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Brexit, which is scheduled to come to full fruition by the end of 2020, is inevitably predicted to have an impact on the UK property market. If you are planning to buy or sell a house this year you too must be wondering what to expect in terms of house prices this year. Here are some predictions for house prices in 2020.

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What Impacts House Prices:

Like any other market anywhere in the world, the UK property market is largely influenced by the behaviour of buyers and sellers. These buyers and sellers, though, are triggered to adopt certain behaviour patterns based on what is happening in their environment (for instance in the current situation-Brexit). Other factors that influence the property market include; interest rates, location, and general economic growth. Of course, on an individual basis, each home fetches a price based on its location architectural features and age among other factors.

Brexit and UK’s Property Market

With experts speculating on the fate of the economy and housing market after Brexit, many homeowners started to wonder, and rightly so, ‘how will this affect my property’s value?’ As a result, the market has been a scene of uncertainty and hesitation for the last few months. Since the championing of Brexit as a campaign commitment by Cameron three years ago, both buyers and sellers have been uncertain, and sometimes confused about what steps to take.

What the Trends Indicate

The recent trends can shed some light on what 2020 holds for the property scene and low mortgage rates had a significant part to play. According to Halifax report, in the last few months of 2019, there was an increase of 1.7% in the prices of houses. Experts maintain that this increase is due to the stability ushered in by the recent election.

Market movements

2020 Property Market Movements

The stability is good news for sellers as it means the market will get busy once again. This market confidence should eventually result in higher prices initially, as the number of buyers competing for the few available houses increases. But later on, prices may fall again as more sellers recognise the stability and throw their hats in the ring, triggering a temporary decline in prices. Smart buyers will capitalise on these low prices before they are gone. Greater market stability is expected to occur shortly after this initial period of fluctuation.

Experts have predicted varying degrees of price increases depending on location. Realistically though, house prices are not expected to fall below the levels they have already reached so far and any increase will be in the 2-3% range.

If you’re deciding whether to see now or further into 2020, our experts will be happy to talk with you. With Open Property Group you can sell your house in 7 days or less. You won’t have to pay any estate agent fees, solicitor fees of clearance costs either!

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