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 3 per cent in the year to April, up from 2.2 per cent in the 12 months to March, according to Nationwide Building Society. Amy Reynolds, head of sales at Antony Roberts told Property Industry Eye: “The underlying need to move remains strong and, for well-priced, high-quality homes, demand continues to hold up. In terms of pricing, the closer the asking price is to true market value, the greater the likelihood of securing a successful sale. Buyers are not stretching to make offers they don’t believe will be accepted – they are simply choosing alternative properties.”
However, the more-dated Land Registry price index recorded that average house prices have not changed in the past year, with 0 per cent growth in the year to March. Amy Reynolds told PrimeResi: “When we compare agreed sale prices on a like-for-like basis against equivalent properties this time last year, the difference is not significant. The market is more balanced than the data suggests: there is a big distortion from the original asking price, which in many cases is starting out high and applicants are slower to make offers, so there will be a volume drop in sales, but there isn’t a meaningful shift in underlying values.”
Average rents increased to £1,438 in England, £834 in Wales and £1,019 in Scotland in the 12 months to April, according to the Office for National Statistics. Amy Reynolds told The Guardian: “Rents are holding firm, and we don’t see that changing any time soon. The reason is simple: stock levels remain extremely low while the number of applicants for each available property stays high. Until that supply and demand imbalance shifts meaningfully, landlords have little pressure to move on price.”
Latest HMRC property transaction figures show that the number of transactions in April fell 3 per cent compared with March but were 53 per cent higher than a year ago when the numbers had been skewed in the immediate aftermath of the end of the stamp duty holiday. Amy Reynolds told Financial Reporter: “On the ground, we saw some softening in initial viewing levels in April as people took stock of the situation in the Middle East and what impact this might have on borrowing costs. However, since then, things have picked up and even though it has been half term, we have been much busier than expected, which is hopefully sign of a more buoyant market to come.” She explained further in PrimeResi: “Transactions are being agreed at levels broadly in line with what we would expect at this time of year. The market feels steady rather than spectacular with buyers still active but more selective, more analytical on pricing and far more aware of monthly mortgage costs than they were a year ago.”
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