Zoopla published their forecast for the property market in 2020 and the signs are positive.
According to Zoopla, the headline rate of UK house price growth increases again this month to +3.4%. The cities with the fastest rate of growth have changed with Liverpool dropping from 3rd to 6th place at +3.8% and Edinburgh (+5.4%) and Manchester (+4.7%) knocking Leicester (4.5%) off the top spot. Glasgow also performed well with a price growth of 3.4.%
The recent election results have delivered a level of certainty, however it’s important to remember that the results alone do very little to change the affordability fundamentals that ultimately affect home buyers. The combination of the lower mortgage rates and rising incomes have been key to the annual increase in prices. Looking ahead, affordability pressures will continue to be the biggest constraint (or facilitator) to growth in 2020.
Moving away from growth and onto sales volumes we are expecting an increase in London, while growth remains relatively muted, whereas at a national level, we expect housing sales to remain at approx 1 million over the course of 2020.
You can download the full report below.