Following the General Election of 2019, there was an immediate pickup in the UK housing market. This was dubbed the “Boris Bounce”. Given the time of year, m any experts predicted the bounce would end shortly, but a lot of industry observers were hopeful the bounce would return in 2020, and so far, it looks as though buyers and vendors are re-entering the property market.
When you have bodies like the Royal Institution of Chartered Surveyors (RICS) suggesting there is positive activity in the housing market, it is natural people will pay attention. RICS listen to the estate agents operating in the field and dealing with clients on a daily basis. When these property industry professionals indicate there is genuine movement and positivity in the market, it is time to pay attention.
Estate agents have provided RICS with evidence that there has been an increase in the number of potential buyers registering an interest in the property. There has also been an increase in vendors listing their property for sale. While RICS have been quick to state the number of homes listed for sale is still limited, the fact more vendors are engaging the market is positive news. If more homes are made available, it will be positive news for the property market in the United Kingdom.
There has also been an increase in property values, which is the first time this has occurred since the summer of 2018. Therefore, with so many factors suggesting there is positive activity in the market, it is pleasing to know RICS tips this condition to continue.
Simon Rubinsohn is the RICS chief economist, and he said; “The latest survey results point to a continued improvement in market sentiment over the month, building on a noticeable pick-up in the immediate aftermath of the General Election.”
While there is still uncertainty in the property market, and the political landscape of the country, it seems as though people have waited long enough without making a move in the property market. Brexit still has to be resolved and the March Budget has been affected by the resignation of Sajid Javid. Therefore, it would be wrong to say there is finally stability in the property market, but there is no denying the General Election has changed the market.
It should also be expected that property values will rise over the next year. This is positive news for people selling their home, if they don’t need the money to buy a new home, but it isn’t brilliant news for people looking to step on the property ladder, or scale their home upwards. However, there is a sense of optimism which hasn’t been present in the market for a while, and this is pleasing.
If you are keen to sell your home soon, contact Coakley & Theaker and we will be more than happy to assist you. We can arrange a property valuation on your behalf, and we are more than happy to take you from start to end of the sales process. If you want to make 2020 the year you make a move, contact Coakley & Theaker, and we will be more than happy to assist you.