Antony Roberts’ experts are often asked for their opinions on various aspects of the housing and rental markets. Below, is a selection of our comments which appeared in the press in May.
Average house prices rose by 0.3 per cent in April, according to the Halifax, with annual price growth of 3.2 per cent. Amy Reynolds, head of sales at Antony Roberts, told The Daily Mail: “Sellers’ price expectations, particularly in prime and popular areas, are still often unrealistic compared to the offers buyers are willing to make. While there are committed buyers out there, we are finding that they are highly price-sensitive and many are no longer prepared to ‘overpay’ in areas where stock is low. Stock levels have improved compared with the end of last year, but choice remains limited – particularly for good-quality family homes and well-located flats with outside space.”
More dated, but no-less-authoritative figures from the Office for National Statistics and the Land Registry reveal that UK house prices rose by 6.4 per cent in the 12 months to March. Commenting in PrimeResi, Amy Reynolds said: “The run-up to the end of the stamp duty holiday was very busy, and since then, the market has inevitably been quieter. However, the recent decision by the Bank to cut interest rates has helped stimulate activity, with a noticeable uptick in viewings and offers.”
The end of the stamp duty holiday in March inevitably led to a dip in sales in April, according to HMRC, as buyers brought forward transactions in order to take advantage of the savings to be made. However, Amy Reynolds told The Negotiator: “Since the end of the stamp duty holiday, we have been seeing stable transaction volumes reflecting the ongoing resilience of the housing market despite continued economic uncertainty. We’re seeing a flight to quality – buyers are more selective and price-sensitive but they’re still transacting where values align with lifestyle. It’s also clear that while high mortgage rates have cooled the market somewhat, demand remains underpinned by low supply in many areas. The key challenge is affordability. Mortgage rates, higher stamp duty and for many the increased cost of private school fees, is affecting many families who would like to move, but are unable to.”
Commenting on the Bank of England’s decision to cut interest rates again in May, the fourth reduction in just under a year, Amy Reynolds told Property Industry Eye: “A rate cut helps the housing market hugely as it gives borrowers an affordability boost, filtering through to lower mortgage rates, which encourage activity. The Bank of England was widely expected to cut rates this month, and with borrowing costs remaining high compared to the pre-2022 norm, this is a welcome move. The stamp duty holiday has helped transaction levels with an increase in sales agreed in those chains where there is a first-time buyer keen to take advantage of the discount before the end of March. While this has been welcome, there have been concerns that once the stamp duty holiday ends, there will be a dip in activity and transactions, which is why the timing of this rate cut is so important.”
If you are selling your house, should you show potential buyers around yourself or leave it to your estate agent? Amy Reynolds certainly thinks the latter as she explained to This is Money: “Most estate agents will agree that it is far better to let prospective buyers view your home without the owners present. Buyers need the space – both physically and mentally – to imagine themselves living there. That’s very hard to do when the current owners are walking them through a lifetime of memories, even if those memories are heartwarming. While your home’s history is important to you, the harsh reality is that buyers are thinking about their future, not your past.”
