According to data from Rightmove, the housing market is anticipating a spring surge in 2020 following a slow, uncertain year of political turmoil and rising house prices in 2019.
Estate agents and property experts have reported renewed confidence in the housing market after the election and Brexit as buyers and sellers who may have been ‘sitting on their hands’ are finally moving forward with enquiries and transactions.
2019 saw an all-time high for British property prices, along with falling numbers of enquiries from new buyers, low numbers of agreed sales, and a general lack of homes on the market. Experts put this down to a general hesitancy over the results of the election and Brexit, meaning that buyers and sellers were holding off until the political situation became clearer. However, 2020 has seen an influx of activity in the housing market, as buyers and sellers seem to be viewing the new year as a period of relative stability.
Property website Rightmove has seen a significant increase in traffic and sales already so far this year, and experts suggest that the renewed housing demand will drive this momentum even further. The spring market is already looking healthier, with a good demand for new properties and a return of seller confidence.
Affordability is still an issue for many buyers, who are unable to stretch to current asking prices, but there are suggestions that house prices may be on track to lower in 2020 as a greater volume of properties on the market will moderate prices.
And though it’s still early to tell if the increase in movement will continue, the current ‘spring bounce’ could well be a good opportunity for a quick sale at a good price as both buyers and sellers decide to make a move.
To take advantage of this uptick in the housing market, get in touch with our property legal team and get a free conveyancing quote to help you get started! We can assist with all aspects of property and conveyancing, whether you’re moving house, remortgaging, investing, releasing equity or managing a buy-to-let. Get in touch to find out how we can take the weight off your shoulders when it comes to property law.