Housing market 2020 registers a surge of completions
The UK housing market 2020 is booming, contrary to the national trend of the Covid economy. According to the latest research, It is expected to register a huge uptick in housing sales completions this year, following the stamp duty holiday, which was announced by Rishi Sunak.
Property rebound predicted to continue as buyers rush to complete before stamp duty holiday ends with an expected 100,000 sales being completed subject to conveyancing solicitors and availability.
Housing Market 2020
Completed sales across the UK are expected to fall six per cent compared to last year, an improvement on the original forecast of a 15 per cent drop, as the housing market has bounced back following the first coronavirus lockdown.
That is significantly more promising considering the complete shutdown for the three months, whilst no completions could be registered that were pending surveys. If we negate the sales for a 3 month period in 2019 ( like the 2020 lockdown) the rise is approximately 2.9%.
High street banks also focussed much of their funds for lending on the government-backed loans to stabilise their balance sheets. Which normally, would have made buying a property more challenging.
Property Market London
However, the property market London is one of just four UK regions to report rising housing sales completions in 2020, with an increase of six per cent. The South East, East and North East are also forecast to register growth this year.
Manchester house prices and investment has significantly increased with house prices rising on average by 3% until August 2020.
Meanwhile, all London boroughs are registering house price growth, according to Zoopla’s House Price Index, driven by property sales in Waltham Forest and Newham.
Predictions for the housing market 2020 was bleak earlier this year, but this is positive news despite house price growth across the capital is currently slightly below the UK average at 2.7 per cent due to affordability levels, which have slightly improved but remain a barrier to rapid growth in sales volumes or prices.
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