The survey spoke to 6,000 people across the country, and confidence levels amongst agents have risen by 55%. After three years of consecutive decline in agent confidence, 2020 is on the up, and it looks as though many people believe this is the year the property market takes a turn for the better.
Agents expect more homes to be placed on the market
52% of agents stated they expect to see an increase in the supply of homes to the market in the next 12 to 18 months. 45% of agents believe there will be an increase in property transactions over the course of the year.
Many agents expect to witness an increase in revenues in 2020
A pleasing aspect of the survey is the volume of agents who believe they will witness an increase in revenues for the next 12 months. 54% of agents said they expect to earn more income from property management fees, 50% from property sales and 45% from letting fees in the year which lies ahead.
Of course, there will be challenges in the year which lies ahead. It would be wrong to think everything will run smoothly. 47% of agents have admitted they are unclear on the new Government’s housing policy. Also, 37% of agents have stated the uncertainty and unhappiness over stamp duty charges negatively affects their business.
Andy Marshall is the Chief Commercial Officer at Zoopla, and he said: “The annual State of the Property Nation findings always make for a compelling insight into all facets of the market. In the first of our series of takeaways, the study provides a barometer of agent mindset, and our findings show, on the whole, that agent confidence in the market is on the up for 2020. It comes as little surprise that the so-called ‘Boris Bounce’ has already started to reshape the market in the immediate term – particularly amidst reports of improving consumer confidence following the decisive election outcome.”
He continued by saying; “Without doubt, appetite to buy and sell property has been pent up since the aftermath of the Brexit vote in 2016, and it would now appear that we have the green shoots of a new cycle in the market. While we don’t expect runaway prices – indeed we have forecast a modest 3% growth for 2020 - we are definitely heading in the right direction and agents are rightly benefitting from what we hope will become a new dawn.”
At Austin Property Services, we know people want to make a move in the market. While there are still obstacles and barriers to success in the property market, it is easy to see why a lot of people believe 2020 is going to be a good year in the market. If you would like assistance or guidance in the property market this year, please contact Austin Property Services, and we will be happy to assist you.