Housing Price Forecast for 2020

Rightmove have released the House Price Index for December 2019, reflecting on changes to the housing market in December, throughout 2019, and looking forward into 2020.

Moving into 2020, with the election over and a Conservative majority secured, the uncertainty that has clouded home-movers since the Referendum in 2016 should lift.
Rightmove suggest that this will result in an active Spring moving season.

Forecasting 2020, Rightmove are predicting a 2% price rise for properties entering the market. In 2019, the market experienced a 0.8% increase in price despite the predicated 0% change. The rise in housing prices is set to be partially due to a struggle between supply and demand. With fewer houses for potential buyers to choose from, sellers can set higher prices for their properties. Northern regions are set to continue 2019’s growth with a 2 - 4% increase in prices.

When compared to 2018, there has been an 8% decrease in the number of properties entering the market. While the number of sales agreed is down by 3%.

Despite the change in price, the fundamentals remain the same with low interest rates, competing lenders, high employment, and wage growth helping buyer affordability.

Commercial Director, Miles Shipside, addresses struggling first time buyers, “Too many are struggling to save the necessary deposits, and not all of them want to buy a new-build home through Help To Buy. More ways of getting people onto the ladder would help to limit rising rents, increase liquidity and transaction numbers in the housing market”.

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