PROPERTY management firm Grainger said despite the good start to the year, the company expects the months leading up to the election to result in a softer market on home sales as uncertainty weighs on market sentiment.
The company saw sales in the four months to the end of January increase by four per cent since last September and a year-on-year increase of six per cent on new lets as well as an increase of two and a half per cent on renewals.
The company has acquired, or exchanged contracts on £85m of residential property since the start of the year, comprising mainly market rented assets, located outside of London, which is expected to fetch an annual gross rental income of £6m.
The company also announced it is appointing its senior independent director, Baroness Margaret Ford, as interim chairman for a period of three months after the initial appointment of Ian Coull was delayed due to medical reasons.
Andrew Cunningham, chief executive of Grainger said despite some challenges: “There are a number of factors that continue to provide positive upward pressure over the medium term for the UK housing market, including the low interest rate environment, improving real wages, changes to the stamp duty regime and the continued supply-demand imbalance.”