Welcome to 2020! I know we are a little late to the party but better late than never 🙂
Economy:
2020 is shaping up to be a very interesting year from an Economical, Political and Business perspective. First the election result in December gave the conservatives the largest majority for some time in parliament. The Conservatives managed to “Get Brexit Done” as we started the process to leave Europe on 31st January. Now there is a general sense of optimism creeping back into the business community. Consumer confidence appears to be driving this and with that a general growth in trading seen so far in the first month of the year we hope this is a sign of things to come!
Property:
In the property world, Rightmove published that asking prices had increased 2.3% in January indicating the increased optimism in the market and the release of some pent up demand from people putting moving or improvement plans on hold until there was some more market certainty.
In Yorkshire and the Humber we are continuing to experience a shortage of good housing stock available to buy and rent meaning that decent properties are getting snapped up in a lot of occasions, the day that they hit the market. Coupled with the fact that the average House Price in our region is £190k vs the UK average of £306k the opportunity for investors to buy relatively cheap property, bring this up to the new market standard and support the growing tenant and purchaser demand is huge. We believe that over the coming years property values in our area will continue to grow rapidly as more businesses locate to more affordable parts of the country and the potential for a growth in trade through increased use of secondary ports such as Hull becomes a serious consideration for importing and exporting businesses.
Outlook:
2020 will be an exciting year and the start of something great in the UK and we trust that you are well positioned to support the growing property demand that could be coming our way