Date Published 14 February 2020
House Prices set to bounce this year.
Last month, I made the assertion that this should be a good year for selling property. At the time of going to press, we're starting to see some figures from January and they make interesting reading.
Rightmove reports a year on year 12% surge in the number of sales for January across the UK. In the South East, this figure was even higher at a whopping 19%! This ties in with our best ever January for listing and selling.
Rightmove have also said that it was their busiest January ever and increased 7% on 2019. In fact, January 29th was their busiest ever single day with 5.7 million visits. That in itself is quite telling and supports my views that a lot of buyers had been waiting for more certainty in the market and if we add those to the usual ‘new year, new me' buyers, then this explains the significant upticks in demand.
What does this mean for the local property market? As more property goes under offer, more and more buyers and sellers will have the confidence to make their move and so we expect a sustained and continued improvement in activity throughout this year. There is still the potential for a disruptive hard Brexit, of course, but for now, the clear direction is positive.
On top of the usual seasonal demand is the pent up demand from the last couple of years and this will balance buyers and sellers in 2020 (2019 was definitely a buyers' market, although we continue to be the only agent in the area to average over 100% of asking price, according to Get Agent and Estate Agent 4 Me!).
So I still expect an increase in prices and the data appears to be supporting this. I made a bold claim to a 5% increase so it'll be interesting to see how that pans out!
Director of @Home Estate Agents and About Mortgages Ltd