A report released by Estate Agent Today backs Redbrik’s predictions that Sheffield and Chesterfield property prices are set to surge in 2020.
Redbrik directors Mark Ross and Peter Lee estimated a rise of between five and eight per cent in Sheffield and Chesterfield in 2020 after the General Election result in December.
And now, as reported by Estate Agent Today and according to outlets including Zoopla and Rightmove, northern cities will benefit most from price rises – echoing our analysis made late last year.
The estimations also come as the latest Nationwide house price index reveals that UK house prices grew by 1.4 per cent in December 2019 compared to December 2018 – the first time annual growth has been above 1% for 12 months.
Redbrik Managing Director Mark, who co-founded the company in 2013, said: “Nationally, prices are expected to rise by two per cent, but as we estimated following the December 2019 General Election, that figure should be far higher outside of London and the south of England.
“The lack of availability of good quality homes means that sellers coming to the market now will do well, with confidence boosted following the result of the General Election.”
Data from Rightmove which was released following last month’s General Election and subsequent result, cited a ‘window of certainty’ for an ‘active spring moving season’.
The Rightmove House Price Index also 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.
And, in this week’s report, leading portal Zoopla also stated that city house prices are expected to rise by up to four per cent in 2020, with northern cities due to benefit more than those in the south.
Redbrik Lettings Director, Peter, added: “Following this estimation and our prediction in late 2019, we are encouraging anyone looking for a buy-to-let investment back into the market now.
“Legislative changes implemented by the government have lowered the availability of private rented sector properties, and we saw a 20-30 per cent increase in some of the properties in our portfolio in 2019.
“We expect rents to continue to be pushed up, with tenant demand high – meaning that the property market is an excellent investment against other models this year.”
Redbrik celebrated its busiest December ever in 2019, having received more offers, agreed more sales and taken more new homes to market, as well as registering more new buyers, than any December in its history.
For more information or to read Estate Agent Today’s report in full, https://www.estateagenttoday.co.uk/breaking-news/2019/12/house-prices-to-rise-in-2020-according-to-almost-all-analysts.