With so many industry experts offering statistics and insight which indicate confidence is back in the housing market, it is natural for people to look ahead with greater optimism. Figures provided by 'Halifax' suggest annual house price growth has risen to 4.1% in January 2020. Halifax also states for the most recent quarter; house prices were 2.3% higher than in the previous quarter.
Russell Galley is the Managing Director of Halifax, and he said; “A number of important market indicators continue to show signs of improvement. We have seen a pick-up in transactions with more buyer and seller activity consistent with a reduction in uncertainty in the UK economy. However, it’s too early to say if a corner has been turned. The recent positive figures may actually represent activity that would ordinarily have been expected to take place last year but was delayed by economic uncertainty.”
Demand is expected to outstrip supply again in 2020
Halifax believes there will be a moderate rate of house price growth in 2020, with demand continuing to be elevated. Even though there are expectations more vendors will enter the housing market this year, demand is still expected to outstrip supply.
It is likely there will be new measures introduced during the March Budget to assist first-time buyers, and mortgages are expected to remain affordable as the year continues.
Nationwide also reports optimism in the market
The Nationwide is usually more cautious than Halifax, but their most recent UK housing market data also provides cause for optimism. Their figures suggest house price growth increased by 1.9% in January, which is an increase on the 1.4% figure in December. For 12 months before December 2019, annual growth has been below 1%. Therefore, even if you are of a mind to be more cautious when examining the housing market, there is cause for optimism.
In addition to Halifax and Nationwide, NAEA Propertymark has also provided information which suggests there is confidence in the market. For the end of 2019, the organisation noted positive trends in demand for homes and agreed on sales. NAEA Propertymark, through their Chief Executive Mark Heyward, is on record as seeing this as an “encouraging close to the year” and they “hope to see more of this stability in 2020.”
“At Hamwic Independent Estate Agents, we know there is a lot of talk about the "Boris Bounce", and how this has reinvigorated the property market”, said Hamwic Director Richard Baddams. “There is no denying many buyers have decided now is the time to act. There has been pent-up pressure in the housing market, and we have experienced an increase in buyer demand since the start of the new year. We are happy to help buyers looking for a home, and we can also assist local vendors in connecting with buyers and selling their home.”
Selling your home is a challenging process, but we are here to help. To book a valuation appointment, click here. Alternatively, you can phone our branch on 02380 663999.