Spring looking brighter for property market, says Winkworth

Activity is up, wage inflation is above inflation and interest rates are coming down, chief executive Dominic Agace stated in the latest episode of the Winkworth Property Exchange podcast.

Dominic Agace told the podcast:" We’ve seen a positive start to the year. Activity is up. A survey by RICS showed that  22% of those members it surveyed expect sales will increase in the next 3 months. Looking 12 months ahead, 34% of respondents expect sales volumes to rise.”

For those hoping to buy in London, it is a good time to find a home in zone 1 areas. Dominic said:  “Now is a time to buy for a potential uplift in prime London areas such as Chelsea where prices have been falling, versus the likes of Battersea where prices have held steady. There is now more value to be had in West London, which became a bit unloved because of all the activity in East London. We are seeing  established areas, built by the Victorians, with lovely parks and good schools, offering good opportunities.   If you have a view that Labour is a one-term government, then perhaps buy now before you see the light at the end of the tunnel.”

He also sees the country house market returning to a more normal trend. “The country house market is supported by good transport links and good schools. A lot of parents are now looking at school fees and the impact of VAT and considering boarding  schools offering day places which would mean a house move.”

For first time buyers, Spring is shaping up to be  an attractive time to buy a first home, according to mortgage expert Anthony Emmerson, director of Trinity Financial.

He told the podcast: “Lenders are really trying to encourage first time buyers. Renting is now looking more expensive than to buy, if you have a decent income and able to take a long term mortgage. We still have an affordability issue in London. However, if clients have access to a deposit and a decent income, we have reached  that  inflection point on renting vs  buying, it is making more sense to buy. Without first time buyers, we can’t see a way forward for the rest of the market.  Lenders are doing all they can.”

Winkworth has over 100 offices nationwide, with more than 60 offices across the capital.