Regardless of one’s political persuasion, the General Election result will be an absolute tonic to the property market and provide some much needed certainty.
In recent times potential sellers and to an extent purchasers have been reticent to make a commitment amidst the political uncertainty and ongoing Brexit delays.
However, the Surrey market has actually remained incredibly resilient throughout the intensified Westminster mayhem this year. Curchods have continued to sell homes as although buyer numbers have been down, those that are seeking to move have been committed to making a purchase. It’s just been a case of having to work harder to get results on behalf of our clients.
What are house prices going to do in 2020?
With a Government majority now in place who are able to govern and make decisions, the outlook for a busier spring market looks most favourable. Since the election result on Friday 13th December 2019, we have already seen a positive reaction from purchasers in terms of confidence to go ahead.
Rightmove’s latest forecast predicts a 2% increase for house prices in 2020 and it’s already apparent that buyers who now see some stability in the market are concerned that in the New Year house prices may rise and therefore they want to secure their next home before they potentially need to pay more for it. Evidence is emerging of buyers revisiting properties where they have had offers turned down, looking to increase their offer as they are keen to agree a sale this side of Christmas.
What the market really needs now, is an increased number of properties available for sale in order to keep up with the current buyer demand we are experiencing.
As we head into 2020, I am expecting more sellers coming to the market in the New Year, as we see those who previously had been delaying their move, now able to confidently go to market, safe in the knowledge that provided they use a good High Street estate agent, they will be able to fulfil their moving aspirations.
At Curchods we are gearing up for a busy year and the likelihood that house prices will also show improvement. As a result, I am genuinely excited by the prospects for the housing market in the New Year and throughout 2020.
Group Managing Director