Montlake has predicted house prices to rise by 2% to 3% over 2020.
This year, housing transactions will pick up and house prices will rise by 2% to 3% according to Andrew Montlake, managing director of Coreco.
He said that the first half of the year may contain more activity than the second.
Montlake said: “With the General Election result finally delivering political clarity in relation to our exit from the EU, transaction levels look set to pick up in 2020.
“Clearly a lot of the hard work around Brexit has yet to be done, but the political stability provided by a strong Conservative majority will give a lot of people the confidence to finally move home.
“There’s a huge amount of pent-up demand for property and that will start to show through quite early in the New Year.
“In 2020, Spring for the property market is likely to start in mid-January.
“With competition among lenders reaching feverish new heights, mortgage rates will remain highly attractive during 2020, giving people even more reason to buy and sell.”
Montlake added: “In recent years, the regions have outperformed the capital and while this trend may continue in 2020, there is a growing feeling that the London market has now bottomed out.
“Affordability will remain a key issue for many borrowers, especially in London and the South East, and so the Bank of Mum and Dad, or Gran and Grandad, will play as critical a role as ever.
“The first half of the year may see more activity than the second, as the feel-good factor caused by the General Election result slowly fades and the complexity of the trade negotiations ahead becomes clearer.
“Overall, we expect average prices to rise by 2–3% during 2020, conservative growth in historical terms but significantly up on the sub-1% growth of recent years.”
