18 Feb Buyer Confidence Rises In 2020
While many factors have influenced the UK property market in recent years, political uncertainty has been a significant factor. No matter your political allegiance, the convincing nature of the Conservative victory in the General Election of 2019 should create a more stable platform for buyers and vendors.
Brexit is still likely to rumble on, and influence people and the March Budget may have a few surprises for people, but it is easy to see why there is buyer confidence in 2020. This can be seen in the ‘State of the Property Nation’ survey from Zoopla, which indicates there is increasing confidence amongst buyers.
Input from buyers and vendors is vital for agents
The survey spoke to more than 650 estate and letting agents, and around 6,000 property owners and tenants across the country. This investigation creates a snapshot of what the UK feels about the housing market, and many will view this information as the data which should dictate future work and developments in the market.
The research finds there has been an increase in the number of people who are looking to buy, sell or rent a property. Of the people who are looking to buy a home, 32%, it appears they are a more serious group than in previous years. Close to one-third of this group indicate they are keen to move in 2020.
There is evidence of increased buyer confidence
Further research by Zoopla outlines the increase in buyer confidence. For the four weeks between 23 December 2019 and 19 January 2020, buyer demand was +26% higher than the same period for 2019 and 2018. Every city in Great Britain experienced an increase in demand from buyers.
Richard Donnell is the Research and Insight Director at Zoopla, and he said; “Whilst the first few weeks of the year always see a return of home buyers to the housing market, demand for housing at the start of 2020 is 26% higher than over the last two years. This is partially due to fading political uncertainty; households who were holding off moving are now starting to return to the market and this momentum has been supported by low mortgage rates. The cities with more affordable house prices, such as Sheffield and Leeds, have seen the greatest increase in buyer demand as house hunters continue to focus on value for money this year.”
Zoopla expects house prices to grow on average by +3% across all UK Cities in 2020.
National figures are useful, but at Anthony Jones Properties, we like to focus on housing matters closer to home. Our first-hand knowledge confirms there are buyers looking for homes, and registering their interest right now. With the March Budget likely to announce additional measures to assist buyers’ step onto the property ladder, it is reasonable to assume buyer demand will continue in spring.
If you plan on selling your Darlington home, you can take confidence from the willing buyers in the local area. Anyone looking to sell their home should contact us, and we will arrange a property valuation for you. We know the Darlington property market very well, and we work hard to bring buyers and vendors together. If you need guidance or advice, contact Anthony Jones Properties today, and we will be happy to assist you.