Homes for sale in UK has reached highest level in eight years – Thoughts from the Industry
Following on from the data from Zoopla the number of homes available for sale in the UK has reached the highest level in eight years. Here are some thoughts from within the property industry.
Guy Gittins, Chief Executive of Foxtons, said: “Despite last week’s announcement of a general election, we’ve not seen a dampening of sentiment from buyers and sellers; in fact, last week we saw more sales agreed than we have done at any point during the same period in the past 6 years. The prospect of a change in government hasn’t deterred new buyers from entering the market either, with last week also a record number of new applicant enquiries compared with the past 5 years. As buyers and sellers await the next interest rate decision, they should take some confidence from the fact that homeowners and prospective buyers are acting with confidence despite the uncertainty of the election ahead .”
Daniel Austin, CEO and co-founder at ASK Partners, said: “The property sector is recovering. Rent values have seen sustained growth, positioning real estate as reasonably valued in comparison to gilts and presenting growth potential. In the realm of commercial real estate, factors like physical condition, location, and age significantly influence a property’s value. Well-maintained properties boasting modern amenities tend to command higher prices, while neglected ones may struggle to attract tenants or investors. In the current market, the emphasis has shifted towards the importance of location and quality over the yield on debt or cost. We anticipate opportunistic acquisitions of prime properties in prime locations.
“A RICS survey uncovered that non-traditional market segments, such as aged care facilities, student housing, data centres and life sciences real estate are yielding the most robust returns. With housing set to be a battleground point in this year’s election and as the sector moves to the top of the agenda for all parties, we hope to see a long-term plan for new homes, including social housing, however, we expect we will see more short term fixes. Stimulus will be welcome but can create unnecessary froth. For voters, a stamp duty holiday or reprieve may be a welcome sign. For developers, eased planning regulations for brownfield sites and conversions will be popular. However, the government will be faced with a challenge – striking a balance between trying to increase housing supply and therefore affordability by supporting developers and private landlords but appealing to voters who do not want to see greenfield development. The planning system remains hotly political and as a result, landlords and developers are unlikely to see much in their favour. As a debt provider, we hope to support the best sites in prime locations with well-capitalised sponsors who understand their product. Following this strategy, we aim to bolster developers’ initiatives with the flexible underwriting approach that is necessary for navigating current planning rules and market uncertainty. This will enable us to continue to offer opportunities for the growing number of private individuals opting to invest in property debt.”
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