It is easy to see why people have a sense of optimism at the start of a New Year. If you cannot be hopeful at the beginning of a New Year, you probably won’t raise your hopes too much at any point in the year. It is fair to say the beginning of 2020 has been challenging in many regards, but for the UK property market, there is still optimism that things will be better and brighter this year.
The comprehensive margin of victory for the Conservative in the December election should bring stability to the property market. There was a Boris Bounce in the immediate aftermath of the Election, and house prices rose. The Government should bring balance for several years, and it is now more than likely that Brexit will be concluded. Uncertainty is a significant problem for the property market, but the removal of some of the leading uncertain issues will hopefully help people step on to the property ladder.
There is some optimism for the 2020 housing market
With mortgage rates standing at a record low, and the Government vowing to help first-time buyers step on to the property ladder, you can see why there is some cause for optimism. Anyone looking to buy a home should take steps to evaluate their position, and determine what support is available for them. We are always happy to discuss the market, so if you would like guidance on the property market, please get in touch.
When there is clarity on what happens with Brexit, there will likely be a further impact on the property market. If the United Kingdom can leave the EU with a deal at the end of January, it would not be out of the question to see house prices increase by 2% in the year ahead. If the Government follows up on this with measures aimed at enhancing the market, prices and property market activity could benefit.
A delay to Brexit could be harmful
Of course, if a no-deal Brexit is obtained, or Brexit is delayed further, these outcomes may be unlikely to happen. There is a feeling many people are unwilling to hold off making a property market decision for much longer. Still, until there are more apparent signs for the market, it is impossible to predict what will happen with any great certainty.
Of course, it would be wrong to say there are no problems or concerns on the horizon for the market in 2020. There is a shortage of homes being supplied to the market, and house prices are a significant multiple of the average wage. These are issues which affect the property market, and even if there is an increased level of stability in the market, many willing buyers will still struggle to take a positive step in the property market.
If you are looking for ways to sell your home, it is best to speak to property professionals. For a chat or discussion on your options, contact your local Thomas Morris branch, and we’ll be delighted to offer guidance. If you are looking to sell your home, book a valuation at a time that is suitable to you.