According to property portal Rightmove, the market will pick up for Spring, becoming much more active than it has been for a while.
With the majority Government result at the back end of 2019, this is likely to cause a good proportion of those who have been holding off putting their properties on the market to make the move.
Rightmove also forecasts that average property prices will increase by 2% - while this may be a small increase, it is more than double the current annual rate of 0.8%. The reason for the price rise is more than likely due to the fact that demand is higher than supply. Demand from buyers has remained fairly static over the last 12 months, while the number of properties coming to the market has dropped by around 8%.
Rightmove’s property expert Miles Shipside said: “With much of the political uncertainty removed, we expect that the number of properties for sale will recover as more new sellers come to market, making up some of this year’s lost ground… The fundamentals remain sound with low interest rates, lenders competing to lend, high employment, and average wage growth outstripping house price growth and helping buyer affordability.”
Jamie Smart, Director of smarthomes commented: “While the market has been tough in general for many in the property industry, we have still achieved some amazing results. In 2019 we sold more properties, let more properties and instructed more properties than any other agent in our area. People still have to move house, for various reasons, and they have chosen us – based on our excellent track record of selling and letting properties quickly, smoothly and for the best price.”
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