To read about what’s happened to the 2020 UK housing market in more detail, be sure to download our FREE in-depth 2020 market roundup report. Also make sure to read our property market predictions 2021 guide for an outlook on the upcoming year. For more information on making an investment in the UK property market, contact us today to find out about our most exciting UK property investment opportunities.
There’s no denying that 2020 has been a year filled with uncertainty for the UK property market. With predictions for significant growth over the coming year, property market experts had high hopes for the property market throughout 2020, especially following a recorded rise in property prices at the end of 2019. To summarise the past year, we’ve put together a detailed housing market report for 2020, covering all the key events and most important statistics from Q1, Q2, Q3 and Q4 of the year. Below is a summary of the key pieces of information provided in our FREE 2020 market roundup guide.
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What Will You Find in Our 2020 Market Report?
A Promising Start for 2020
In our 2020 market report, we look at how the UK property market was performing at the very beginning of the year. As many will remember, the UK housing market kicked off to a good start in January, with reports of a significant rise in property prices seen in December 2019 following the election of Boris Johnson. This newfound level of certainty helped to boost property prices in what was hailed ‘the Boris Bounce’. By February, the UK housing market remained strong with rising property prices and a reported boom in buyer activity.
A Rocky Period From March
It wasn’t until March that things went downhill for the UK property market. With Covid-19 hitting the UK, and shortly after, being confirmed as a worldwide pandemic, Boris Johnson announced a nationwide lockdown on the 23rd March. Both before and after the lockdown was announced, many were fearful of what the coronavirus pandemic would mean for the UK housing market. Due to a ban on in-person viewings, market activity slowed significantly. During this time, property companies such as ourselves at RWinvest utilised virtual viewing technology as a way to keep property investment activity afloat.
Property Price Fluctuations
Property price growth in the UK seemed unrealistic during the Covid-19 pandemic, but by April, house prices were starting to increase. Many believed that any property price growth recorded in April was to be viewed with caution as the full impact of the lockdown had not yet been felt. In May, a drop in property prices was recorded, and Savills updated their market forecast with negative growth for 2020. However, following the introduction of a stamp duty holiday in July, property market activity and property prices both increased. By September, record growth in average house prices had been recorded and the UK property market was thriving.
Increased Certainty by the End of the Year
By the end of 2020, the market remained stable with continued property price growth and further record-breaking rises. Despite a second lockdown and a new ‘tier system’ throughout the UK which meant strict restrictions for many cities, property market activity was high, with many people taking advantage of stamp duty tax savings before the tax break ends in March 2021. While the outlook for 2021 appears uncertain, updated Savills property price predictions revealed even higher UK house price growth of 20.4% by 2024, with 27.3% growth expected for the North West.
There’s no denying that 2020 has been a year filled with uncertainty for the UK property market. With predictions for significant growth over the coming year, property market experts had high hopes for the property market throughout 2020, especially following a recorded rise in property prices at the end of 2019.Amy Jackson, RWinvest READ 2020 REPORT NOW