As the year is coming to an end the newly elected majority government has given a sense of certainty. Rightmove have recently released their predictions for the price of property in Britain next year, so are the waters calming for apartments in 2020?
Across Bath we have slowly seen the confidence of homeowners decrease with the political uncertainty, but as we look to the months ahead, Rightmove predicts a 2% rise in property prices. Commenting, Miles Shipside, Rightmove director and housing market analyst said, “The greater certainty afforded by a majority government gives an opportunity for a more active spring moving season, with some release of several years of pent-up demand.
Given the Brexit track record to date, further political twists and turns should not be ruled out, though with a large majority there is a higher possibility of an end to the series of Brexit deadlines, and the prospect of an orderly resolution. Rightmove measures the prices of 95% of property coming to market, and we predict that buyers and sellers will, on average, see a 2% rise in those prices by the end of 2020.”
As we know, this is an overall view and there are bound to be regional variations, therefore a more modest 1% rise in the price of property is expecting in Bath. Demand has been resilient despite the outlook over the last year or two, but supply has been outstripped. The number of properties coming onto the market has been extremely low, but we have started to see the tide turning this last week or so, with a rise in the number of enquiries of those looking to move home in the next year.
The number of properties coming onto the market is also expected to increase next year, but it may not make up for all the lost ground. With demand for apartments across the city still high, we anticipate that demand will continue to outstrip supply during the months ahead. Next year could be an exciting time in the Bath property market, and we can’t wait to see what it brings for all our clients, whether they are first-time buyers, experienced sellers, or those looking to invest.
Our expertise in the niche sector of Bath’s apartment market puts us at an advantage, as we’re able to give you an honest and specific insight into how your property will perform and when may be the right time to move. If you’re curious about what next year could bring for your home-moving plans, call The Apartment Company on 01224 471155.