2020 Chester Property Market Outlook -
January 2020 saw the arrival of a new year, a new decade, and a new confidence among prospective house buyers.
Now that Christmas has passed, and the recent election has delivered a majority government and less uncertainty regarding Brexit, there are plenty of signs of life in the property market. Here’s our 2020 outlook for the Chester property market.
General elections and referenda can dent buyer confidence and demand (and we’ve had more than our fair share of those in recent years). However, since the December 2019 election, we’ve seen a sudden uplift in buyer demand — suggesting an increasing optimism now there’s a majority government in power and a clearer path to Brexit.
According to studies from Rightmove demand among prospective buyers increased by 28% in the four days following the election compared to the previous year.
Faster financial growth in the North West
The North West and Yorkshire are forecasted to have the fastest rate of house price growth — so Cheshire buyers are well situated to make the most of it.
This is partially because house prices in these areas didn’t recover as quickly after the 2008 global financial crash as those in the South of England, which means there is much more capacity for growth up here.
Here’s the view of Alex Horne, Senior Valuer at Matthews of Chester: “With an undeniable wave of optimism throughout the country at the start of this new year and indeed a new decade, we have no doubt that 2020 will prove to be a positive one for buyers and sellers alike.”
Advice for buyers
If you’re dreaming of owning your own home, now is a perfect time to buy and beat the onset of rising house prices. Make the most of the government’s Help To Buy scheme, or speak to our team for more advice to help you get on the property ladder.
Advice for sellers
The signs are good for increased optimism among buyers, who are more confident than in previous years. It could be the time to capitalise on that while we’re enjoying a period of relative political stability.
If you’re ‘trading up’ to a larger property it’s time to make the move before rising house prices mean it’s out of reach.
At Matthews of Chester we’ve been helping people find their perfect home for over three decades. Speak to our team today to see how we can help you make the most of 2020.