Recent News:
January
PROSPECTS FOR THE 2020 HOUSING MARKET
‘There could be a Brexit bounce in early 2020’ says Kate Faulkner, housing expert and founder of propertychecklists.co.uk;
‘One of the things that has held the market back over the last 12 months is the uncertainty of Brexit and latterly the election. Now both of these questions are settled and as people have ‘hung on’ for some time, it is likely there will be a bit of a Brexit bounce in activity at the start of 2020. As a result, I would expect more people to put properties up for sale and more buyers coming into the market. In some areas this may result in a short-term rise in prices as people compete for quality properties in good locations which are likely to still remain in short supply.’
‘Most are predicting small price rises year-on-year in 2020, but I expect the rises will come at the start of the year and then fall back as pent up demand subsides. ‘As always, buying a home is all about your own personal circumstances, and it is essential to seek advice from local agents about the market for an existing home and the one you are buying, rather than rely on averages in the media.’
Mark Hayward, chief executive, NAEA Propertymark says: ‘Brexit is undoubtedly causing uncertainty in the housing market, which in turn affects sentiment and decision-making. ‘Once there’s clarity on how and when we’ll be leaving the EU, we hope there will be a degree of certainty which may trigger a flurry of activity.’
‘Portfolio landlords will fare well’ says Chris Norris, director of policy and practice at the National Landlords Association (NLA); ‘The issues troubling most landlords are the status of non-UK, and in particular EU, citizens, given their responsibilities to police the Government’s Right to Rent policy, as well as the overall impact that Brexit will have on the stability of the housing market. It is still too early to predict what impact Brexit will have on property values. A weakening of the appeal of UK investment could drive prices down or a lack of certainty could drive up interest in the relative stability of bricks and mortar. Likewise, while Boris Johnson’s victory… might be music to the ears of those that want Brexit done and dusted, the uncertainty is not yet over. And aside from Brexit, landlords are concerned about what the next government’s plans will be for the private rented sector more broadly. All factors together have caused landlord confidence to fall to an all-time low, and the Government must take urgent action to deliver on its pre-election promise to strengthen landlords’ rights of possession by reforming the law courts if it is to stave off a crisis in the private rented sector. On a day-to-day level, changes to immigration policy after Brexit could reduce demand from those coming to the UK, or drive up interest from those taking advantage of new arrangements with states outside the EU. It is likely that landlords with established, well-capitalised portfolios will fare reasonably well. However, those heavily reliant on finance may find uncertain conditions more troubling.’