The Conservatives’ general election win and increased certainty on the direction of Brexit have led property experts to predict growing confidence in the housing market in 2020. However, their optimism is cautious, according to researchers at Savills who have predicted a 1% rise. The Royal Institution of Chartered Surveyors gave a more confident prediction of 2%.
Nitesh Patel, Yorkshire Building Society’s strategic economist, commented: “Sales to first-time buyers are buoyant and now account for around half of all house purchases. A strong jobs market and low mortgage rates are likely to support the market, but concerns around affordability may limit the number of people wanting to move home.“