In a new series of meetings, Move iQ’s Phil Spencer heads up a People in Property Regional Panel Chat, looking at current issues with Propertymark Agents across the UK. Watch below.
Agents Stephen McCarron, Derry-based NAEA Propertymark president, David Votta, Kent-based ARLA Propertymark president, Tania Dutnell from Cardigan Bay Properties in West Wales, Miles Glenham from Glenham Property Management in Edinburgh, and Jane Earley, from Robinson Reade in Southampton lift the lid on the issues facing the housing market.
With some analysts predicting a property market crash, Spencer looked to gain answers from McCarron, who said, “I don’t feel as though the market will crash, but I certainly see the market softening which it is already shown signs of doing so.”
Commenting on the Welsh market, Dutnell said “Prices are starting to realign to more realistic figures. We’ve seen some huge price hikes over the last year or two being driven by the change of lifestyle on the back of the COVID-19 pandemic.”
Looking to the topic of stamp duty and interest rates, Earley added, “interest rates are causing concern with some buyers which is slowing the market, however, historically they are not high. I would now expect to see an easing into a bit of normality and for the feeding frenzy to ease.”
Moving to the private rented sector, Spencer asks Glenham about the rental market in Edinburgh, “We’re currently seeing prices up on average in Edinburgh by 14% year on year which is being driven by the lack of stock. We’ve seen more landlords selling in the past year that we have seen previously, all Governments need to recognise that and start to incentivise investment.”
Votta sheds some light on his views surrounding government interpretation adding, “the UK Government wants to improve standards for tenants and continues to use a minority of rogue landlords and agents across the country as their benchmark, but in reality, the average standard of property is so high now. The demand for private rented homes is through the roof and since 2017, the sector has lost 230,000 landlords which has been a consequence of the Governments intervention with legislation.”
“This worries me greatly,” Spencer added. “We need landlords as a society and governments seem to have done a brilliant job in disincentivising investment which is being seen on the ground creating less choice for tenants and higher prices.”