New Year, new haus?

Christmas seems an age away and the New Year is fully into swing, so we’d forgive you for feeling like Christmas never happened.

The feeling is mutual at haus HQ, leaving us to reflect on all that 2019 brought, so in this article, we’ll summarise the developments in the property market during 2019 and look forward to what 2020 and the new decade will bring for everyone in the property sector.

We’ve got some predictions on what we expect to see in 2020, post-general election and with the spectre of Brexit still looming on the horizon.

Turbulent market conditions in 2019

2019 was a challenging year for the property sector, we found many landlords and vendors were cautious because of this, preventing many people from selling their properties. Seller sentiment was circumspect in general last year, due to the turbulent market conditions throughout the year, with prices rising and falling dramatically.

Of course, a lot of this can be traced back to the intense uncertainty around Brexit. The original Brexit date was set at 29th March 2019, after the UK voted to leave the European Union back in June 2016 and Article 50 was triggered in March 2017.

However, an initial extension of two weeks was granted in March 2019, and this was then extended to October 2019 and finally, the current extension was recently granted by the EU, to allow the UK more time ratify the finer points of the deal, before the UK finally leaves on 31st January 2020.

The snap general election in December played its part, with uncertainty rising yet again in the property market.

However, there was some very good news for sellers in some London boroughs, as asking price growth was particularly notable in the following areas.

Place

Borough

Avg. asking price

YOY % Change

Hoxton

Hackney

£1,019,510

11.4%

Barnes

Richmond upon Thames

£1,406,887

6.5%

Highbury

Islington

£796,335

4.0%

 Source: Rightmove

Brighter times ahead in 2020?

We’d like to emphasise that 2019 was by no means all doom and gloom for the property sector. And many sellers across London, in particular, the boroughs above would have made significant proceeds from sales in these in-demand areas of London.Source: Rightmove

Post-election, we have noticed an increase in people requesting valuations, which was further revealed during our busy Christmas period. And we’re hearing from lots of landlords that they are finally ready to sell this year. This is great news for the London property market, as it means demand and supply are levelling out, after a period of being a shortfall of housing during 2019.

A new press release by the UK’s leading estate agent Savills backs up the view that the Conservative’s recent landslide election victory was good news for the housing market. It seems market confidence was greatly boosted by the election result. So, we expect the buoyant activity to continue throughout 2020.

Savills said Brexit uncertainty “Suppressed market activity” and remarked that “the clear outcome of the general election prompted a strong close to the year, as the confidence to transact returned to the markets.”

One note of caution - with post-Brexit trade deals yet to be announced, uncertainty could still return to the UK economy and extend into the housing market too, especially around December 2020. That’s because this is the next major Brexit deadline, when the UK’s transition period with the EU finally closes, assuming that doesn’t get extended for some reason.

However, on the whole, the positive news much outweighs the negative, so we’re feeling extremely positive that market confidence will rise and remain high this year, and continue on into the new decade.

Fulham remains a desirable area!

According to a report by Rightmove, Fulham is the second most searched region for rentals in London.

We’re not surprised, as we’ve been waxing lyrical about the charms of picturesque Fulham for a long time, and property seekers clearly agree. Fulham is a fantastic, in-demand West London spot, full of green spaces and places to chill out and meet friends – from traditional pubs to quaint coffee shops and bistros. Sound up your street?

Discover the charms of Fulham in our blog, as it’s surely the place to be in your 20s and beyond, as you settle down and your family grows.

Check out our properties for sale and rent if you see yourself in Fulham, or contact us to book a valuation if you need to sell your property to enable your move.

Novello Street - Fulham

Most rental searches in London

Unsurprisingly, Canary Wharf was the most searched for region for rentals in London, being the commercial capital of the UK and indeed London itself, but as you can see Fulham came in at number two, followed by Wimbledon, another shining diamond in the crown of West London!

  1. Canary Wharf
  2. Fulham
  3. Wimbledon
  4. Richmond
  5. Clapham
  6. Stratford
  7. Islington 
  8. Putney
  9. Notting Hill
  10. Kingston 

Source: Rightmove.

We’re delighted to see Fulham placed so high in this list, and we think it’s very much well-deserved as Fulham more than lives up to the hype.

We’re sure this position will be maintained, if not bettered in 2020, as Fulham is such an enticing area for prospective homeowners and renters, in this new decade.

 

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