PUBLISHED: 13:06, Thu, Jan 2, 2020 | UPDATED: 13:21, Thu, Jan 2, 2020
The property market is constantly evolving and changing, many estate agents are predicting a property boom in the wake of the recent reelection of the Tory party. But with uncertainty remaining over when the process of Brexit will be finalised, it’s hard to predict what the knock-on effect will be for property prices in 2020.
A recent survey conducted by the property-buying firm, Good Move, found that three-quarters of Britons overestimate the impact that Brexit has had on house prices so far, so what’s really going on with the property market?
According to Ross Counsell, director at Good Move, the relatively stable political situation brought on by the Tory party win, might lead to more significant growth in house prices for 2020.
When speaking about house prices for 2020, he said: “House prices grew incredibly slowly in 2019, with the political and economic uncertainty leading to rises of just one percent in England.
“There were larger increases in other areas of the UK, but the overall picture was bleak.
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Property: Brexit to increase house prices - expert reveals 2020 predictions (Image: GETTY IMAGES)
Property: How will Brexit affect house prices and sales in 2020? (Image: GETTY IMAGES)
“While it is unlikely that house prices will suddenly spike in 2020, the relatively stable political situation brought on by the Conservative majority might lead to more significant growth.”
According to Ross, the significant growth in house prices will be due to a surge of property buyers in February.
He said: “The February Budget will no doubt affect the market, especially if there are reforms for first-time buyers, however, it’s largely expected that confidence will somewhat return and house prices will increase.”
He estimated that house prices will rise by two to three percent.
However added: “The cost of renting could increase by an even greater rate.”