Industry reaction to the latest UK House Price Index

Head of Commercial at Nested, Alice Bullard, commented:

“We continue to find ourselves in a dramatically different place compared to just 12 months ago with property prices still showing phenomenal levels of growth, driven by high levels of buyer demand.

While mortgage rates remain at such affordable levels we’re unlikely to see any let-up in this tidal wave of activity that has washed over the market since it reopened.

However, it looks increasingly likely that we could see an increase in interest rates as early as the start of next year. So those considering a purchase may want to act sooner rather than later to lock in the very best rates.”

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

“Yet further proof that the drop in property prices following the initial stamp duty holiday deadline was merely a pause for breath in an otherwise marathon run of positive market momentum.

There’s little sign of this letting up and should an increase in interest rates materialise, the likelihood is that it will be fairly palatable for the average homebuyer. Therefore, we don’t expect it to have any notable impact on the nation’s insatiable appetite for homeownership and the market should continue moving forward at pace well into next year.”

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

“The current state of the market is quite remarkable given what we’ve been through as a nation since the start of last year. Employment and wage growth have remained firm, mortgage affordability is still hovering around record lows and house prices continue to climb ever higher.

As a result, buyers continue to mob the market and while an interest rate hike is on the horizon, we expect these factors to continue to stimulate positive house price growth for the remainder of the year.

Forget about a shortage of HGV drivers, we need more estate agents to get us through until Christmas.”

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

“A continued shortage of stock has seen the ball lie increasingly within the court of the home seller, as buyers fight it out to secure their ideal home.

As a result, buyers entering the ring can expect some stiff competition that will see them pay close to asking price, if not more, in order to come away victorious.

The best plan of attack is to be ready to act at a moment’s notice and if you are a cash buyer, ensure the seller is aware that you sit in a far more favourable position.”