NEWS | Round-up
Fall in house prices will bring boost for sales, say experts
THE RATE at which house prices are increasing is at its lowest since 2012, which experts predict will bring more buyers and sellers back to the market. Good news for KBB retailers as sellers look at those kitchen and bathroom refurbs that will help get the best price for their houses and as buyers look to refresh rooms in their new homes.
According to the February Nationwide House Price Index, house prices fell 1.1% year on year in February, the first drop since June 2020 and the weakest house price growth rate since 2012. Month on month house prices fell by 0.5% and were 3.7% lower than August 2022, with some experts predicting an overall decrease of 8% for 2023.
That means the average house price in February is now £257,406 compared with £258,297 in January. Nationwide chief economist Robert Gardener said: “The recent run of weak house price data began with the financial market turbulence in response to the mini-Budget at the end of September last year. While financial market conditions normalised some time ago, housing market activity has remained subdued.
“Even though consumer sentiment has improved in recent months, it is still languishing at levels prevailing during the depths of the financial crisis. However, conditions should gradually improve if inflation moderates in the coming months as expected.” Commenting on the news, Iain
McKenzie, chief executive of The Guild of Property Professionals, said: “Though these are some of the worst growth figures in recent years, the readjustment is hardly the crash that some thought was coming. Prospective buyers will see this as welcome news, as the last couple of years have seen growth that has priced many out of the market. Estate
agents are seeing more
properties up for sale, and with this increased stock comes a fall in prices. “We are forecasting an overall decrease of around 8% this year, but it’s worth noting that even a fall of this size would only put house prices at 2021 levels. It is crucial for inflation to be brought under control if we hope to see confidence restored, but sellers should expect that some buyers will
be pushing for some flexibility.” Other experts agree this could be a shot in the arm for house sales. Nicky Stevenson, MD of estate agents group Fine and Country, said: “Data released earlier this week showed the average house price has risen by 20% since the start of 2020, representing a £50,000 rise – an astonishing increase compared with the 7.8% increase in the three years prior.
“A slowdown in price growth is therefore playing a part in drawing prospective buyers back to the market, as they are keen to try to secure a good deal on their next home. An improving and increasingly competitive mortgage market is equally giving people more confidence and is already helping with affordability.”
KBSA has flying start to 2023 with sign-up of six new retailers
THE KITCHEN Bathroom Bedroom Specialists Association (KBSA) has signed up six new retailers in a year where it has ambitious plans to double its membership.
The retailers joining the ranks of the KBSA are Escapology Design in Lydney, Gloucestershire, Holtams in Belper, Derbyshire, Mobalpa in Pinner, Middlesex, Nova Kitchens in Woking, Surrey, The Kitchen and Bath Co in Leeds. The new foundation member is Three River Kitchens and Interiors in Chelmsford, Essex. Escapology Design is a family-run business offering kitchens, bathrooms and bedrooms. Holtams Kitchens and Bathrooms is also a family business boasting 30 years’ experience in the industry.
PWS rolls out revamp of design centres
KITCHEN AND BEDROOM com- ponents distributor PWS has invested in its two design centres as the brand revamps them to show the most recent selection of kitchen and bedroom offerings. The Newton Aycliffe and Burnham showrooms now have seven new kitchen displays, six bedroom displays, five home office displays and four Kesseböhmer YouK displays. Other elements of the fit-out includeits recently launched Outline collection, the new Belsay Smooth door range, new worksurface materials
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and samples area, Alveus sinks, a brand new range of Nobili taps, and even more new colours and finishes. Jennifer Todd, showroom designer at PWS, said of the development: “We understand the importance of having the latest product innovation on show, ensuring that when customers visit, they experience the full breadth of our offering and capabilities.” Todd added: “We also want our [retail] customers to make user of the space as an extension of their business. If they don’t have a range on show or they don’t have access to a showroom, it allows them to up-sell products and make the most out of their leads, in a professional and impressive environment.”
Both design centres have over 60 designs and displays to see plus more finishes and colours in the sample area. There are also meetings rooms to discuss projects with clients, plus necessities like a café with free refreshments and free parking.
Nova Kitchen Designs has more than 55 years of experience between its team members and prides itself on forward-thinking designs, while the Mobalpa franchise in Pinner is run by Mohammed Yaqub who said he was very impressed by the benefits of KBSA membership, particularly the substantial savings he will make of card processing fees.
The Kitchen and Bath Co in Leeds is owned by Simon Davis and his interior designer and business partner Hannah Hatt. Davis has 30 years’ experience in the industry and showcases a hand-picked selection of products from leading European manufacturers. The last new retail joiner is foundation member Three River Kitchens and Interiors, which launched its new showroom last year. Foundation membership is open to showrooms that have been established for at least six months but have not been in business for the required two years to apply for full membership. Retail and corporate membership director Malcolm Scott said: “This year will be a significant year for the KBSA as we drive forward our ambitious plans to double our retail membership. Our five-year plan includes a considerable investment to increase the profile of the KBSA and improve member benefits
to include payment
guarantee schemes, national credit card deals and others that will enable retailers to operate more efficiently and profitably.”
• April 2023
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