What will happen to the property market in 2020?

PUBLISHED: 6th Jan 2020

House prices increased by an average 33.7% in the last decade and despite being relatively flat over the last couple of years, due to the uncertainties surrounding Brexit, are set to rise by a further 15.3%, according to latest predictions, in the next 5 years. However, there are likely to be significant regional differences with properties in the North of England expected to see the strongest price growth of 24% between 2020 and 2024. Central London properties are also set for a rebound with predictions of 20% growth and only 5% growth in Greater London.

 

According to Rightmove, the property market will increase by 2% in 2020. But that a lack of supply, with demand remaining high, could push prices higher. Added to which, low interest rates, lenders competing to lend, high unemployment and a continued growth in wages, helps buyer affordability.

 

So, if you are planning on buying  or renting a property in 2020, how will this impact you?

 

  1. House prices are forecast to grow by 2% in 2020, but stocks are expected to remain low. So, if you are thinking of buying, now is the time to get your property on the market, so that you're ready to move when the right property comes along. If you're renting, the number of letting properties are likely to remain low, which could prompt an increase in prices.
  2. First-time buyers. Schemes such as The Lifetime ISA, will help people raise the deposit required to buy a property. Which typically can be up to 20%. The good news is that interest rates are expected to remain low, which will make mortgages more affordable.
  3. Brexit. After the UK leaves the European Union on January the 31st, there will be some uncertainty surrounding the housing market. Currently confidence levels are high, so the 'Boris effect' may help property prices remain buoyant. A weak pound however, could encourage more overseas investors entering the market as this makes UK property relatively inexpensive.
In association with
If you are considering selling your home, choosing the right Estate Agent is key.
David Phillip Estate Agents are accomplished, local and Independent, with an award winning, track record for selling homes in North Leeds and Wharfedale.

Office address

86 Leeds Road,
Bramhope, 
Leeds, LS16 9AN

T: 01134 676 400
T: 01943 661 106 (Otley enquiries)
E: info@davidphillip.co.uk
David Phillip Estate Agents © 2024 All Rights Reserved
Design + Build ExpertWeb
Request a free market appraisal
Step 1: Please select a date and 3 possible times
June/July
T
18
W
19
T
20
F
21
S
22
S
23
M
24
T
25
W
26
T
27
F
28
S
29
S
30
M
01
 
Please select 3 times (we'll confirm one)
9:00am
9:30am
10:00am
10:30am
11:00am
11:30am
12:00pm
12:30pm
1:00pm
1:30pm
2:00pm
2:30pm
3:00pm
3:30pm
4:00pm
4:30pm
Your chosen date is
A member of the team will contact you to confirm your appointment
Step 2: Enter your details
Step 3: Tell us about your property
Step 4: Confirmation
Please check all your details are correct before clicking submit.
This form is protected by reCAPTCHA, Google Privacy and Terms apply.
lockenvelopeuserphone-handsetcrossarrow-down
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram