Nicky Stevenson

Nicky Stevenson

Seasonal Spring bounce signals optimism in property market

Post By: March 8, 2024 0 Comment(s) , , , ,

Nicky Stevenson

With Spring just two weeks away there are encouraging signs of a more buoyant year ahead for property, driven by increasing home mover activity, latest analysis by Fine & Country claims.

Nicky Stevenson (main picture), the agency’s MD, reckons house prices have displayed more resilience against higher mortgage rates than previously assumed.

REVISED FORECASTS

She says: “Lloyds Banking Group has revised its house price forecasts, now anticipating softer price moderation throughout 2024 than was anticipated a few months ago. A -2.2% decline is now projected, with the possibility of returning to positive growth next year, these revised forecasts reflect a more optimistic outlook for the housing market.”

Stevenson also points to recent statistics compiled by Rightmove, showing that the average new seller asking price experienced a 0.9% rise between January and February.

She says: “The average prices are now up by 0.1% year-on-year, marking an uptick in market confidence. This increase follows a period of annual declines since August 2023, suggesting a potential turning point in the market.”

PRICE PROJECTIONS

Alongside changes in house price projections and a downward move in inflation data from Moneyfacts also reveals that average rates on both 2-year and 5-year fixed-rate mortgages have fallen for six consecutive months.

Stevenson says: “A host of lenders are offering rates below 5% and even 4%, whereas in November 2023 no lenders offered fixed rates below this level.

Stability and accessibility could fuel further growth in home purchases.”

“Mortgage rates are expected to remain within the 4% to 5% range, potentially moving a little lower over 2024, but this depends on the Bank Rate and if there is a cut later this year. The mortgage market exhibiting stability and accessibility could potentially fuel further growth in home purchases.”

And she adds: “The data we’re seeing points towards a more balanced and active property market compared to recent months. With increasing buyer demand, improved supply levels, and more favourable mortgage rates, we are cautiously optimistic about the year ahead.”


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Annual house price growth returns to ‘positive terr...

Post By: March 4, 2024 0 Comment(s) , , , ,

House prices are now around 3% below the all-time highs recorded in the summer of 2022 at £260,420, Nationwide said.


Commenting on the figures, Robert Gardner, Nationwide’s chief economist, said: “The decline in borrowing costs around the turn of the year appears to have prompted an uptick in the housing market. 


“Indeed, industry data sources point to a noticeable increase in mortgage applications at the start of the year, while surveyors also reported a rise in new buyer enquiries.”


However, Gardner cautioned that near-term prospects remain highly uncertain, in part due to ongoing uncertainty about the future path of interest rates.  


He added: “After falling sharply in late December, swap rates, which underpin fixed rate mortgage pricing, have drifted back up.


“Borrowing costs remain well below the highs recorded last summer but, if the recent upward trend is sustained, it threatens to restrain the pace of any housing market recovery.


“While the squeeze on household budgets is easing, with wage growth now outstripping inflation by a healthy margin, it will take time to make up for the ground lost over the past few years, especially given consumer confidence remains fragile.”

Nicky Stevenson, managing director at national estate agent group Fine & Country, suggested positive signs for the property market are turning from a trickle to a flood this year.

She said: “Demand is building as lower mortgage rates have encouraged buyers to restart their property search, and plunging inflation suggests better news is to come. 


“Some buyers, assuming that we are at the peak of the rate rise cycle, are still waiting in the wings for the first downward nudge in interest rates before they return to the market. But this means there is a lot of pent-up demand that could soon be unleashed. 


“We’re heading into one of the prime seasons for home sales, and sellers should look at this as a great time to get their home on the market. 


“Properties tend to sell fastest at this time of year, and motivated buyers are still snapping up homes in desirable areas.”


Nathan Emerson, chief executive of Propertymark, added: “The housing market always reacts to changing economic trends, so it is encouraging to witness many homeowners seeing both a month on month and year on year uplift on the price of their homes. 


“This should help provide people with the confidence to potentially sell where they may have been holding back. The UK Government need to build on this as a chance to prove that the economy is heading in the right direction.” 


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Fine & Country unveils ‘iconic’ themed annual con...

Post By: February 20, 2024 0 Comment(s) ,
Fine & Country unveils ‘iconic’ themed annual conference

Fine & Country is gearing up to host its International Annual Conference and Awards Gala titled ‘Dare to be Iconic’. 


The event is scheduled for 8 March 2024 at The Brewery, London.


Nicky Stevenson, managing director of the premium estate agency, said: “Every year, the Fine & Country Conference and Awards Gala serves as a focal point for our global network of delegates. It’s an unparalleled opportunity for our UK and international professionals from across the brand to network, learn from each other, and celebrate our collective successes.”



The keynote speaker is David Abbott, described as one of the leading 99 global thought leaders on pricing and esteemed international speaker, Abbott will deliver a thought-provoking session titled ‘Dare to be Expensive: How to Price your Platypus’, sharing insights on pricing strategies that drive revenue growth.


The conference will also feature presentations from industry experts such as Ben Sellers, co-founder of Starberry, who will explore the evolution of AI and its integration within businesses to maintain competitiveness in the digital age.


Jonathan Handford and Vanessa Bradford, representing Fine & Country Droitwich Spa, will share their remarkable success story and strategies for outperforming competitors while maintaining high fees. Launching eight years ago and achieving significant growth from a cold start, Fine & Country Droitwich Spa is currently the leading office in the area for new instruction market share in the £750,000 plus, and £1m-plus price points, with a staggering 12.7%, and 18% market share respectively.


The event will also host international speakers, including Bruce Hawker and Zoie Hawker from Fine & Country Algarve, who will discuss the nuances of being a local icon in their respective markets, offering valuable insights for Fine & Country’s global network.

Stevenson emphasised the significance of international perspectives in enhancing the network’s understanding of diverse property markets, with speakers from countries including Australia, France, Germany, Portugal, South Africa, Spain, and more.


She added: “As an international brand, we thrive on the exchange of ideas and experiences from around the world. Our conference provides a platform for delegates to gain valuable insights, foster connections, and celebrate excellence within our network.”


The Awards Gala, a highlight of the event, will recognise outstanding achievements by licensees and associates within the Fine & Country network, underscoring their resilience and dedication amid challenges in the property sector.


“We eagerly anticipate an enriching conference filled with valuable learnings, insightful discussions, and well-deserved celebrations of excellence. Together, we dare to be iconic,” Stevenson concluded.



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