The UK housing market ended 2019 on a strong note, with house prices 1.4% higher than they were at the start of the year. November and December bucked the trend and are perhaps providing a glimpse of what we can expect in 2020.
The winter market has been in particularly rude health. Now is as good a time as any for homeowners to get off the fence to begin the decade with the sale of their home. Would-be buyers are firing up the portals, and property websites are seeing plenty of traffic at this time of year.
That’s especially true here at emoov, where Christmas and New Year celebrations are already long forgotten as the property market gets its game face on. But just in case you were still thinking about waiting a little longer, here’s a look at how the new year property boom can help you sell your home and start 2020 off with a bang.
House prices are going up
House prices are on the rise. Some cite the increase down to the Boris bounce of an election win; others believe it’s because Brexit uncertainty is starting to fade. The reality, however, is that 2016 – 2019 saw property prices even out after unprecedented growth.
Every now and then the market needs to balance itself, and now it looks like we’re on the other side – which means it’s a good time to be a seller. While growth might not be as rapid as the 33% rise seen in the middle of the last decade, all indicators point to a healthy property market in 2020.
It’s a first-time buyer’s market
2019 saw first-time buyer’s reach record numbers, with the amount of people jumping on the property ladder exceeding 300,000. ISA schemes have certainly helped people get the keys to their first home. And if the rules are relaxed further on mortgage lending, we could even see a flurry of new buyers on the market.
Over half of homes bought with a mortgage last year came from those taking their first steps in the world of property. This is good news for sellers, who are likely to see even more demand for homes with first-time buyers expected to increase further in 2020.
In the aftermath of the 2016 referendum, many were fearful of entering the unknown and what it might do to the UK housing market. Fast-forward three years, and the stagnation over Brexit has left most people wanting a solution – one way or the other.
Whether you voted leave or remain, a Brexit resolution seems like it’s on the horizon. While there might not be a sweeping conclusion to the UK’s exit from the European Union, certainty around the beginning of the withdrawal process in January should be enough to give unsure buyers and sellers the boost they need to make decisions about their next property move. The result will be an even more confident housing market.
New year, new home
While resolutions about new diets, jobs and lifestyles will be on the agenda for many, it’s worth thinking about a new home at this time of year – especially if selling your current property is something that has been on your mind.
Request a callback with one of our dedicated property experts, and they will be more than happy to help you start 2020 off in style with the sale of your home.