But a lack of homes available to buy has also been a challenge in the market. The Royal Institution of Chartered Surveyors (RICS) noted in its latest survey of the country’s residential property market that prices are being put under downward pressure.
The RICS data puts them at -5 per cent, down from the -3 per cent recorded in their last survey. However, the organisation is expecting prices to increase during 2020.
Simon Rubinsohn, chief economist for RICS, stated: “The latest survey feedback continues to suggest that both buyer and seller activity remains in a holding pattern hampered by political and economic uncertainty.”
He added that this isn’t expected to change until after the election on 12 December. However, this will pave the way for the market to improve next year.
RICS isn’t the only organisation predicting that house prices will increase in 2020. Real Homes recently shared forecasts from the Centre for Economics and Business Research (CEBR), which is anticipating a “sharp” increase in house prices in 2020.
According to the CEBR’s predictions, average house prices in the country could increase to £320,000 next year. While this would be beneficial to current homeowners who want to move, it will make buying a first property even more challenging.
Visit your estate agent in Retford to find out what’s on the market in this area and see if there are any suitable properties for you and your family.