Whatâ€™s next for the housing market after Brexit?
After months of uncertainty, Britain finally left the EU on 31st January. Though trade negotiations will continue until the end of this year, the effect is already being felt in the housing market, with further positive growth expected to follow throughout 2020.
The mood started to turn almost as soon as the Conservatives won the December General Election, with an immediate surge in buyer demand the media dubbed the 'Boris bounce'. The decisive election result appeared to bring much-needed clarity for those who had been waiting to make a move in 2019, with optimism only increasing following the Brexit agreement in January.
That confidence has now spread to all areas of the property market. Bank of England data showed mortgage approvals also rose throughout December to 67,241, the highest monthly level since July 2017. In addition, data from Rightmove indicates the average asking prices of properties going on the market has risen by 2.3% since the general election, increasing in every region in the UK for the first time in two years. This means the average UK house price is now £406,810. This is the biggest month-on-month rise seen in the month of January since the company launched its price index in 2002. It also showed enquiries from potential buyers to estate agents were up by 15% to 1.3 million compared to the same period a year ago, a trend forecast to continue for the rest of 2020.
With buyers now keen to make a move, this year is also predicted to be a great time to put property on the market, as demand still greatly outstrips supply. Selling at auction with Phillip Arnold Auctions is particularly appealing, as the process is completed and guaranteed with a month, long before any further Brexit deadlines later in the year.
Political stability is also expected to see confidence return to buyers looking to invest in the property market â€“ whether as landlords, owners of commercial premises or investments from international buyers - with these buyers particularly keen to purchase at auction. Whether you're looking to buy, sell or invest following Brexit, there has certainly never been a better time.