Britain house prices expected to increase 2pc in 2020: Rightmove

LONDON (Xinhua) – The average house price in Britain is expected to increase by two per cent in 2020, according to Rightmove, a Britain-based property company.

According to the firm, the average asking price for a house in December across Britain was GBP300,025 (about USD400,050), 0.9 per cent lower than the previous month.

The company said that home-mover confidence and activity have been “dogged” by political uncertainty since the 2016 Brexit referendum.

“With a clear majority in the election, there is now an opportunity to release some of the pent-up demand in the spring, and for some modest upwards price movement,” said the company.

Rightmove said that “our prediction of a two per cent price rise in 2020 is more than twice the current annual rate of 0.8 per cent, it’s still a relatively marginal increase as it’s a price-sensitive market.”

Housing Market Analyst at Rightmove Miles Shipside said, “The greater certainty afforded by a majority government gives an opportunity for a more active spring moving season, with some release of several years of pent-up demand.

Construction cranes are seen at a site where flats are under development in London. PHOTO: AFP