PROPERTY MARKET PREDICTIONS FOR 2019
It is generally known that 2018 was a difficult year for home owners, partly because of the uncertainty caused by the Brexit vote and the unknown outcome. Will 2019 be a good year in the property market? We predict that there will be regional variations and also, it will be dependent on the type and style of the property. First time buyers’ properties, traditional 3 bedroom semi-detached or luxury executive homes, with or without land, will be the strongest areas. We expect 2019 to be a good year, particularly when the Brexit question is settled and general nervousness goes away. This, we believe, will bring about a significant increase in activity towards the middle of 2019, when we anticipate the extra supply of properties to be matched by increased demand, although we do not expect to see any significant rise or fall in prices in general. One simple factor which makes Brexit less important is the growing gap between supply and demand. It has been estimated that the UK needs to build over 174,000 new homes each year to balance demand, but is falling far short of reaching this target. Some economists are concerned about the affordability of first time buyers homes with younger buyers, unless they are receiving assistance from family, but the number of professionally trained and skilled immigrants coming into the country, is increasing the demand for this class of property. Rural properties in the upper price range with acreage have been struggling in 2018, but we are beginning to see an increase in interest in this sector. Traditional 3 bedroomed properties, in good family areas will be in strong demand, particularly if located in highly regarded school catchment areas. Prices in this sector are expected to increase. Demand for bungalows will continue, as they are increasingly rarely available. Many bungalows have been demolished and replaced with 4 bedroomed houses, due to the size of their plots, leaving those left at a premium. We predict that the housing market in 2019 will be busy with new listings, as Vendors who have been uncertain over the last 18 months take positive decisions, coupled with the rejuvenation of pent-up demand. There are an estimated 6 million households living in the wrong sized property for their needs and many of these will wish to remedy the situation. Overall therefore, the prospects look positive.