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 March.
The Chancellor’s Spring Statement offered no respite or encouragement for the housing market, despite the stamp duty concession ending in March. Amy Reynolds, head of sales at Antony Roberts, told The Telegraph: “The housing market is in a holding pattern. Without another interest rate cut or intervention by the Chancellor, transaction levels are unlikely to change. The market remains sluggish, with prices holding up due to a lack of stock.”
An estimated 74,000 buyers will miss the 31 March stamp duty deadline, according to property portal Rightmove, as the average time it takes to purchase a home is just over five months. Amy Reynolds told The Times: “It’s ridiculous. What currently happens is we get a buyer, and the seller’s solicitor sends whatever they’ve got and waits for the buyer’s side to ask questions. The buyer’s solicitor comes back and says we’re missing a Fensa certificate for two windows from 2023. Do you have one? And then it goes back and forth on every point. Gas safety certificate, roof, buildings insurance. If the seller’s solicitor found the gaps at the beginning, before they got a buyer, the sales would fly through.”
Unsurprisingly, property transactions surged ahead of the end of the stamp duty holiday. Commenting in Mortgage Introducer, Amy Reynolds said: “The stamp duty concession has focused the minds of buyers, encouraging them to bring forward transactions. Higher borrowing costs and affordability pressures are still an issue, and it will be interesting to see how the market reacts in the second quarter when the concession is no longer available. In areas where stock is limited, demand continues to be steady, particularly when it comes to the family home market with scope to work from home.”
While homebuyers paid £1.1 billion in stamp duty in February, according to HMRC, higher stamp duty may mean less revenue for the Treasury. Amy Reynolds told This is Money: “Stamp duty is a transactional tax, meaning the revenue it generates depends on the volume of property sales. While higher rates can boost tax receipts in the short term – especially if people rush to complete purchases before further potential increases – the long-term impact can be counterproductive. If the cost of moving becomes prohibitively high, people are less likely to buy and sell homes, leading to a stagnation in the market.”
Research shows that there has been an increase in landlords selling up since the start of the year due to higher mortgage rates and concerns about the Renters’ Rights Bill. In The Daily Mail, Amy Reynolds commented: “We have four sales offices, all of which have properties either for sale or under offer where the owner is a landlord. We would like to see landlords coming back into the market but for that to happen they will need tax incentives.”
If you are considering buying a house to renovate, it is wise to think about your own eventual resale market. Amy Reynolds told Homebuilding & Renovating: “Before viewing a property, it’s crucial to understand local market dynamics. Research recent sale prices of similar properties in the area, particularly those in renovated condition, to gauge the potential resale value. Look at the typical homeowner profile: are buyers in the area first-time buyers, families, or downsizers? This will influence the type of renovations that add the most value. Check the demand for specific property types: for example, in some areas, three-bedroom houses sell far faster than two-beds.”
More than half of homeowners will pay a premium to buy a home with a driveway, according to YourParkingSpace. Amy Reynolds told The Daily Mail: “Buyers will absolutely pay a premium for off-street parking, but how much depends on their stage in life and the local parking situation. Downsizers and families with small children particularly value it while for those with older, more independent children, it becomes less of a priority. In areas where parking is difficult it’s highly desirable – but even in streets with no parking, properties in locations like Richmond can still sell for over £2 million without issue. The real challenge comes when a property is one of the few on a street without off-street parking, especially if there’s limited on-street availability.”
The Telegraph looked into how to become an estate agent. Amy Reynolds said: “The job prospects are excellent. There are different roles within estate agency, such as selling, listing, managing – and then overseeing multiple offices or departments.” In terms of remuneration, she further explained: “There are different pay schemes, both individual and pooled, some with bonus schemes and incentives. The big money is in prime central London, but not everyone wants to work in that market. There is plenty of opportunity to earn a good living in a variety of marketplaces.”
