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Land Registry HPI (Jan) – reaction from property experts

by | Mar 22, 2023

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Following the Land Registry January HPI that has recently been published, Newspage asked brokers and developers for their thoughts and shared them with IFA Magazine.

Jamie Alexander, director at Southampton-based Alexander Southwell Mortgage Services“The property market is under real pressure and the stubborn inflation we have, remaining above 10%, won’t help. Now all eyes are on whether the Bank of England reacts on Thursday and decides to raise interest rates yet again. This will affect borrowers on trackers and the wider property market if it subdues demand further. A lot is riding on this week’s Bank of England rate decision as it will affect sentiment and mortgage rates, which drive the property market.”

Kundan Bhaduri, director of London-based property developer and portfolio landlord, The Kushman Group“Right now is without doubt the single best buying opportunity in the UK property market we have seen since 2008. The depressed sales market is favouring professional portfolio landlords in particular, who are active and buying properties at a significant discount compared to prices this time last year.”

Louis Mason, director of London-based mortgage broker, Oportfolio“Though prices are coming down, demand for property in recent months has been surprisingly strong, specifically from first-time buyers, supported by the fact that many sellers are being more realistic with their asking prices and the jobs market is holding up. Lower prices are stimulating demand and reigniting the market.”


Mike Staton, director of Mansfield-based mortgage broker, Staton Mortgages“The problem with the housing market at the moment is that buyers think it is 2008 and sellers think it is 2020. Both are wrong. This is not being helped by overzealous estate agents that still continually choose to over-value properties. The one thing that is needed to sort out this mess is for the government to step in and regulate the estate agent industry and make them answerable to the mis-selling techniques that many of them still practice. I’ve seen more realism in a Nicolas Cage movie than some property valuations being carried out”

Will Rice, CEO of residential mortgage lender, Generation Home: “We expect house prices to stabilise throughout 2023. The majority of the correction has already happened, and while there may be a little room left to fall, it won’t be much. Inflation will be the key driver of the housing market in the near future. It will determine what the Bank of England decides to do with the base rate, which will directly pass through to mortgage rates and housing costs, which in turn will affect the level of demand from buyers, determining house prices. If you’re in the financial position to be able to buy, now could be a good time to be in the market. If prices do stabilise throughout the year, we might see demand increasing and more properties listed, creating competition between buyers.”

Nick Harris, co-founder at Wokingham-based Quarters Residential Estate Agents: “Property prices are down but demand has been steadily increasing in the first three months of the year. There’s more confidence out there than many think. This shows that while discretionary buyers are sitting tight, the serious buyers remain active. Sellers are being much more realistic on price, and are typically also buyers so they appreciate a more balanced property market. Locally, we don’t expect to see the often reported ‘crash’ but can certainly see that a correction of circa 5% is realistic. It’s no secret the market is currently favouring buyers.”


Rohit Kohli, operations director at Romsey-based mortgage broker, The Mortgage Stop: “Though last year’s mini-Budget was a pivotal moment, the higher cost of living, higher interest rates and general uncertainty surrounding the economy meant confidence among buyers was bound to fall and the ongoing fall in average values highlights this. The buy-to-let sector has been the worst hit. Confidence has been knocked out of landlords and they are selling up at scale as higher mortgage rates and lower affordability from lenders mean their numbers are no longer stacking up.”

Riz Malik, director of Southend-on-Sea-based R3 Mortgages:“Thursday’s inflation data will only add to the very visible woes of the housing market. All eyes are now on the size of any future base rate increases, starting on Thursday. If we can maintain some sense of stability until the summer, a sharp drop in inflation could restore confidence and provide the property market with the stimulus it needs.”

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