Last year was a seminal one for the industry. Despite the number of Brexit false starts and political wrangles, it culminated in a decisive election outcome and a platform of certainty for 2020.

That said, it will take more than a majority government to reverse the challenges facing the industry, and to bolster the market fundamentals that drive growth.

This leaves us to question, what can we expect from 2020?

Here are some key trends and opportunities that we believe will shape the next 12 months.

First-time buyers prevail

First-time buyers (FTBs) will continue to dominate the market, benefitting from financial incentives such as Help to Buy and Stamp Duty exemptions (up to a certain threshold).

Up by 85% in volume over the past decade, according to UK Finance, FTBs garner greater influence on market trends than many realise.

Indeed, thanks to the financial boost offered by Help to Buy, our research shows that many FTBs are now bypassing the traditional first home – typically a small flat – and are starting their property-owning lives in a two- or three-bedroom semi-detached house.

Meanwhile, 80% of FTBs come from the rental market, which is also expected to be of the utmost importance this year.

While 2019 saw around 1m property purchases, there were 1.15m rental moves. Increasing demand for rental properties, a solid performance in rents, and longer-term tenancies are all expected to characterise the year ahead.

Without doubt, businesses attuned to FTB need, and which service renter demand, are – in theory – set up for success in the year ahead.

The Boris Bounce

It remains to be seen whether the ‘Boris Bounce’ proves to be more than a passing fad, but it’s our belief that property prices will rise on average by 3% in 2020.

More affordable cities could achieve 4% growth, while London is expected to peg level at 2%.

We do expect some pent-up demand to return to the market in Q1 of the year, but it won’t encourage a significant shift in headline house price growth or a larger than usual ‘spring bounce’.

Market sentiment is arguably holding steady, but buyers have an acute sense of ‘worth’ and whether a property’s asking price aligns with what they’re prepared to pay for it.

Accurate rather than ambitious pricing is expected to be the order of the day.

The dawn of a new ‘techade’

Some love it; some regard it as a buzz word, but we forecast that 2020 will sow the seeds of major tech innovation in the industry.

While technology has underpinned many facets of estate agency for some time, there is a tangible appetite for what comes next.

When I speak to agents, it’s a widely held view that the business of estate agency will change dramatically over the next five to ten years –driven largely by technology.

While life as an agent in 2020 bears many similarities to life as an agent in 2010, we are in a time of unprecedented change, and the innovations that will take place by 2030 will transform the industry beyond recognition.

The areas in which such changes will play out won’t come as a surprise to any one of us.

We anticipate a fundamental shift in the nature of the market – as customer demand evolves and (we hope) legislation starts to keep pace.

We expect greater digitisation of the market and doubling down on digital investment; and with access to new sources of data, there are likely to be enhancements to the personalisation of customer journeys.

Without doubt, we will strive to set the tone and spearhead new ways forward at Zoopla and, with over 120 new hires under way, we are poised for the next era of innovation, as we support agents in maximising opportunity in an ever-changing market.

While trends and outlook are inevitably nuanced in different parts of the UK, 2019 saw us deliver an increase of 18% in applicant leads, and 24% increase in applicant leads per listing.

Ongoing investment in technology is integral to grow those figures further for the year – and decade – ahead.

* Charlie Bryant is CEO of Zoopla