Following Brexit Election House Prices To Shoot Upwards By Spring
With the resounding Conservative’s Brexit Election campaign success, residential prices along with the economy are predicted to grow far quicker than originally forecasted following the result.
According to a property website it predicts that during 2020 the average asking prices will rise by 2% from the current 0.8%. This is down to the factors of high employment, increasing wages, low interest rates, at long last some form of political stability and a higher demand for than supply of ‘homes’.
The property website’s December House Prices Index shows that in 2019 the number of sales agreed has fallen by 3% from the previous year. However it also notes that the number of properties coming onto the market has dropped further behind as it was 8% lower than last year; estate agents are reporting their housing stock levels are at their lowest for two years.
The northern areas are predicted to lead the charge with an expected increase of between 2% and 4%.
As the south is generally far more expensive, it is expected to experience a comfortable 1% growth.
Miles Shipside, director and housing market analyst, said: “Home-mover confidence and activity have 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 in the spring, and for some modest upwards price movement.
“Given the Brexit track record to date, further political twists and turns should not be ruled out, though with a large majority there is a higher possibility of an end to the series of Brexit deadlines, and the prospect of an orderly resolution.”