Despite continued economic and political uncertainty, the property market has shown greater resilience than many expected, with buyers, sellers and landlords continuing to navigate changing conditions. In the following article, Jeremy Leaf, North London estate agent and former RICS Residential Chairman, shares his latest market insights, exploring how ongoing concerns around inflation, mortgage rates and wider global events are influencing buyer confidence and activity.
While some households continue to delay moving decisions, Jeremy highlights how those with a genuine need to move are still negotiating carefully and adapting to the market environment. He also discusses the ongoing strength of the lettings sector, including the impact of limited supply, landlord pressures and regulatory changes shaping the rental landscape.
On property sales
“Ongoing worries about the conflict in Iran and its impact on the economy – especially mortgage rates and inflation – as well as domestic political uncertainty means home buying and selling is being pushed further down the ‘to-do’ list.
Nevertheless, those who need rather than want to move are negotiating hard and trying to anticipate the market’s direction of travel. The net result is prices and activity are holding up better than we dared hope although we are not expecting a significant summer rebound, bearing in mind these distractions are likely to continue for a few more months at least.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman
On lettings
“Lettings activity is proving more resilient than sales. Demand remains strong although the quantity of enquiries is outweighing quality. Rents are holding up well – and even hardening for family houses – but that’s more to do with the shortage of supply prompted by landlords’ selling due principally to future tax and regulatory concerns including the Renters’ Rights Act. Looking forward, we expect this pattern to continue as we are aware more landlords will try to sell when existing tenants’ tenancies end and are not being replaced in anything like sufficient numbers to noticeably shift the rental dial.”
Jeremy Leaf, north London estate agent and a former RICS residential chairman
