17 Dec How will the result of the 2019 general election impact the property market? More uncertainty or more clarity?
Activity in the housing market and house prices is primarily driven by the state of the economy – so, how will the next 5 years of a Conservative government impact the housing market and property prices in High Wycombe?
First, let’s look at the activity in the market this year. Over the course of 2019, High Wycombe house prices have remained relatively stable compared to prices in London which have seen as much as a 4.2% decrease according to Rightmove’s house price index which was released this month. High Wycombe’s property market has remained reasonably active throughout the course of the last year, so, what will 2020 bring?
Ford & Partners predict an active and stable market with a slight 2% increase in house prices. Whilst we still have a period of uncertainty with Brexit looming over us, we at least know who is in government for the next 5 years and what their intentions are.
If your looking to buy your first home, then its good news! With the help-to-buy scheme coming to an end by 2023, the Conservatives have promised to sell 29,000 homes at a 30% market discount (for local people), in addition to the creation of new long-term fixed mortgage rates which enables properties to be purchased with just a 5% deposit. The conservatives are committed to driving home ownership upwards so expect some help to secure your first home.
Overall, with interest rates remaining low and some forecasters predicting a reduction by 0.5%, the High Wycombe housing market looks promising in terms of activity and price stability throughout 2020.
If you are unsure on what to do throughout 2020 or in the foreseeable future, contact us on 01494 840 600 to discuss everything property!