What Happened to the UK Property Market in 2020?
At the beginning of 2020, the UK market looked strong. The UK property market forecast in 2019 predicted 2020 to be a positive year for the housing market.
In January, it was reported that UK house price growth was at its highest level in two years, with record-breaking growth seen in December.
The UK property market forecast for 2019 had faced a level of uncertainty, but following Boris Johnson’s election in December, 2019 ended on a high note for the country’s housing market.
Savills predicted that the UK would see an average property price growth of 3% in the Midlands and 2.5% in the North West.
The future looked bright for the year moving forward, with ongoing optimism that as a Brexit deal was finally agreed on, the UK would be in a great place by the end of the year.
No UK property market forecast for 2020 could have predicted that the country, and the world, would be hit by a pandemic that would affect everyday life, the economy, and the housing market.
Here are some of the key things that happened to the UK property market throughout 2020.