Welcome to the 20’s! Property market predicts bounce back in 2020
After an uncertain end to the last decade, largely due to Brexit, the new decade marks a positive turning point for the UK property market.
Stamp duty rises and tax relief changes, along with the tenant fees ban have largely been responsible for low property sales in Britain along with a constantly fluctuating buy-to-let market. Yet there’s reason to be positive as we enter a new decade in property.
January is already looking like a far more successful month for the industry, as demand suddenly seeps back into the market.
A similar 100% hike to the Christmas period last year is predicted in 2020 which saw the number of visits to real estate and property website Rightmove double. And a similar spike in demand is predicted over the course of this month. Whilst the cloud over Brexit will continue to prevent some from committing to the market, property bosses have predicted a significant recovery in 2020, as our political exit from the EU reaches its conclusion.
Indeed Simon Lyons, of Enstar Capital believes:
“We now have stability and that counts a lot with foreign investors as they know they are not in for any surprises over the next decade.
“On the residential front, people will start feeling able to make decisions about moving that they have been holding off for the last three years. 2019 started off very gloomy but now we have lots to look forward to.”
As the Brexit deadline nears – in addition to the unanimous election results – it would appear confidence is on its way up.
Paul Clark, of Crown Estate believes that, in the capital, the uncertainty of the referendum has cleared and he expects the downward trend to:
“…reverse and the pricing gap between London, Paris, Amsterdam and Berlin to narrow,” adding “Almost whatever the landscape post-Brexit, there is a considerable upside to the London office market and its fundamentals remain strong.”
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