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New Year, New Motivation: Why 2020 is the year to sell your property

10/01/2020

With many buyers now tired of delaying their long-desired move, the start of 2020 is predicted to bring a surge of potential buyers looking for new properties. With demand far outstripping supply, this will result in a short-term rise in prices, making it a great time to bring your property to auction with Phillip Arnold Auctions.

In fact, a recent survey of over 2000 people found that three-quarters of Brits overestimate the impact Brexit has had on house prices so far. According to the latest Nationwide House Price Index, house prices actually rose by 0.1% in December, while annual house price growth was 1.4%, the first time it has risen over 1% since December 2018. UK house prices are currently forecast to rise by an average of 15.3% over the next five years and experts agree the feared sharp fall in house prices now seems very unlikely.

Savvy buyers have realised they need to return to the market rather than wait for lower prices and to take advantage of rising wages, high employment and low mortgage rates. More buyers can also be expected after February’s budget, which is predicted to include measures to help first time buyers, while the weak pound is likely to mean more interest in the UK property market from foreign investors.

Yet despite the widescale increase in buyers, properties are still in very short supply making it an excellent time to secure a sale and the desired price. One index showed almost 15% less properties were listed for sale in November compared with a year earlier, though the actual number of sales fell by just 2.9%. This is increasingly leading buyers to be braver with their property choices and consider houses that may not be conventional or need work, making an auction a fantastic way to reach the maximum number of potential investors.

Selling with Phillip Arnold Auctions in 2020 will finally allow you to move on with plans after the uncertainty of last year and take advantage of the buyers already waiting for your property.