There are so many things to consider with respect to the housing market, but a new Prime Minister is an outlying factor which could shape the property market over the next few years.
It is too early to know what impact, if any, Liz Truss will have on the property market, but a lot of property market specialists have already spoken out on this development.
What do property experts say?
It is interesting to see the initial reaction of housing market specialists with respect to this change, and what it might mean for the housing market.
Nathan Emerson, Propertymark’s Chief Executive, said: “We congratulate Liz Truss on her successful election campaign and urge her to work with property professionals to find solutions to these major issues facing the sector. The spiralling cost of household gas and electricity bills has put the energy efficiency of our existing housing stock into sharp focus. With unilateral EPC rating targets looming, there is currently no long-term plan that sets out how they will be achieved.”
Nathan Emerson ended by saying; “Propertymark is a strong advocate of making homes more energy efficient as the best solution to bringing down bills. However, it is unlikely that significant progress can be made until Ministers better understand the current housing stock and then apply realistic targets based on properties' individual characteristics with sustained funding for homeowners."
The supply of housing is a major issue
As you’d expect, Propertymark are a trusted source for many in the housing sector, and with the supply of property being a major issue, Nathan Emerson has his say on this topic.
Nathan said; “It's no surprise that boosting housing supply topped our poll. Our latest market insight reports show for every rental property available there are an average of 11 applicants, while home buyers are outnumbering sellers by seven to one. This is creating affordability issues, particularly in the private rented sector. We believe that gap can be closed through measures that bring the many tens of thousands of long-term empty properties back and the introduction of focussed targets for new homes that are based on an identified need for each tenure across the country.”
James Tucker, founder and CEO of Twenty7Tec, says: “One thing that I hope that our new PM gets right is the stop treating the housing and mortgage sectors as unrelated industries. MHCLG and Treasury need more joined-up thinking on how they work together. There’s a lot of rhetoric about housebuilding, yet even the recent report by the Land Registry into house buying barely touches on the element that makes the market work: mortgages.”
James Tucker concluded by saying; “In my view, the Government needs a fully functioning mortgage market in order to continue to deliver a healthy and vibrant housing market which contributes to the nation’s greater wealth. We’d love to have clear commitments in relation to how to support First Time Buyers, for example. Without First Time Buyers being able to access the market, then the rest of the chain is possibly overly reliant on Buy To Let landlords at the lower echelons.”
If you want to make an informed decision on any move in the housing market, we are here to assist you.
Contact Anthony Jones for all Wynyard property matters
If you are looking for help with any matter of the Wynyard property market, it is best to speak to property professionals. No one knows for sure what is going to happen next, so we won’t claim to have all the answers, but the Anthony Jones team is keen to help you as best we can. If you would like to contact us over housing matters, please call us today on 01325 776424.
