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 August.
There has been an upsurge in buyers looking for properties with annexes for adult children returning home after university. Amy Reynolds, head of sales at Antony Roberts, told The Times: “People are planning for it. We’re seeing buyers with teenagers looking for bigger houses because they’re not expecting them to leave. If parents aren’t giving money to their kids to help them buy their own place, they’re buying a bigger place so the whole family can stay together. It’s necessary. If you’ve got a 21-year-old living in your house, they need space.”
With buyers remaining sensitive on price, overpriced homes are taking longer to sell. Amy Reynolds told The Telegraph: “It’s a real challenge to get pricing right at the moment with all the political talk around potential tax changes, as well as the significant amount of stamp duty that buyers face. When a property is initially overpriced, it can sit for a while, but once the price comes down to where buyers feel it should be, it will sell.”
House prices rose by 0.4 per cent in July, according to the latest Halifax house price index, with buyers expecting another reduction in interest rates. Amy Reynolds told City AM: “The possibility of a reduction in mortgage costs is a frequent topic of conversation.” She explained further in The Daily Mail: “While in our offices we experienced a brief lull in activity at the start of the school holidays, it has picked up significantly since then. Serious buyers are committing and keen to move before the end of the year.”
While average prices are holding up, so too are transactions, with HMRC reporting that sales are on track to match 2022 highs with 95,580 residential transactions in July. Amy Reynolds told City AM: “The caveat to [high transaction levels] is whether capital gains tax on primary residences, national insurance on rental income and a Mansion Tax will kill the autumn market as vendors and buyers opt to wait and see.”
Meanwhile, average asking prices fell by £17,300 in the month to August, according to property portal Rightmove. Amy Reynolds told The Standard: “What’s surprised me most is the first-time buyer flat market in our area. It slowed after the stamp duty holiday ended but has now rebounded strongly. That said, there are still some well-priced homes sitting unsold, often because buyers are holding back. Some buyers may be waiting to see if the price drops, but we’ll soon be out of the traditionally quieter summer holiday period and heading into the busier autumn. Those who held back may see the property they like snapped up by someone else, so it’s worth an inquiry to gauge the seller’s position.”
