Industry reaction to the latest Rightmove House Price Index

Managing Director of Barrows and Forrester, James Forrester, commented:

“The availability of stock on the market is the lifeblood of the property market and if it’s significantly short in volume.

As a result, we can expect to see prices soar ever skyward as demand continues to outstrip supply, regardless of the fact that the stamp duty bonanza may have finished.”

Founder & Managing Director of Yes Homebuyers, Matthew Cooper, commented:

“History tells us that such a meteoric rate of house price growth simply isn’t sustainable. The past 12 months or so may well have been good for the property industry and for sentiment overall however caution now prevails as we enter a second year of wildly increasing property values – a bubble if ever there was.

The spectre of higher inflation and the Bank of England potentially responding with the blunt instrument of an increase in interest rate rather adds to the peril.”

Founder and CEO of GetAgent.co.uk, Colby Short, commented:

“The time it’s taking to sell a home has plummeted to just 38 days in June, an all time low. However, it’s important to note that this is the time it’s taking to agree a sale, not complete it, and sizable delays remain at the final stage of the transaction timeline.

Now that the support from the temporary stamp duty relief has all but ended, we will inevitably see the market return to normality with demand diluting somewhat, price growth softening and time-to-sell increasing back to 45 to 50 days.”