Following the Nationwide HPI (April) published this morning, free PR platform Newspage, have shared the thoughts of brokers and financial experts with IFA Magazine.
Nick Harris, co-founder at Wokingham-based Quarters Residential Estate Agents: “The rise in house prices in April shows that there’s more life in the property market than many think. House prices are still down on an annual basis but demand has been steadily increasing in the first four months of the year and this may be the beginning of the bounce back from the turbulence caused by the mini-Budget. While some discretionary buyers continue to sit tight, serious buyers remain very active. Sellers are being much more realistic on price, and are typically also buyers so they appreciate a more balanced property market. The property market armageddon some predicted is simply unlikely to materialise.”
Kundan Bhaduri, director of London-based property developer and portfolio landlord, The Kushman Group: “The property market is powered by confidence and confidence, with each day that passes, is returning. If inflation finally enters single digits and starts to come down in the months ahead, this trend may continue. The doom and gloom many predicted simply isn’t proving to be. Buyers and sellers are finally seeing eye-to-eye on pricing and that is stimulating activity and giving the property market a lift.”
Jamie Minors, managing director at Norwich-based estate agents, Minors & Brady: “With mortgage rates having steadily reduced and consumer confidence returning after the disastrous Kwarteng/Truss administration, we are seeing strong levels of demand matching good levels of supply. Unemployment is still incredibly low, so as long as mortgage rates don’t suddenly rise and people still have their jobs, buyers will continue to purchase, resulting in prices holding without further big reductions and a rally upwards in 2024. As ever, the property market is proving more resilient than many thought.”
Adam Smith, director at Northampton-based mortgage broker, Alfa Mortgages: “The outlook for house prices in 2023 was always going to be heavily influenced by consumer confidence, and confidence is returning. People sense that the economy may hold up better than many have predicted, and that is slowly starting to see some green shoots in the property market. That said, there are countless variables at play and one month of growth does not a market make. But in the current climate you have to take the positives.”
Chris Barry, director at Gloucester-based conveyancer, Thomas Legal: “Recently, many buyers have come back to the market as mortgage rates have edged down and that demand is reflected in this uptick in prices in April. Demand is continuing to grow as confidence and economic stability improve, which may see supply and demand meet in the middle sometime this year, creating the perfect housing market. Yes, there is a long way to go and the potential for turbulence ahead but April’s Nationwide house price data is encouraging.”
