There is always a great deal of excitement at the start of the year as people look ahead to the next 12 months. In recent years, there hasn’t been a great deal of optimism surrounding the property market, but there is hope that 2020 will be a brighter year for property transactions.
Many issues have blighted the UK market, but political uncertainty hasn’t helped. It now appears as though there will be a period of stability regarding politics, which can only be helpful for buyers and vendors. After Brexit and the Budget, scheduled for March, there should be clarity in the market, and this is a cause for optimism.
There is a platform for optimism for the London property market in 2020
After the General Election, there was a brief flurry of increased house prices, labelled the “Boris Bounce.” Some mortgage brokers also started the New Year by citing an increase in applications and website visits at the end of the year. There is a platform for sustained activity in the housing market in 2020, including London.
The London housing market should be viewed separately from the rest of the country, and it is important to recognise areas in the capital, which are thriving. The Property Reporter website recently tipped several London property hotspots for 2020, and we are pleased to say Sutton was listed in a very positive manner.
This isn’t a surprise to us, as we know, Sutton offers a lot of benefits and essential features. However, it is always pleasing to see others talk favourably about a place you love and know so well.
Sutton is a place on the up
Attention was drawn to the considerable development work which has taken place in Sutton since 2012. More than £410m has been invested in the area, and Sutton hosts more than 6,800 businesses. With further development and investment opportunities scheduled, Sutton is a place on the rise. Economic growth and companies achieving success are significant for an area, it draws people to it, and it creates a platform for new houses. It also ensures there is a healthy demand for existing properties, and we believe the Sutton housing market will be vibrant in 2020.
Sutton was also highlighted as being highly affordable, with the average property price listed as £387,286 while Rightmove cites the average price paid for Sutton property as £389,801. This is exceptionally affordable for property in London, and you shouldn’t forget the train journey from Sutton to Victoria is 30 minutes.
You can enjoy city and country life in Sutton
Sutton allows you to be close to the heart of the capital while also providing residents with the chance to enjoy the countryside of Surrey on its doorstep. Anyone looking for the feel of village life while being so close to the city will love what Sutton has to offer, and we believe this will further drive demand for Sutton in 2020.
If you plan on moving in, out or around Sutton in 2020, please get in touch. We can provide you with a property valuation if required. We agree that Sutton is one of the London hotspots to watch this year, and if you want to discuss your next move, please contact Belvoir Sutton today.