A leading property firm claims that the UK housing market is starting to show recovery signs after a torrid and prolonged period of doom and gloom.

It says that things will really start to be on the up once the Brexit political stalemate has been put to bed and that better times are just around the corner.

The firm has just released its UK and London Residential Forecast Report, ‘Living with 2020 Vision’ and contains projections that on average property prices will increase by 14.8% by 2024; London, East of England, Yorkshire and Humber will see higher house price growth than the national average during this period.

The report also predicts that the private rented sector will enjoy ‘renewed energy and vigour’.

The signs of a housing market recovery 'mirrors' the national economy forecast with an estimated GDP growth of around 1.7 to 2% per annum.

As London continues to remain as one of most innovative, dynamic cities it is only to be expected that its annual GDP will be considerably higher than the rest of the UK, with a forecast for its annual GDP growth during 2021 - 2024 of around 2.3 - 2.5% p.a.

In spite of the many differing business predictions and political views surrounding the UK's exit from the EU, the firm states that the capital's economy remains to be a lucrative investment for businesses.

 

Nick Whitten, director of UK Living Research & Strategy, of the firm, said: “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.

“As we approach the General Election, we expect housing to ride high on the political agenda, as society faces fundamental social changes 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.”