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House prices predicted to rise by 2% in UK

It’s predicted that the average house price in the UK will rise by 2% in the next year, with the north outperforming the southern regions. 

It’s predicted that the average house price in the UK will rise by 2% in the next year, with the north outperforming the southern regions. 

Predictions from Rightmove suggest asking prices rise by 2% in 2020, stating that the election result could “pave the way” for an increase in housing market activity this coming spring.

This rebound in the market follows an uninspiring 2019, in which the number of sales agreed fell 3% compared with 2018 and the number of properties coming to market fell by 8%.

Rightmove’s data covering the latest month suggested that prices were still declining as the election took place, with the average price falling by 0.9% to £300,025 in the first half of December, leaving the market just 0.8% ahead of this time last year.

But the predicted pick up next year, even to just 2% growth, will mean buyers can expect to pay £6,000 more for the average home.

Rightmove director, Miles Shipside welcomed the certainty produced by the landslide election. He commented: “The greater certainty afforded by a majority government gives an opportunity for a more active spring moving season, with some release of several years of pent-up demand.”

He added: “There will be regional variations. London is finally showing tentative signs of bottoming out, and we expect a more modest price rise of 1% in all of the southern regions where buyer affordability remains most stretched.

“In contrast, the largest increases will be in the more northerly regions, repeating the pattern of 2019 with increases in the range of 2% to 4%.”

LPC Living is a residential and commercial property developer that deliver unique properties across the UK, from individual homes to major regeneration projects and lots of fantastic projects in between. Read more Property News from LPC  here.