark, 25% of estate agents claimed that the number of sales made to first-time buyers would increase, while 58% expected it to stay the same.

Mark Hayward, chief executive at NAEA Propertymark, said: “Despite the difficult year [2019], the UK property market remains a strong sector overall, and has demonstrated a huge amount of resilience in the face of political turmoil.

“We hope for a more certain outlook and some stability in 2020, which is hopefully provided sooner rather than later.”
Andrew Montlake, managing director of Coreco, commented: “With the general election result finally delivering political clarity in relation to our exit from the EU, transaction levels look set to pick up in 2020.

“There’s a huge amount of pent-up demand for property and that will start to show through quite early in the new year.

“In 2020, spring for the property market is likely to start in mid-January.”

Ross Counsell, director at Good Move, added: “While it is unlikely that house prices will suddenly spike in 2020, the relatively stable political situation brought on by the Conservative majority might lead to more significant growth.

“We estimate that the [house price] rise will be in the region of 2–3%.”

Joshua Elash, director at property lender MT Finance, concluded: “The general election result was an emphatic endorsement of the need for political and economic certainty, and it gives us high hopes for the property market in 2020.

“We expect the housing market to benefit in the year ahead as everyone from first-time buyers to seasoned investors who have otherwise been anxiously waiting to see where we stood as a nation can now get on with their lives.”

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