Property industry reacts to new UK house price data

property-industry-reacts-to-new-uk-house-price-data

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Industry reaction:

Richard Vickery, Regional Director, Fulfords: “June proved a more subdued month for sales, largely because of the upcoming election and European Championship football tournament, however the outlook for July looks great. We are expecting a significant increase in activity post-election and therefore advising anyone selling that pricing is key in order to stand out.”

Sharon Donaldson, Divisional Managing Director, Countrywide Scotland: “The Scottish property market has remained resilient, largely immune to the runes cast by election uncertainty. Demand remains significant with strong elements of competition driving premiums, particularly in the family homes sector.  Activity in traditional hot-spots ranges from a mild simmer to a rolling boil, but supply issues are fuelling high buyer demand and driving house prices to premium levels.

Demand in areas boosted by postcode catchment for good public schooling, already a significant driver, is likely to experience significant pressure if the predicted application of VAT to the private school sector is implemented.

The speed of sales in Scotland continues to outperform the rest of the UK, particularly across the main towns and cities of the central belt, and the new build sector is also providing a significant draw to buyers attracted by the transparency of purchase, the chance to bespoke fit and for those who have been serially outbid in the resale market.

Anticipation of a fall in interest rates and softening of Scottish government rent restrictions are beginning to see a return of new landlords entering the buy-to-let sector. It’s predicted that yields will continue to grow, with ongoing high demand and multiple applications per property continuing for the foreseeable future.”

Russell Hill, board of management partner, William H Brown Norwich: “The local market in and around Norwich is still very active, despite the election. The last month has seen prices holding well and we’re seeing new sellers coming to the market with the hopes of completing the move this year. Meanwhile, buyers are still looking for a deal and the potential of a mortgage rate reduction is enticing them to register early and get out viewing. First-time buyer properties and family homes are a particularly busy part of the market with homes up to £400,000 gaining the most views online.”

Graham Crocket, Area Director, Countrywide Scotland: “The property market on the Southside of Glasgow and surrounding towns continues to flourish in the face of fiscal and economic confidence, albeit the General Election has caused a tinge of nervousness. However, the Bank of England have maintained interest rates and it is widely anticipated that a cut is looming, which would of course be positive for the market. Second stepper, family homes outside the centre of Glasgow are currently fuelling the market, attracting the highest volume of enquiries, and achieving prices in excess of average values.”

This article is currently being updated

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