Industry reaction to the latest UK House Price Index

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

“Another behemoth level of house price growth both on a monthly and annual basis, no doubt influenced by the first of the staggered extensions to the stamp duty holiday as homebuyers purchasing above the £250,000 threshold continued to scramble to secure a saving before the clock expired.

The London market has seen a lesser degree of property market manipulation as a result of the stamp duty holiday. As a result, the capital continues to trail where property price appreciation is concerned but we’re seeing a far more stable market start to emerge and one that is showing greater long-term momentum as both domestic and foreign interest start to return.

Sales are increasing, sellers are achieving a greater level of asking price than they were just a few months ago, and all of these indicators suggest a property market resurgence is stirring.”

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

“The UK property market continues to flourish driven, in part, by the stamp duty holiday but also the ongoing trend for larger homes, with detached properties seeing a huge 15.6% annual increase.

We now know that the initial stamp duty deadline at the end of June has failed to dampen this appetite and the market cliff edge that many predicted is now starting to look very unlikely. With buyer demand remaining extremely robust and stock shortages plaguing much of the market, it’s safe to say house prices will continue to climb throughout the remainder of the year.”

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

“We’ve seen an uplift in transaction levels in the last year alone and properties are now selling far quicker and for a much higher price.

However, it’s important to remember that when looking to buy in current market conditions you’re really facing a two-speed market posing very contrasting challenges.

The initial challenge is securing a property as they go under offer within weeks, sometimes days, of being listed for sale. The cost of doing so is also going to be considerably higher and that’s something to factor in when looking to buy.

But beyond this point, there remain sizable delays and so the likelihood is that you won’t see your sale actually complete until some months later.”