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What does 2020 hold for house prices? See what the experts think

Author: Craig Bees Published: 7th January 2020 09:18

What does 2020 hold for house prices? See what the experts thinkWhat does 2020 hold for house prices? See what the experts think

The scores are in and it looks like house prices are going to rise gently in 2020 according to forecasts from almost all the respected property industry analysts in portals, consultancies and estate agents.

There are plenty of variables and unknowns, not least what will happen after Brexit at the end of the month. But here are the views of 10 of the leading companies casting their eye over the property market.

Bartram & Co: East Midlands prices to rise by 2%-5% thanks to greater economic stability with much depending on what happens trade and economy wise after Brexit. With more confidence will come higher levels of housing stock and we expect transaction levels to improve over 2020 and 2021.

Zoopla: City house prices to rise by up to 4% with northern cities benefitting more than those in the south. Director Richard Donnell says: “We expect a limited boost to sales volumes in London over 2020 but for price growth to be constrained by affordability factors, London prices are expected to rise by 2% over the year.”

Rightmove: prices up 2%-4% with the north set to benefit the most. “There will be regional variations. London is finally showing tentative signs of bottoming out, and we expect a more modest price rise of 1% in all of the southern regions where buyer affordability remains most stretched,” says analyst Miles Shipside.

Halifax: rise of between 1%-3%. The bank says that, longer term, a renewed focus on housing policy and increased infrastructure investment outside southern England, as pledged by the new government, will see a boost to house prices in the north - but these won’t come in time for this year’s market.

EY Item Club: 2% rise. “Housing market activity – and possibly to a lesser extent prices – could be given a modest lift in 2020 if the government introduces specific measures aimed at boosting the sector in the budget,” predicts the club’s chief economic adviser, Howard Archer.

Royal Institution of Chartered Surveyors: 2% rise. Surveyors say there will be no uplift in transactions this year, mostly thanks to a long-running stock shortage which it says will characterise at least the first half of 2020. RICS is also forecasting that rents will rise by an average of 2.5% across the UK, slightly more in London.

Knight Frank: up 2%. London will not see any price rise this year but the rest of the UK will start a longer-term upward shift in prices with the agency expecting  them to rise by up to 4% annually until the end of 2024. Firm adds that thanks to buy to let tax changes, expect to see some landlords selling up.

Jackson-Stops: up 1.5%. This high end agency says the biggest demand in the year ahead will be for 3-4 bed priced at £500,000 to £1m as resistance to stamp duty continues to impact the most expensive market sector. Agency adds that thanks to  greater political and economic stability, the wider market will edge up this year.

Fitch Ratings: up 1%. Now Brexit is set to happen, expect prices to edge up. Next year, 2021, should see a larger rise.

Savills: up 1.0%. Figures for 2020 as well as a five year forecast. The overall trend is that the north west of England will see prices rising six times faster than those of London by 2024, with Bank of England base rate rising gradually to 2% and increasing transactions.

What do you think will happen this year and beyond? Drop me an e-mail at craigbees@bartramandco.co.uk Be great to hear your views.

Help to Buy Scheme: still available on all Moat Lane development properties in Towcester with part exchange also considered. Contact us on (01327) 359164.

Monthly draw: make sure you enter January’s draw for your chance to win a case of Italian wines (red/whites/mixed) or a one month’s membership at Whittlebury Hall Leisure Club.

How To Enter: every valuation and instruction for sale or rental between now and Wednesday January 29 2020 will be entered into the draw, the winners being notified by e-mail.

If you’re thinking of selling or letting your property and want to win one of these great prizes on offer call (01327) 359164 and speak to our sales or lettings team.

Until next time.

Craig Bees, MD Bartram & Co

E-mail me at craigbees@bartramandco.co.uk

Visit our website www.bartramandco.co.uk and follow us on Twitter@bartramandcotow

Tel: (01327) 359164

Fax: (01327) 359166

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