Optimism Returns to the UK Property Market

The law of supply and demand applies in all walks of commerce and it certainly reflects the ebbs and flows of the property market.  The trials and tribulations concerning the ‘will we’ or ‘won’t we ‘Brexit soap opera caused stagnation in the property scene and in some other business sectors.  Thankfully, this trend was given some clarity with a decisive UK election result in December 2019.  Following Boris Johnson’s resounding success in the polls the UK enjoyed the Christmas festivities and then kicked off the 2020 property market with much enthusiasm. 
 

4 Bed Detached Homes Highest in Demand

Renewed confidence has seen an upturn in interest from buyers and fresh stocks of property for sale are steadily being added to the market.  Although all properties are very much in demand, the most popular sector of the market are four bed detached family homes, especially if they come with a decent sized garden.  If there is plenty of parking thrown in then even better!

Property in the East of England up by 20%

According to Rightmove, London property sales are up 26% on January 2019 whilst the East of England is up 20% on the same time last year.  On a national level the property market is up 12% on January 2019.  This bodes very well for the rest of the year as optimism is clearly rising with more than 5.7 million visits being made to Rightmove in a single day (Wednesday 29 January 2020 – beating the record set on 24 April 2019).

 

Record Rightmove Site Visitors in January 2020

House hunters are browsing Rightmove in higher numbers, breaking the previous record high of 150 million site visitors in a given month.  Visitors to Rightmove were recorded at a whopping 152 million, a 7% increase on last January.  All the signs indicate renewed confidence in property and the economy looks to be on the up.  It is very much a sellers’ market as new property coming to market fights to meet demand from property buyers.  However, hitting the market at the right price remains key in achieving a successful sale.  Buyers are still looking for fair and reasonable prices as well as value for money.

 

Low Cost of Borrowing and Positive Job Market Improves Average House Prices

According to the Nationwide Building Society property values are up 1.9% higher than the same time last year with average house prices at £215,897.  The low cost of borrowing and positive labour market conditions contributes to a more positive market following a year of low house price gains of less than 1%.  The positive outlook is further helped by High Street mortgage lending which has jumped to the highest level for almost five years during December 2019.  Nationwide forecast flat house price growth during 2020 overall whilst some economists predict that 2020 will see an increase of somewhere around 2-4% in prices.

So, where do you sit on the property market right now?  Staying put no matter what, waiting a while longer before making a move to market or keen to get into the bustle of a growing property bubble?  If you are keen to bring your property to market or to go shopping for that ideal home then we can help.  We will listen carefully to your needs before advising you so if you would If you would like to learn more please do give us a call on 01366 858228 or email us on sales@sheridanestateagents.co.uk