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Support, Advice and Experience within the Property Market

Looking Forward to 2020 – Property Predictions for the Coming Year

From Robert Ulph on January 10, 2020

Happy new year and I hope that 2020 is a healthy and prosperous time for you.

I feel excited by the start of a new year and having enjoyed celebrating the 30th anniversary with Pennington through 2019, feel we have a lot to look forward to and celebrate in the coming months.

Without doubt 2020 will bring some challenges too and predictions are abound on what this all means for potential impact on the property market. ARLA Propertymark and NAEA Propertymark carry out an annual survey and ask their respective members to share their predictions for the private rented sector (PRS), and the buying and selling market looking ahead to 2020.

Findings from ARLA Propertymark include that 84% of letting agents think rent prices will rise in the coming year, up from 65% last year. 61% of ARLA Propertymark members think that demand will continue to rise, but 68% think the number of landlords in the PRS will decline and a further 68% expect landlords’ taxes to rise again.
“Looking ahead to 2020, we hope the Government recognises the importance of increasing supply for tenants and uses it as an opportunity to make the market more attractive for landlords,” commented David Cox Chief Executive of ARLA Propertymark.

“This will encourage more landlords back into the market as well as ensure that tenants, including those who are most vulnerable, are not at a disadvantage in being able to find a suitable and affordable home to rent.”

Predictions for the buying and selling market in 2020 carried out by NAEA Propertymark with their members, include that over half (56%) of estate agents expected house prices to stay the same, whereas 28% of those asked said they thought prices might fall which was down from 43% of their members in 2019. In terms of supply and demand in the housing market, 32% of NAEA Propertymark estate agents asked expected demand to increase and a further 28% think supply will increase.

“The housing market needs reassurance from the Government, which will in turn inject some confidence in the market for both buyers and sellers,” said Mark Hayward, Chief Executive NAEA Propertymark.

“Despite the difficult year, the UK property market remains a strong sector overall, and has demonstrated a huge amount of resilience in the face of political turmoil. We hope for a more certain outlook and some stability in 2020, which is hopefully provided sooner rather than later.”

I look forward to keeping you informed on what is happening with our local property market through my articles here into the new year or as always please do not hesitate to contact me if you would like any further discussion or advice.

It just leaves me to wish you all the best from myself and all the team at Pennington and we look forward to celebrating more with you over the coming year.