UK House Price Forecast ￼
It seems like only yesterday that everyone was getting ready to wish each other a merry Christmas and Happy New Year. Yet, here we are, with 2020 in full swing and the UK property market picking up the pace early in the new year.
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Things have started positively, too. Rightmove, the property portal website, is predicting that property prices and the economy are likely to grow faster than initially expected. At the same time, The Royal Institution of Chartered Surveyors (RICS) is confident of 2% house price growth in 2020.
What does all this mean for the UK housing market? We unpack the latest house price forecast to discover what’s in store for home buyers and sellers with designs of being active on the market in January. Read on, and find out more about the current UK house price forecast.
New year, new house prices
According to the Nationwide House Price Index, 2019 saw an inflation in property values amounting to 1.4%. However, this figure is countered by Halifax, the UK’s largest mortgage lender, who suggest house prices rose by 4%.
One aspect is certain: despite last year’s uncertainty around Brexit and the UK government, house prices still saw a modest rise. Now, with greater political certainty, local housing markets up and down the country can expect a bounce over the next 12 months.
Long live the northern Property Market
Property prices are expected to see the most significant rise in the north of England, with forecasts predicting between 2 and 4% increases. Cities such as Manchester can expect to lead the charge, while Liverpool, Sheffield and Newcastle will follow closely behind as hotspots for property in England.
Down in the south, where property prices are typically higher, the rise is expected to be more low-key – coming in at between 1 and 2%. This doesn’t mean there will be a sweeping shift towards the north for buyers, yet it could see more investment in the buy-to-let market – especially in Manchester.
A seller or buyers market?
The last 18 months have pointed towards a buyers’ market in some areas of the country, yet that could all change in 2020 with more political certainty and a defined stance on Brexit. The result means that it could be the perfect time for vendors to put their property on the market.
Low-interest rates, high employment, rising wages and a widening supply and demand balance could tip the landscape in favour of vendors, with far more buyers than properties available. It is certainly worth keeping an eye on over the next few months as we head into the spring.
Entering the market with confidence and flexibility
If you’re thinking of putting your property on the market, request a a call to speak to one of our property experts today. They will inform you about your local market and suggest a price for your property that ensures it will be competitive while achieving its true value.
Mashroom gives you all the tools to rent your home on your schedule, while providing in-depth knowledge and expert advice on your local market, 24 hours a day, 7 days a week. Take control of your properties by using our online dashboard and working with the Viewings Team.