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Whether you’re buying, letting out or selling your home, you’re probably interested in what’s happening in the wider property market right now and this guide could help you. Our latest biannual report looks at the UK’s housing market over the past 6 months and gives us a better idea of what to expect in 2020 and what it means for you and your mortgage. By identifying trends, we’re able to help you make the best decisions going forward.
The promise of Brexit appears to have shrugged off much of the uncertainty around the housing market as we recorded a rise in the average house price during the second half of 2019. It seems like the Boris Bounce after the general election proved to be the unexpected Christmas present we all needed, with pricing peaking in December.
We noticed that the number of new buyers fell but sales were still strong across the regions. Interestingly, buyer demand dropped, which echoes statistics from a leading high street building society, but those who were interested in buying still forged ahead with their plans.
The strongest price rises were throughout November and December. Rightmove predicts a further rise in house prices this year. More details can be found in our full report.
We saw an uplift in mortgages in the last half of 2019 – perhaps the public was tired of Brexit’s uncertainty? Homemovers made up the majority of our mortgage business with First-timers following close behind despite the slow start to the year. Our report suggests that many probably wanted to take advantage of the attractive government Help to Buy schemes.
Conventional lending has continued to be more and more affordable and there are rumours that 100% lending could be about to show its face again, and will be interested to see how this is constructed.
The Buy-to-Let market remained modestly steady. It appears that changes in the law have investors feeling the pinch. Will Boris and his recently reinforced government address what’s seen as an unfair war on landlords? Let’s see.
It seems that those with plenty of equity have taken advantage of 5-year lending lows. The report highlights how those not wanting (or needing) to move have taken advantage of some of the best rates in lending history.
Roll on 2020 because things are looking promising for the year ahead.
Want to learn more about the current state of the housing market? You can download the full report below: