Last year the housing market was heavily affected by the uncertainty over Brexit. Parliamentary stalemate and predictions of “crashing out” all combined to reduce buyer confidence and led many families to put off making a decision about moving.
Now that the December general election has produced a clear result and our exit from the EU is happening in an orderly fashion (so far!), some of that uncertainty has gone.
So what do we think will happen in the housing market in Doncaster in 2020?
If January is anything to go by, 2020 will be a busy year for home buying and selling.
We’ve seen far more properties coming on to the market than usual this early in the year and demand is high from buyers. We’re expecting that trend to continue into the Spring and early summer.
Those who have been putting off making decisions to move now have the confidence to proceed with their plans.
We expect house prices to increase moderately throughout 2020.
Despite the higher demand, affordability criteria for mortgages will be a determining factor and sellers will still need to be realistic about the price they can achieve. This is particularly the case for typical family homes and first time buyer properties.
While it’s still not easy to get onto the property ladder, we’re expecting 2020 to be a good year for first time buyers. Low interest rates and hopefully some innovative moves from mortgage lenders will help.
As in the last few years we expect first timers to favour two and three bedroom houses rather than flats. Homes they can stay in for some time.
Demand is high for the most popular properties however, so you will need to be ready to act fast to secure your ideal home.
There’s still scope for more Brexit uncertainty later in the year as we approach the deadline for new deals to be in place. That could well slow down the housing market.
So if you are thinking about moving in 2020 we’d recommend doing it sooner rather than leaving it to the second half of the year.
As dedicated Doncaster estate agents we have extensive knowledge of the Doncaster property market. We can help you find the perfect new home – and get you the best price for your existing property.
Why not give us a buzz on 01302 247754?
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