Here at Investec, mortgage enquiries and activity are showing positive early signs that clients are hitting the ground running in 2020 as the political landscape stabilises.

We’re not the only ones experiencing an uptick. Knight Frank’s latest figures show the number of new prospective buyers in London reached a 15-year high in the second week of January. The group described the 92 per cent year-on-year increase as “unprecedented”.

More broadly, Rics says +66 per cent of surveyors think house sales will rise this year, up from just +33 per cent in November. London and East Anglia are the predicted hotspots.

Rightmove’s House Price Index also saw a 2.3 per cent surge in the price of properties coming to market in January, the largest monthly rise the company has seen at this time of year. These developments are evidence of a ‘Boris bounce’ as confidence returns to the property market after the pre-election uncertainty.

Interest rate cuts may be on the horizon. The Bank of England has suggested it will cut the cost of borrowing if weaknesses in the economy continue. The Bank’s Monetary Policy Committee confirmed it was closely monitoring how consumers and businesses reacted to Brexit and global growth. Speaking of Brexit, in recent months we’ve seen little talk from our clients about the UK-EU split. Many have already pivoted away from the risks or capitalised on the potential opportunities, so it’s largely an afterthought among the well prepared.

All eyes are now on the upcoming Budget, which will give a good indication of the government’s plans. The Conservatives have already raised the prospect of a 3 per cent stamp duty surcharge on international buyers.

However, property buyers will no doubt hope that cuts in stamp duty floated by Boris Johnson during his leadership campaign will be revisited. This involved the top SDLT rate dropping from 12 per cent to just 7 per cent, with the payment threshold jumping from £125,000 to £500,000. While these changes didn’t find their way in to the Tory manifesto, many in the industry saw this as a positive sign when they were first raised.

Time will tell if the Boris bounce is just a dead-cat bounce. Nevertheless, HNW individuals have many reasons to be positive as we head deeper into 2020.

Peter Izard, business development manager, Investec Private Banking