February 21, 2020

‘Buyer boom’ predicted as confidence in UK housing market grows

‘Buyer boom’ predicted as confidence in UK housing market grows

Our Managing Director has highlighted the importance of increased confidence in the UK property market following a strong start to 2020.

Dave Wood, who founded Woodall Homes in 2011, emphasised the impact political stability has had on the market for both buyers and sellers following the December 2019 general election result and confirmation of the UK’s exit from the European Union (EU).

This is in line with statistics released recently by the UK’s number one property website, Rightmove which has predicted a ‘buyer boom’ for Spring 2020 with the market continuing to build post Brexit. This month (February 2020), property prices have risen 0.8% with traffic on the Rightmove website also increasing by 7.2% in comparison to the previous year.

Managing Director, Dave Wood, said: “The rise in the value of properties combined with the increase in website traffic for property websites such as Rightmove demonstrates that seller and buyer confidence is returning. Housing demand is growing, and buyers know exactly what they want to spend their hard-earned money on.

“Now is a good time to buy or sell with local estate agents reporting high volumes of valuations and active buyers viewing properties.”

With Sajid Javid stepping down from his role as the Chancellor of the Exchequer, it was expected that the new Parliamentary term budget would be delayed. However, with the recent appointment of Rishi Sunak, it has now been announced that the UK’s first budget since departing the European Union will go ahead on 11 March 2020.

Home ownership was also a key feature in the Queen’s 2019 Christmas speech, when the Queen said: “My Government will take steps to support home ownership, including by making homes available at a discount for local first-time buyers. My Ministers will develop legislation to improve internet safety for all.”

The Ministry of Housing, Communities & Local Government and The RT Hon Robert Jenrick MP also announced plans to introduce a new First Home scheme which will make homes available for first-time buyers with a 30% discount.

The latest first-time buyer statistics, according to Finder, also state:

  • 34 is the average age Brits purchase their first ever home
  • The average deposit placed by first-time buyers was £32,800
  • The average house price for a first-time buyer was £212,000

Dave continued: “In principle, this new First Home scheme will help build confidence amongst first-time buyers; however, our understanding of it will become clearer when the details have been published.

“At Woodall Homes we support the Help to Buy scheme which helps first-time buyers get on the property ladder. With new schemes, stability and market confidence all growing we’re optimistic that 2020 continues to be a successful year for the housing market.”

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