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UK Property News: February 2020 Round-Up

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It’s been a busy start to the year in the UK’s property market.

In the few weeks following the election results, Brexit and Boris Johnson’s cabinet re-shuffle. Now, these key events have passed there has been much activity in the property market.

In February, Rightmove reported a 15% year on year increase in the number of new buyer enquiries in the month following the election – that’s 1.3million new homebuyers looking for a property!

There’s been a lot going on and to help you keep up to date with it all we’ve summarised below the key headlines of the UK property market news since the start of the year.

We’ll be delivering this round-up monthly, so make sure you check back in for March’s headline news. And, if you subscribe to our emails, we’ll deliver this directly to your inbox…with a few extras too 😊

Housing Market Predictions for 2020

Set of houses in Swindon, Wiltshire, UK

What’s in store for the housing market this year?

The latest in the housing market news was the anticipation of house price rises. It might be wise for sellers to prepare their homes for sale in early spring when more buyers are likely to be looking for a property than in recent years.

The government’s hints around lowering some stamp duty may also encourage more buyers.

And, if interest rates rise in 2020 and you’re getting on the property ladder, it may be worth considering doing this sooner rather than later.

For a look ahead into 2020, you can read the housing market predictions article in full on our Move iQ blog!

Revealed: The Most Affordable Places to Buy in the UK

Move iQ research was featured in The Times and the Daily Express.

We revealed the most affordable places to buy a home in the UK in 2020.

So, where should you buy to snap up an affordable home, and which areas of the country are the most expensive to buy in? Spoiler alert:  London is not the most expensive place!

Read the full list of affordable places to buy a home on the Daily Express website.

Boris Johnson’s Cabinet Reshuffle Ushers in the Tenth Housing Minister in a Decade

The constant changes in leadership and the sacking of Ms McVey drew anger from housing campaigners.

They firmly believe that the problems in the UK’s housing market require strong and stable leadership. A lot now rests on the shoulders of the new Housing Minister, Christopher Pincher.

“Another cabinet re-shuffle and yet another housing minister! With all the discussion of reform and regulation in how we transact property and the impact the housing market has on the wider economy, never has the need been greater for long-term stability. This strengthens my belief that housing should be taken out of the political arena and guarded by an independent body. Decisions about the future shape of the market are too important to be controlled by politics, and we should empower the brightest and best experts to make decisions that don’t just matter now, but will do so for decades.” – Phil Spencer

Read the full article on Politics Home.

Best Places to Buy in London For First-Time Buyers

London Town Houses

Many buyers think London has become a playground for the rich, but that’s not necessarily the case.

First-time homebuyers can still find a good deal and enjoy everything the capital has to offer.

The places on our list give an indication of the cheapest house prices in the Capital as well as sharing our advice on how you can get your first step on the property ladder.

So, if you’re a hopeful homeowner with dreams of buying in the capital, head to our blog where you can find a list of the best places to buy in London for first-time buyers.

Rising UK House Prices

There is a sense amongst professionals in the property industry that the UK housing market has really turned a corner.

Land Registry figures and the Office for National Statistics both point towards an increase in house prices across the UK since December 2019 and state that prices are rising the fastest in Yorkshire and Humber.

“We’ve waited a long time for things to settle down politically, and now it finally seems people are getting on with their property decisions. There are some great mortgage deals on offer and spring is only just around the corner so it’s shaping up to be a busy time.” – Phil Spencer

Read the article in full on BBC website.

The rise of the build-to-rent

The volume of build-to-rent properties constructed in 2019 saw a staggering leap of 57% compared to 2018.

Why would you choose to live in a build-to-rent?

In what some call the rent revolution, this latest letting trend can offer a great deal for today’s renters, though of course, it comes with an additional price tag. But the longer leases and sense of community are a real appeal to a lot of renters.

To learn more about the Build-to-Rent trend, read our latest article on the Move iQ blog.

Last Updated: February 28th, 2020

Phil Spencer

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