Will 2020 See More First-Time Buyers?
29th January 2020 posted in Buyers
Selling your home isn’t always a simple process, but there are things which make the process easier for vendors. Having more buyers in the market will help vendors because when there is more demand for property, there is a higher chance of connecting with likely buyers.
There are several factors which suggest 2020 might welcome more buyers to the market. This is positive for people looking to buy a home, but it is also positive news for people who are keen to sell their home. We are on hand to help you make informed decisions in the property market, and here are some of the reasons industry experts believe there will be an increased number of first-time buyers in 2020.
There is hope for a Boris Bounce
There was a brief Boris Bounce in the aftermath of the General Election, but things returned to normal before too long. However, with more political consistency, it is not unreasonable to hope for more positivity in the property market.
It is not as though political instability is the only factor which influences the property market, but it is a sizable influence. Therefore, when we know what happens with Brexit, there may be an increase of people wishing to make a move in the market, and this could swell the number of first-time buyers looking for a home.
Will the Government provide more Help To Buy
The Conservative Party manifesto in the run-up to the General Election made a lot of promises regarding the help they would offer to first-time buyers. The Budget in March is eagerly anticipated to see the landmark changes they make to assist first-time buyers, but there is a range of options for the Government to consider.
The Help To Buy ISA scheme was extended to the end of November 2019, and this saw a late rush of people signing up for the scheme. Over time, the impact of this may be seen in the number of first-time buyers benefiting from the scheme. The scheme will allow contributions until 2029, so there could be a wealth of first-time buyers in the next decade using this scheme.
HM Treasury data suggests 234,074 property completions have concluded thanks to the Help To Buy ISA scheme. The scheme has been accredited with reducing the median age of first-time buyers (from 30 years old to 28 years), and this age could well be reduced in years to come.
The impact of Help To Buy schemes are apparent, and there will be calls for the Government to provide further assistance to first-time buyers in 2020 and beyond.
At Hunters Forest Hill, we know making a move in the property market is a complicated process, but we are here to assist you. If you aim to buy, sell, let your home or rent property, we are active in New Cross, Peckham, Dulwich and Brockley, in addition to Forest Hill, so get in touch with one of the top three agents in London, and we will be happy to assist you.