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 June.
House prices fell in May after the end of the stamp duty holiday, according to Halifax. Amy Reynolds, head of sales at Antony Roberts, told City AM: “The key challenge is affordability – mortgage rates, higher stamp duty and for some, the increase in private school fees, is affecting many families who would like to move but are unable to.”
More dated, but no-less-authoritative figures from the Office for National Statistics reveal that average UK house prices still rose by 3.5 per cent in the 12 months to April. Commenting in Forbes, Amy Reynolds said: “A modest uptick in prices is to be expected given that the spring/summer market is traditionally when people move and the market is at its busiest. Unfortunately, another interest rate cut this week is unlikely given today’s inflation figure, which is disappointing as a half-point cut would stimulate growth.”
Nevertheless, home sales picked up in May following April’s plunge following the end of the stamp duty holiday, according to HMRC. Amy Reynolds told The Independent: “We’re seeing a rise in first-time buyer activity, even though the stamp duty holiday has ended. Many are receiving help from family and being driven by pressures in the rental market, where demand far exceeds supply and rental listings have dropped sharply.”
Commenting on the Bank of England’s decision to hold interest rates at 4.25 per cent in June, Amy Reynolds told PrimeResi: “Another interest rate cut was not expected this month given the inflation figures – although one questions how effective rate rises are at controlling inflation when so much of the pressure stems from external factors such as the war in Ukraine. We had hoped that the Bank of England would have cut rates by 50 basis points last time around to stimulate growth, as the economy feels stagnant and at risk of sliding into austerity. This latest hold in base rate won’t help that.”
If you are buying a flat above a Post Office, will it be difficult to sell? Not necessarily, says Amy Reynolds in The Daily Mail, as long as certain conditions are adhered to: “Flats above commercial premises tend to be priced more competitively, and buyers often wonder why. The answer is that they can be harder to get a mortgage on and that affects the audience we can sell to. However, Post Offices are generally viewed more favourably by mortgage lenders compared to, say, a takeaway or pub they’re considered low impact in terms of noise, smells, and foot traffic. We sell plenty of properties over commercial and would sell plenty more if lenders would take a different view of the risk. Provided it’s a well-run building, priced sensibly, and in a good area, there will always be a market for it. It’s just about going in with your eyes open, which you clearly are.”
