Stability is returning to the property market and, with it, confidence to sell and buy!
11th March 2020 posted in Sellers Buyers
2019 was a challenging year with people uncertain about what will happen with the market around brexit. But all of the signs so far in 2020 suggest the market has recovered and seller and buyer confidence is back. At Hunters we have seen over 120% increase in buyer enquries and a huge increase in people booking valuations to sell, which is positive!
We see the main contributing factors to this as, a Government in power who received a majority vote and, with it, a clear decision on Brexit, meaning a more certain economy.
The Royal Institute of Chartered Surveyors (RICS) and Rightmove report there has been a notable increase in buyer demand in January with both the HMRC and Rightmove citing sales volumes are on the rise.
Both market appraisals and new instructions are on the up, according to both RICS and Rightmove although demand currently outpaces supply. Prospective vendors are well advised to contact their local agent.
Further good news for buyers is that interest rates remain low and more and more excellent mortgage products are available to you.
Those people in 2019 who were classed as our "wait and see what’s going to happen audience" are now ready to get their lives on track again and, move house! The predictions for the market in 2020 are for a steady single digit growth again.
The latest house price data published by Land Registry shows that UK House prices are growing and have increased by 2.2% to £235,298 in the year to November 2019. This is the highest level of annual growth recorded since November 2018.