The UK housing market will bounce back in 2020 now there’s less uncertainty about Brexit.
Housebuilding firm Taylor Wimpey said the housing market remained stable last year, despite ongoing economic and political uncertainty.
In a trading update this week the company said that conditions were more challenging in London and the South East but demand for homes remained strong in the face of uncertainty caused by Brexit.
Simon Lyons, who is chief executive of property development and investment group Enstar Capital, agrees He is behind retail development plans for London’s Olympia and Paddington Station areas. He said: “The biggest market mover is optimism, it changes everything.
“We now have stability and that counts a lot with foreign investors as they know they are not in for any surprises over the next decade.
“On the residential front, people will start feeling able to make decisions about moving that they have been holding off for the last three years. 2019 started off very gloomy but now we have lots to look forward to.”
He went on to say that retail business rates reduction measures in the Queen’s Speech will encourage High Street revitalisation.
Lyons wants retail property rates scrapped completely and grants given to young entrepreneurs to open stores rather than go to university.