The property market is set for a year of growth in 2020, according to property firm DJ Alexander.
The company said that in the coming year, confidence in the sector will increase as Brexit uncertainty “recedes”.
While the firm acknowledged that there is still uncertainty over Britain’s future relationship with the EU, the decisive vote of the last election has “boosted confidence” for individuals and investors in the property market.
New legislative changes in the coming year will also protect tenants through the “removal of no fault evictions, greater security of tenure, and open ended leases”, which will create a “fairer, more transparent private rented sector better adapted to the needs and requirements of people in 2020 and beyond”.
David Alexander, joint managing director of apropos by DJ Alexander, said: “Clarity and certainty are essential components of the property market and everyone, from someone moving to a larger home, to major investors has been rattled by the Brexit drama and its apparent open-endedness.
“Of course, while there remain enormous challenges ahead and serious questions about the future trading relationship the UK has with the rest of the EU, there is a feeling that the process has been unblocked and that planning for the next five to ten years can go ahead.”
He added: “The underlying conditions for increased house price growth are in place with the UK population predicted to grow by over 300,000 per annum for the next 20 years which means demand will remain high.
“Supply for the private sector and social housing remains well below this so demand will continue to be strong resulting in higher prices although there will, naturally, be regional variations within this.”
Alexander concluded: “There are many reasons to be optimistic about the coming year, and the coming decade.
“Rising house prices, a scaling up of social housing and growth in the PRS through BTR means that more people will find homes that they want to live in, in areas that they desire, at a price they can afford.”