Will Stability Return To The London Housing Market In 2020?
As we head into 2020, predictions for the London housing market seem to give cause for optimism as an increase in market stability is expected to return.
The housing market in the UK has been subject to debate and speculation over the past few years. The impact of changes in worldwide economies and, more locally in the UK, political uncertainty and the ever-looming question of Brexit and what the final outcome would be, have all had an impact on creating uncertain times for the housing market.
The results of the UK’s December general election, the strength of the Conservative win and the implications this will have for driving a conclusion to Brexit, should help provide more certainty going into the future.
Key 2020 London Property Market Predictions
Looking ahead to 2020, there are a couple of significant predictions which could drive a more buoyant London property market:
- House prices are expected to fall in 2020, but the decline will slow and even go into reverse as we head out of the other side of 2020.
- Less pronounced fluctuations in the housing market will continue to increase confidence in both buyers and sellers, creating greater stability overall.
What does this mean for clients?
Taking this opportunity to purchase a new home or investment property in a prime London location while the house prices continue to fall in 2020 makes good sense and can be done with greater confidence in the context of a housing market showing greater stability.
As the wider political uncertainties diminish, there will be a strengthening in the housing market, particularly in London where the arguments over Brexit or no Brexit have been felt more keenly than in other areas of the country.
The appeal of London and its ability to attract people from around the world to its prime property locations continues to be strong. The varied business opportunities, strong cultural background, clear property laws, low mortgage interest rates and breadth of prime properties in exceptional locations have enduring appeal.
Of course, it remains challenging to put concrete figures to the predicted drop and rise in house prices as there is no escaping the fact that until Brexit is concluded, some buyers and sellers will remain hesitant.
However, the signs continue to be encouraging for the London property market, and London will always be a key destination for people looking to live and invest in a prime, internationally renowned location.
Aston Chase estate agents
Aston Chase Estate Agents are a London estate agent who are sales and letting agents with specialist knowledge of central and North West London.
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