AWS Developments

Uncategorised Property Market in 2020

The 2020 outlook looks set to be a slow one; with the dreaded word ‘BREXIT’ still hanging around like a grey cloud. It has been a tough year with all those so-called politicians trying to get us sorted and moving out of Europe. However, with all the uncertainty Brexit has created it hasn’t done a lot for our confidence, house prices and the general property market.

However, moving into 2020 the property market is set to pick up a little, which is great for us investors who are continual on the look out for good opportunities and projects to get our teeth stuck into.

According to Halifax UK house price growth will remain subdued next year at between 1% and 3%. The Royal Institution of Chartered Surveyors (Rics) said it expected transaction levels to be flat, with prices edging up by 2%. The property website Rightmove is also penciling in a rise of 2% – a slow one but one that will create stability and support growth in the coming years.

There is some good news!! If you are planning on buying your first home and taking out a mortgage, it is now looking unlikely that prices will rise very sharply – at least not in the first half of 2020..

First-time buyers are not the only the categroy of property buyers feeling the effects of this scarcity, with people planning to move onto their second homes finding it difficult to find suitable homes. This in turn frees up fewer homes that are affordable for first-time buyers. 

Russell Galley, Managing Director of Halifax explains, “Prospects for 2020 look a bit brighter, with uncertainty in the economy falling back somewhat, transactions volumes anticipated to pick up and further price increases made possible by growth in households’ real incomes. However the shortage of homes for sale and low levels of house building will continue to support high prices, while the challenges faced by prospective buyers in raising the necessary deposits may continue to constrain demand.”

I look forward to a stronger year in opportunities and it will always be a case of keeping my eye on the next property, which will allow me to generate a portfolio of exciting properties. I am really looking forward to 2020, with a project currently underway and 4 or 5 irons in the fire – 2020 is set to be a fruitful one and one that I am looking forward to the challenge.

Have a fantastic Christmas and lovely New Year and I will see you in 2020! : )