Property pros claim ‘we’re not going to see a crash’ in new prediction

In Move iQ’s people in property panel chat, Phil Spencer spoke to five property industry experts from across the country. The panel included experts from England, Northern Ireland, Scotland and Wales to discuss what is happening on the front line of the housing market. The experts shared advice for buyers, sellers and tenants during a time of economic uncertainty.Phil was joined by David Votta; the current PropertyMark president and the founder and owner of Votta Sales & Lettings in the southeast of Kent; Tanya Dutnell; the co-director and co-owner of Cardigan Bay Properties in West Wales; Miles Glenham; the Managing Director of Glenham Property Management in Edinburgh; Stephen McCarron; the NAEA president and co-director of Donnybrook Estate Agents in Derry, Northern Ireland; and Jane Earley; the owner and director of Robinson Reade estate agents in Southampton on the south coast.The property industry experts discussed stamp duty and interest rates, the rental market in Scotland, why tenants are being hit by the Government’s rental reform and their advice for sellers and buyers.The experts also shared their predictions for the next 12 months in each of the respective areas.Here are the experts’ predictions:Northern IrelandStephen said Northern Ireland is in a ‘period of consolidation now’.He continued: ‘I’m sort of thinking it’s going to be relatively calm for the next three to four quarters and we’ll start to see some price increases after that. But whatever price increases there may well be, they will be very very modest.’We have seen that buyers are swaying more towards new homes rather than re-sale.’Stephen thinks this is because they are a more environmentally-friendly option and are more energy efficient. However, it’s possible that new homes are also a more popular option because they don’t have a chain.READ MORE: Houseplants that remove mould and condensation from your home Will there be a UK market crash? Experts share predictions for your area with Phil Spencer (Image: Move iQ) Phil Spencer spoke to five property industry experts from across the country (Image: Move iQ)David said from a sales perspective he believes there will be a ‘return to normality’.He said: ‘If you imagine, we came out of Covid and prices were over-inflated. There are a lot of agents and there are repeat offenders out there that will continue to overvalue and that is that’s the thing you’ve got to stay true to the value and true to your customers.’So looking forward I think with the sales market it’s going to teeter off.’I don’t think we’re ever going to see this crash. I know you say we haven’t got a crystal ball but when you’ve done it as long as we have combined you kind of can see the future a little bit.’So in my area in Kent, I think it’s teetering off every so slightly. People are negotiating, we’re still seeing people put offers in.’In the lettings market, it’s only going one-way rents are going up and there’s nothing else that we can do other than trying to get the Government to see the light.’West WalesTanya believes the housing market will continue to ‘stabilise’ with prices perhaps becoming more realistic.She predicts there might be a drop in prices but ‘not by much’.The main concern in West Wales, particularly in Cardigan Bay, are first-time buyers because the recent hike in prices, increasing interest rates and the cost of living have priced them out.In Tanya’s area, there’s also been a change to holiday homes and second homes. Holiday Homes have historically been able to claim small business rates relief for council tax, however, that’s now changing.DON’T MISS’Brilliant’ tip dries clothes quicker without heating or tumble dryer [INSIGHT]Banish ‘tough’ food stains from oven racks with 1 ingredient – ‘magic’ [UPDATE]’How to’ grow the ‘remarkable’ mistletoe cactus [ANALYSIS] House price forecast (Image: EXPRESS)From the spring onwards, the property expert is expecting to see a return to normality.Surprisingly, housing stock isn’t an issue in the region with the number of houses available in October remaining exactly the same as October 2018.ScotlandMiles said he doesn’t think the market will ‘change dramatically’ in Edinburgh.However, he believes a lack of stock could be a problem in the city in the coming months.He said: ‘I think in reality what will happen is that there’ll be a lack of stock and I think that that will put more pressure on the Scottish Government to control the rents and rent caps which may suppress the supply side again.’So it’s a difficult one, it’s a difficult one for landlords, it’s a difficult one for tenants and it’s also a difficult challenge for the Scottish Government as well.’