Not only is the UK’s housing sector important to the overall health of the country’s economy, it has a huge impact on the daily lives of homeowners everywhere. For those thinking of buying and selling in 2019, understanding the ups and downs of the market is even more important.
With Brexit now looming large on the horizon, and property prices stabilising across the country, 2019 is set to be an interesting year for everyone involved in the industry. To help you navigate your way through the coming 12 months, we’ve made a few educated guesses about what 2019 might have in store for the UK’s property market.
Whatever your feelings on Brexit, there’s no getting away from the fact that on going uncertainty surrounding the UK’s exit from the EU is have an impact on the property market. Both buyers and sellers seem to be holding their breath and waiting to find out what will happen at the end of March.
Mark Carney, governor of the Bank of England, has said that a disruptive no-deal Brexit could wipe as much as 35% off UK property values. However some experts have also predicted that a ‘Brexit bubble’ could inflate house prices in some areas.
For now, it looks like a lot of buyers and sellers are putting their moves on hold and waiting to see exactly what happens in just a few months time. If a Brexit deal is agreed before 29th March, it could well cause a boom in the property market as all of those looking to sell and buy properties in the UK finally make their move.
East Anglia property prices set to rise
Although the growth of property prices across much of the UK seems to be slowing, homes in East Anglia are still rising steadily. According to recent research, properties in East Anglia are set to increase in value by an impressive 9.3% over the next five years. Compare this to London, where property prices are set to rise just 4.5% by 2023, and it’s easy to see why more and more people are moving east.
More first time buyers hitting the market
Over the last couple of years, the Government has made buy to let investments a lot less appealing. The new rules and regulations impacting on landlords are putting a lot of people off of investing in rental properties and making more affordable homes available to first time buyers. This, combined with Government schemes like Help to Buy, is likely to boost the number of new homeowners buying property in 2019.
With so many events set to influence the housing market in the coming months, 2019 is going to be an interesting year for everyone involved in the industry. If you have a home to sell, or if you’re on the hunt for your dream property, get in touch with a member of our team today.