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Jan 23 2020

With asking prices on the up, what’s next for the property market in 2020?

The new decade has started on an apparent high for the UK property market with Rightmove reporting a jump of 2.3% in asking prices, the biggest increase since their house price index began. Although some media sources have been guilty of sensationalising this figure with headlines such as “UK house prices rise at fastest rate on record” [The Guardian], it’s important to stay level-headed at times like these.

This optimism is a stark contrast to the cloud of uncertainty which has surrounded UK property since the 2016 referendum. Now that this cloud has been lifted thanks to the stability promised by Boris’s newly elected government and his commitment to Brexit, we may well be seeing the tide beginning to turn in favour of property, with vendors feeling more hopeful of achieving higher prices in this new stable environment.

It is undeniable that the property market breathed a sigh of relief after the election result. As a result, agents are seeing an influx of new buyer registrations and the number of new sellers is on the rise too. This should mean a more fluid market going forward.

However, it is vital to keep in mind that this increase is currently only being fuelled by hope on the part of sellers. Whether it translates into real sales is as yet unclear and will only be revealed when the actual land registry figures are released later in the year.

In spite of this, there are compelling reasons not to put off a possible property purchase in 2020. With interest rates at truly unprecedented lows and even mutterings of the Bank of England dropping the base rate even further, borrowing has never been cheaper. When this is considered against the backdrop of subdued prices in London over the last three years or so, investing in property this year could be a very wise decision indeed.

So, the UK property market may be starting the new decade with a spring in its step but it’s not jumping for joy quite yet. What’s next remains to be seen!

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