Over the past 12 months, the north’s housing market has fared markedly better than the south’s. In the year to December 2019, the north west made by far the largest gains of 3.2%, while properties there took an average 68 days to sell.The rest of the country mostly stayed in positive territory, with the West Midlands seeing house prices rise by 1.7% over the year, Yorkshire and the Humber by 1.8% and the East Midlands by 1.9%. Greater London was the only region to see losses, which averaged -0.5%.
According to the Rightmove report, this trend is largely expected to continue, although London is expected to move back into positive territory.
As we round off 2019, we head into the new year with a much more certain future politically. The Conservatives’ victory in the General Election has been met with optimism among many in the housing market.
Now property portal Rightmove has set out its predictions for a 2% house price rise over the course of 2020 across the UK. Further to this, it believes spring will see a bounce back in market activity as both buyers and sellers prepare to get moving again now that the turmoil of the election is behind us.
A resilient market
The predictions are in stark contrast to 2019’s forecast from Rightmove, which was a 0% price change. However, the year proved more fruitful than this as prices rose by 0.8% on average, demonstrating the property market’s resilience in the face of decreased confidence and transaction history.
Miles Shipside of Rightmove commented: “With much of the political uncertainty removed, we expect that the number of properties for sale will recover as more new sellers come to market, making up some of this year’s lost ground.
“However, property supply is still limited, with estate agents having the lowest proportion of properties available for sale in two years, and this will fuel modest gains in the national average asking price of property coming to market.
Over the past 12 months, the north’s housing market has fared markedly better than the south’s. In the year to December 2019, the north west made by far the largest gains of 3.2%, while properties there took an average 68 days to sell.