There is a lot of positivity and optimism surrounding the property market these days, and a lot of people are reviewing their property options for 2020. A more stable political landscape has led industry experts to believe this is the year more people buy homes, and there are plenty of industry markers which suggest this is likely to be the case.
However, there is a lot to consider. The online property portal Rightmove has released information which indicates their monthly traffic has increased by 7.2% on the year-on-year figures. This led to the company welcoming 152 million visits at the start of the year. In the first week in February, the traffic was up 9.2% on the 2019 figure.
Buyers are looking for property
This is positive news for the property market, as it indicates buyers are looking for a property. Of course, while it is good to see buyers come to the market, vendors need to be present too. There is a shortage of supply in the property market, and Rightmove data suggests the average asking price is increasing.
Miles Shipside is a property expert at Rightmove, and he said; “Spring buyers are likely to be faced with the highest average asking prices ever seen in Britain. Buyers who had been hesitating and waiting for the more significant political certainty following the election outcome may be paying a higher price. Still, they can now jump into the spring market with renewed confidence.”
Miles continued by saying; “The bounce in our statistics seems to show that many buyers and sellers see the election result as giving a window of stability, so if you’ve been holding back on account of Brexit, 2020 could well be your year to move.”
There is an increase in the number of sales which have been agreed
While there is a need for more vendors to enter the market, there is a suggestion this is slowly happening. There was also an increase in the number of sales agreed. Taking the year-on-year figures into consideration, there has been an increase of 26.4%, which is positive, and should provide confidence for the market.
Shipside continued by saying; “It’s the first time for over a year that we have seen any sign of a return of seller confidence, albeit lagging behind the surge in numbers of early-bird buyers. Owners coming to market this spring face the best-selling prospects for several years, with good demand for the right properties at the right prices.”
While there is optimism in the market place, it is a challenging time for buyers and vendors. We are pleased to offer support and guidance, no matter what move you are looking to make. With the March Budget looming, there will be a focus on the housing market, and we will ensure you make an informed decision.
If you are keen to sell your house in 2020, you’ll find we are ideally placed to ensure you receive the support you need. Koopers are local property market specialists in Alfreton, so contact us today to reach out to local buyers.