EVERYTHING’S OK, BUT WE MIGHT HAVE A PROBLEM

Neil Maxwell

Its a been a strange couple of months in the housing market with so much of the media telling us the sky is about to fall in. And yet there haven’t been any noticeable signs of falling prices in our area and again, there are so many contradictory reports from various outlets, it must be impossible for a bystander to draw any firm conclusions.

Sentiment and confidence are the foundations of the housing market, and if enough people are telling you there’s going to be a problem, a problem is created, and yet, as I say, we’re not seeing that on the shop floor. In fact, contrary to these reports, many of the sales we are concluding, are not below market value. It’s true there are fewer potential buyers looking, but we are still agreeing sales and listing new properties for sale.

If you have a good deposit, mortgage interest rates have fallen from the highs we saw before Christmas to more reasonable levels, and at the time of writing there are Buy to Let rates around 3.5–3.89% with a 25% deposit (source: moneysupermarket.com), making investment purchases still a realistic option, particularly with rents on the increase, mainly due to lack of availability of homes for rent.

There has been a large influx of rental enquiries from overseas recently, chasing fewer available properties, so there is a definite need for more homes. In recent years there has been a definite trend of tenants remaining in their properties longer, and without any sign of this changing, the knock-on effect means, naturally, a shortage of supply.

As I’ve commented previously, the amount of new building which is going to be required to keep pace with demand, both for the rental market and owner occupation, is huge, hence Portsmouth City Council’s schemes to redevelop areas such as the Northern Quarter providing a further two thousand homes in the city, plus the new site at Tipner. We are going to have to innovate and make some difficult decisions in order to keep up with demand.

I am sure, like me–you are looking forward to the end of what seems to have been a very bleak winter and seeing what the warms winds of spring and summer bring to our shores.

BATTERY ROW, OLD PORTSMOUTH - £575,000

• Charming landmark residence situated on the corner of a historical cobbled lane overlooking the 15th century Grade II listed Square Tower and just yards from the foreshore.

• Victoria House enjoys dual aspect views along Broad Street to the west and the Solent & Isle of Wight to the south.

• Occupying five floors the accommodation features a well fitted kitchen/breakfast room, master bedroom with impressive luxury shower/wet room and 18ft x 14ft second floor living room with two balconies. EPC Rating D

LIVINGSTONE ROAD, SOUTHSEA - £850,000

• Outstanding Four Bedroom Victorian semi-detached residence situated in one of Southsea's highly requested conservation areas.

• With almost 2,000 sq.ft (183.3 sq.m) and spanning three floors, this wonderful family home has a spacious living room with log-burner, separate dining room and versatile playroom/study with adjoining laundry room and cloakroom.

• Impressive 20ft fitted kitchen/breakfast room complete with integrated appliances and recessed seating bay with door to a lovely 80ft (25m) south facing garden. EPC Rating D

LORNE ROAD, SOUTHSEA - £860,000

• Marvellous Five bedroom period style semi-detached residence in this much requested conservation area of Southsea.

• Spanning four floors, this welcoming family home comprises; living room with front aspect bay window and fireplace, an impressive dining room, stunning kitchen/ breakfast room with large roof lantern and bi-fold doors.

• To the rear of the property there is a delightful landscaped garden which is open plan to a garage which allows the area to be used for either covered parking or entertainment space. EPC TBC

Independent printmaker SouthSeaEyes was born in the pandemic lockdown era, out of a need for its founder, Nusye McComish, to recover from depress-ion and anxiety caused by corporate-world-burnout. Succesful application of an OutsetStartandGrow grant allowed her to turn her knowledge and experience around relief printmaking into a micro-business that offers workshops, commissions, and sales of lino prints at tradestalls and privately.

Nusye works to facilitate creative self expression to busy individuals who need an expressive outlet in creating unique prints. Her workshops focus people to calming, handwroughting activities