London is forecast to register a rise in house sales completions in 2020, bucking the national trend.

Following a rally in the housing market after the initial coronavirus lockdown, completed sales in Britain are set to fall 6% over last year’s figures, although surpassing the original forecast of a 15% decline, according to latest research.

Nevertheless, London is one of only four regions in the UK to record an increase in housing sales completions this year, with an uptick of 6%.

The other three regions predicted to register growth in 2020 are the South East, East and North East, reports City AM.

Moreover, according to Zoopla’s House Price Index, all boroughs in London are registering house price growth, fuelled by property sales in Waltham Forest and Newham.

Annual house price growth throughout the capital is slightly under the UK average, currently at 2.7% due to affordability levels, which have registered a marginal improvement, but continue to impede rapid growth in terms of sales volumes or prices.

In addition, throughout the country, new sales agreed are 38% higher than last year, signalling the busiest market in the lead-up to the festive season for over a decade, as buyers rush to beat the stamp duty holiday deadline.

That said, just half of deals agreed in January will likely be completed before the March deadline.

Zoopla added that house price growth is currently at 3.5%, the highest point in over three years, with 2020 predicted to end with 4% growth.

Richard Donnell, director of research and insight at Zoopla, said: “It has been a roller coaster year for the housing market which is ending on a strong note with demand and sales agreed still more than 30% higher than this time last year.

“House price growth has hit a three-year high and is set to increase further in the short term.

“The high volume of sales agreed this autumn will spill over as completed sales in 2021 and this will support the overall number of sales completed in 2021 at 1.1 million. 

“It has been a remarkable turnaround and completed sales look set to fall just 6% short of last year despite a two-month closure of the market in England,” he added.