Sat 04 Jan 2020
What does 2020 have in Store for the Sales Market?
As we look forward to the new year ahead, the Oulsnam sales team takes a look at what we think 2020 will hold for the property sales market.
Following the December election, the country enters the new decade with more security and stability than before Christmas. We are already seeing signs that the property market is gearing up to revive the positivity we experienced during the Summer months, before the slow down we saw during the final quarter of 2019. So, what are the key things we predict for the beginning of 2020?
A lot of people will have been hunting on property portals for their next home over the Christmas and New Year break. Spring is typically a busy time of year for people to launch into action and start buying and selling. In fact, Rightmove predicts a 2% rise in the price of property that comes to the market early 2020, which we think will give rise to a buoyant first sales quarter.
Good News for Home Sellers
As demand for property rises, it is likely that supply continues to outstrip demand. This means that whilst previously, buyers were able to negotiate lower sales prices because buyers were slim on the ground, this time we see more competition in people vying to buy the same property.
Good News for Buyers
We are still seeing low interest rates for lending, which means that combined with high employment and wage growth brings a really positive environment for people wanting to get onto, or move up the property ladder. Mortgage companies are competing to lend, which suggests more buyers will be a strong position to make good and competitive offers on the houses that come to market.
Andrew Oulsnam, Company Director says:
We believe that demand is strong for properties, and that demand will continue to grow throughout the first quarter of 2020. It seems that prospective buyers are the first side of the equation to embrace the market positivity; we now need more sellers to share this confidence in the resilience of the property market so that we can match supply to demand.