Recent data released by Zoopla has shown that 2020 has started in supreme fashion for the property market; with buyer demand up 26% when compared to the same period in 2018 and 2019. With such an influx of buyers, those thinking of selling their property have timed it well.
Hometrack, the data research arm of Zoopla, have demonstrated just how much of an effect the general election and the promise of political stability have had on the property market; with demand increasing by over a quarter and house price growth across the major UK cities also hitting nearly 4%, the highest in two years.
Richard Donnell, Hometrack’s research and insight director, says: “This is partially due to fading political uncertainty; households who were holding off moving are now starting to return to the market and this momentum has been supported by low mortgage rates.
“The cities with more affordable house prices, such as Sheffield and Leeds, have seen the greatest increase in buyer demand as house hunters continue to focus on value for money this year.”
Statistics from HM Revenue show that the increase in buyer demand also had a positive impact on December’s property market, with an 11% increase in property transactions when compared to December 2018.
The research goes on to look at the strongest prospects for price growth throughout 2020, with Nottingham ranked as the number one location for prospective price increases. Edinburgh and Glasgow are ranked second and third respectively, and the traditional North South divide is set to narrow.