Buyer Demand Rising In Early 2020

News at Household | 18/01/2020

When it comes to selling your home, there needs to be buyers. No matter how attractively priced your home is, if there are no willing buyers in the market, you are going to find it hard to sell your home. At Household, we are pleased to say we have assisted many homeowners connect with buyers, and we have witnessed an increase in buyer demand for the start of the year.

We are also pleased to say this has been the case for Zoopla. They have published data which suggests that for the period of 23rd December 2019 and 19th January 2020, there was a 26% increase in buyer demand. Their research found that every major city in Great Britain experienced an increase in buyer demand.

There has been a release of demand for property in 2020

Given the focus on the Boris Bounce and what will hopefully be a period of political stability, it shouldn’t be a surprise to learn buyers are keen to step onto the property ladder. There has long been pent-up demand in the property market, and the General Election result has created a situation where people are happy to make a move. Therefore, if you plan on selling your home, you should consider making a move soon, as there is notable demand from buyers.

Richard Donnell is the Research and Insight Director at Zoopla, and he said; “Whilst the first few weeks of the year always see a return of home buyers to the housing market, demand for housing at the start of 2020 is 26% higher than over the last two years. 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.”

There is increased buyer confidence in and around London so far in 2020

One interesting aspect of the study is that while London and surrounding areas are outside of the Top 10 in the analysis, sales volumes are tipped to increase at a faster rate than property prices. This is put down to an improvement in buyer confidence, which is likely to improve sales as opposed to price levels.

Richard concludes: “Regional cities continue to lead the way for house price inflation this year thanks to continued economic growth and more attractive affordability of housing. Overall, we are expecting house prices to grow on average by +3% across all UK Cities in 2020.”

If you plan on selling your home, we can arrange a valuation for you. At Household, we aim to connect you with likely buyers, and we can help you find what buyers need. When it comes to selling your home in Toddington and Dunstable, we are your local agents, so contact us today.