Industry reaction to the latest UK House Price Index

Managing Director of Ascend Properties, Ged McPartlin, commented:

“Despite a cooling in the monthly rate of house price growth the northern property powerhouse continues to steam ahead, registering some extremely impressive gains on an annual basis.

This should continue for the remainder of the year, albeit at a less ferocious rate once a stamp duty saving is no longer on the cards, as buyers continue to take advantage of low mortgage rates and the newly available 95% mortgage.”

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

“There’s no doubt that this monthly decline in house price growth is the markets lagged response to the original stamp duty deadline, as buyers and sellers renegotiated terms under the impression a saving was no longer on the table.

However, it’s far from the market cliff edge that many naysayers had predicted and so it’s fair to say we can put any fears of a market crash in the wake of the extended deadlines to bed.”

Director of Benham and Reeves, Marc von Grundherr, commented:

“London has been slowly simmering in comparison to the rest of the UK market having been hit hardest by pandemic uncertainty and a reduction in foreign homebuyer demand, in particular.

However the tide is slowly starting to turn and while there’s a very real chance that the wider UK market will come off the boil by the end of the year, London will continue to bubble.”

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

“Almost a full house of regional monthly house price declines in the wake of the original stamp duty holiday deadline gives a good indication of what awaits the market at the backend of this year.

A correction is on the way and we can expect to see a weary market start to show signs of house price fatigue as early as next month, following the initial wind down of the stamp duty holiday.”