Expert advice on the Yorkshire property market
PUBLISHED: 15:57 16 January 2012 | UPDATED: 20:55 20 February 2013
Experts from around the county give you the inside line on the Yorkshire property market
Stewart Charnock-Bates of Charnock Bates
There is much discussion of increasing unemployment and uncertainty in Europe, which doesnt automatically promote a feel good factor in the 2012 property market. But there are many reasons to believe that property will prove to be a good investment this year.
Arguably, prices have bottomed out, money is cheap to borrow and clients are now being realistic with their expectations. So, I anticipate there will be many opportunities around for shrewd investors.
Stability is most certainly the word in 2012, but growth will happen and when it does, whether in two, three or four years, he who dares , I believe, will eventually win.
Jamie Adam of Jackson-Stops & Staff
By the late autumn in 2011, we saw a renewed impetus in the property market, with purchasers attracted by the stability of the market compared with the general economic situation. The property market might have dropped a few percentage points over the last 12 months, but this still compares favourably with those whose assets are linked to the stock market and the wider economy.
The market remains fragile and location, price, choice and condition are still important factors to purchasers. The mortgage market is still struggling to respond to demand for more affordable mortgages, although those with a sizable deposit have numerous offerings to choose from.
We hope to see a continued increase in interest from both local and national buyers coupled with an improving mortgage market in 2012. Pricing will remain one of the most important factors over the coming 12 months, so pragmatists are likely to be more successful in achieving a sale
Kevin Hollinrake of Hunters
People talk about the property recession but this isnt the full story. Although volumes are low, they are consistent. Pre-2008, there were around 1.2m transactions annually in the UK; now its more like 550,000-600,000. For the foreseeable future, while there is a muted lending position and an obvious lack of confidence from the house-buying public, were likely to see property transactions continue at the same levels. Consequently, I think prices and volumes will remain pretty flat in 2012.
This means those who are selling shouldnt wait for prices to increase as its likely to be two or three years at the earliest before we see prices starting to rise again.
In terms of the new homes market, we have good relationships with many house developers who are buying land and starting new developments. This is good news for the economy. But we need banks to lend to the property sector to help developers, first time buyers and businesses like us who want to expand. We need lenders to take a more balanced and proportionate view. The vast majority of property loans are sound, its just the froth on the top which hasnt been good.
Weve set our stall out ready for the first five months of 2012, which we think will be busy, and are looking forward to another steady year. I predict that the market will remain pretty flat without any great surprises but, if I had to choose which way it will go, then would say slightly better.
If youd asked the same question this time last year, I would have said worse. So an improvement, however slight, has got to be good news.