Big agency boss: ‘Don’t believe gloomy national newspaper headlines’

Lomond’s own rental portfolio increased 8% and property sales topped £267 million in the last three months, its latest quarterly report reveals.

And the Lomond Group says its research is a ‘counterpunch’ to negative market headlines and is urging vendors, buyers, tenants and landlords to hold firm.

DOOMSAYERS

With interest rates the highest they’ve been this century, doomsayers in some parts of the national media have been forecasting the potential for a crash in prices.

But Lomond Chief Executive Ed Phillips (main picture) believes its latest research is a window into the truth behind the headlines and, when viewed in context, the market is proving to be more resilient that the mainstream media is claiming.

He says: “There’s no denying these are tough times but sensationalist headlines don’t help anyone.

“We did see a fall in asking prices in May this year with a 4.8% decline since August 2022 but we need to remember last summer saw some frenzied activity in the wake of the COVID-19 pandemic.

“If you dig a little deeper, then you will find prices in May this year were still 13.5% higher than in January 2021.”

Our branches across the UK are reporting more supply coming to the market.”

And he adds: “Our branches across the UK are reporting more supply coming to the market in terms of instructions and valuations, both in terms of quarter-on-quarter and year-on-year.

“Sales exchanges in Q2 2023 are also currently outperforming those in the first three months of this year, and compare well with 2022 while mortgage applications also remain high, suggesting promising activity levels in Q3.”

REGIONAL SHIFTS

Phillips says that there are regional shifts which also suggest different parts of the UK are witnessing different trends as the country adapts to the current challenges.

He adds: “Affordability in Yorkshire and in Scotland means a more robust number of applicants per branch while, in Manchester, it’s investors who are active, attracted by better-than-average rental growth and higher yields.

“Taken at face value each bit of negative media coverage runs the risk of becoming a self-fulfilling prophecy. If you tell enough people we’re in the midst of a crisis then they will behave as though we are.”

Read the report HERE.