With new data predicting a two per cent price rise in UK property coming to market in 2020, the region’s leading estate agency, Redbrik, is predicting this will be closer to five and eight per cent in Sheffield and Chesterfield.
In the wake of last Friday’s (13 December) election result, data and analysis released from Rightmove cite the majority government as offering home-movers a ‘window of certainty’ for an ‘active spring moving season’.
On the back of the data, our Managing Director Mark Ross said: “While nationally prices are predicted to rise by two per cent, in Sheffield and Chesterfield we expect this to be higher, between five and eight per cent.
“We have already seen evidence that the general election result has boosted confidence in the market. With pent up buying demand and current low stock levels, we are expecting a flurry of activity amongst movers.
“Sellers coming to the market early in the new year will benefit because of the lack of availability of quality homes.”
The Rightmove House Price Index revealed demand had been outstripping supply in 2019 with the number of properties coming onto the market down by eight per cent compared to 2018.
Meanwhile, the monthly decrease (-0.9 per cent) is the smallest at this time of year since December 2006.
Redbrik also expects the rental and buy-to-let markets to see a significant upturn in 2020 too. Redbrik Director Peter Lee added: “We are encouraging anyone looking for a buy-to-let investment back into the market.
“The government’s legislative changes have caused a reduction in the availability of private rented sector properties. As such, we have seen 20-30 per cent rent increases in some of the properties in our portfolio, and we are expecting rents to continue to be pushed up by low stock levels and high demand. Tenant demand is huge, making the property market an excellent investment for 2020.”
In 2019, Redbrik was named in the top three per cent of all estate agencies in the country and the number one agency in the Yorkshire and Humberside region by the Best Estate Agent Guide 2019.