The next 12 months will be an opportunity to reassess the housing market according to property consultancy JLL.
It says price growth for the next five years is expected to accelerate by 14.8 per cent with some areas - mainly London, Yorkshire and the Humber, and the East of England - will outperform the average.
JLL says this broadly positive outlook for the housing market matches the forecast for the national economy, with GDP growth estimated between 1.7 and 2.0 per cent per year until 2024.
“We’re coming to the end of a long period of uncertainty and 2020 marks a key moment in time for all of us to reassess and firm up the infrastructure and economies that will support the UK’s future success” explains Nick Whitten, director of UK Living Research & Strategy.
He continues: “Society faces fundamental social changes [and] our towns and cities will see the highest housing demand. We are seeing an ever-increasing connection between living and technology, as well as growing climate and social awareness, and it is vital that the key political and economic stakeholders, investors and developers embrace these new opportunities to ensure the UK economy and housing market can achieve the momentum we predict for the next five years.”