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 September.
House prices rose 2.8 per cent in the year to July, down from 3.6 per cent in the 12 months to June, reports the Office for National Statistics. Amy Reynolds, head of sales at Antony Roberts, told Forbes: “Affordability remains the brake on the housing market. Never in my 25 years in the industry have I had so many conversations with people about the cost of stamp duty. The high cost of moving is prohibiting home moves that people want to make, but don’t feel confident enough to do so and is leading to stagnation in the market in certain areas.”
Surveyors reported that a resilient summer for the housing market has given way to caution ahead of the Budget, as detailed in the latest survey from the Royal Institution of Chartered Surveyors. Amy Reynolds, head of sales at Antony Roberts, told City AM: “The caveat to 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.”
The most recent data from HMRC also shows that UK residential transaction volumes slowed in August, with 93,630 seasonally adjusted deals recorded. Amy Reynolds told PrimeResi: “The summer market proved to be remarkably resilient given continued caution from buyers. In our offices, well-priced property continued to sell and the gap between serious buyers and committed sellers has narrowed. However, since then, buyers and sellers alike have become nervous about the pending Budget. The late November date is causing a slowdown in the market while people wait for clarity.”
Nationwide’s house price index painted a similar picture with prices softening to 2.1 per cent in August. Amy Reynolds told Property Industry Eye: “Well-priced property continues to sell, and the gap between serious buyers and committed sellers has narrowed. The market feels more balanced than it did in the spring as those who are motivated press ahead but we don’t anticipate a surge in supply so the shortage of good stock will likely persist.”
The Bank of England voted by seven to two members in favour of a hold in rates in September. Amy Reynolds told The Negotiator: “This hold in rates at 4 per cent was expected, and is okay, as it provides stability and is far preferable to a rate increase. However, a drop in rates is required to give a boost to affordability which remains a brake on the housing market. For a real impact, we need the next reduction to be a half-point cut, rather than a quarter point.”
