19 Dec HOUSE SURVEY REPORT AND PREDICTION FOR 2020
As you will know, the Conservative Party has won with an absolute majority of seats in the UK General Election. As a result, the UK is likely to leave the European Union on 31st January, with a vote in Parliament and the Queen’s Speech.
This will end the uncertainty over Brexit and pave the way for the release of pent-up demand, that has been building in the property market in recent months. The extent to which this translates into transaction activity, in the short term, will depend on the size of the gap between buyers and sellers expectations on pricing.
The RICS Residential Market Survey, which was released on 12th December, one day before the General Election, showed that the property industry believed that ‘getting Brexit done’ would trigger a surge in the housing market.
Rightmove predicts that the price of property coming to market in the UK will rise by 2% in 2020. Home moving confidence and activity has been dogged by political uncertainty since the 2016 referendum. With a clear majority in the election, there is now an opportunity to release some of the pent-up demand.
Rightmove also say, that the level of property enquiries doubles between Christmas and the New Year, so all the signs are positive.