As an eventful 2019 draws to an end we have reflected on what has been our most successful year to date. Following this we thought we would provide an insight into our thoughts on how the market will develop in 2020!
Despite various media reports throughout the country, we actually found the market was very strong over the course of the year. With over 2100 viewings on sales properties alone this resulted in many properties experiencing Best and Final offers and securing what, in some instances, can certainly be described as a premium price for our clients. In fact, since January 2019 we have exchanged on over £30 MILLION worth of property in the local area.
Following the outcome of the recent General Election, reports for the property market certainly make lighter reading. Especially for an agent that not only succeeded in what was widely reported as a property slump, but having broken our previous record, we are certainly filled with plenty of optimism moving into the new year!
RightMove are claiming that having more political stability will provide a ‘Window of Certainty’ for the housing market and are anticipating a very active spring. Consequently, they predict that we will see a nationwide increase of approximately 2% for asking prices on all property.
Further to this, we have not seen an increase in the Bank of England Base rate that many predicted, and expected, since the 0.25% increase on the 2nd August 2018. This has resulted in continued low interest rates for mortgages and has ensured that many lenders are now competing for business – in fact we have recently seen a mortgage product with under 1% interest!
This tied in with the average wage growth outshining house price growth means we have seen a high volume of people entering the property ladder for the first time this year. This has also helped buyer affordability, with continued levels of high employment helping those who are looking to make the next move!
All of this means that there is significant evidence that a strong year is forthcoming, and as an innovative agent in the local area offering a modern approach to marketing, we are confident that our approach to selling and buying property will ensure 2020 is our most successful once again.
To see how we can help you maximise the potential of your house sale call one of property experts on 01603 670646 and we will be more than happy to discuss this further.