Industry reaction to the latest UK House Price Index

“Explosive levels of buyer activity at the front of the sales process is continuing to yield a consistent increase where sold prices are concerned, albeit at a less headline-worthy rate of growth. Never the less, the UK property market is continuing to defy wider economic turmoil and build on the momentum seen since the market reopened.

“London certainly seems to be picking up the pace despite a reduction in demand due to orders to work from home where possible. However, as the months have gone on, we’ve seen the green shoots of international demand start to return and it seems as though this is now aiding a house price revival in the capital.”

Director of Benham and Reeves, Marc von Grundherr

 

“More positive signs where house price growth is concerned but we’re also seeing the market start to buckle under the weight of stamp duty fuelled activity and this could have repercussions over the next few months.

“If you’re not yet in the midst of your property purchase, the chances are you won’t complete in time to secure a stamp duty discount. As more homebuyers realise this is now the case, we should see the mad scramble of recent months start to reduce and market activity at the front end of the transaction process start to return to some level of normality.

“Of course, with so many purchases already stuck in the hopper, the UK property market has plenty of fuel to see it through the quieter winter months and so while activity might start to fall, it’s likely the rate of house price growth will remain strong over the remainder of the year.”

Managing Director of Barrows and Forrester, James Forrester

 

“While the market remains buoyant at present, we’re starting to see the repercussions of another ill-thought-out attempt by the Government to stoke the fires of house price growth. The current stamp duty holiday has led to a huge uplift in demand which has helped boost market sentiment, there’s no doubt about that.

“However, we’re now seeing huge delays at the legal stage of the selling process as those operating within this segment of the market have become overwhelmed and are ill-equipped to service such demand levels.

“As a result, thousands of homebuyers who thought they were due to save thousands in stamp duty, will now be left wondering if this will be the case. For many of them, it won’t and we could see a sharp decline in market health as many pull out of a sale, while others refrain altogether.”

Matthew Cooper, Founder & Managing Director of Yes Homebuyers