Following the latest Nationwide house price index, Director of Benham and Reeves, Marc von Grundherr, commented: “We’re seeing strong evidence of sustained defiance by the UK property market on all fronts. Mortgage approvals continue to spiral, we’re reaping the benefits of a considerable uplift in buyer demand in terms of actual transactions completing and, as a result, house prices are climbing to heights we’ve not seen in quite some time.
“These certainly aren’t indicators of a market running low on steam as we approach the festive period and we can expect to see this momentum carry through until spring of next year, at the very least.”
Managing Director of Barrows and Forrester, James Forrester, commented: “Many of us are facing tough times whether it be in a personal or professional capacity, but the UK property market has been the one beacon of consistency in a sea of Covid uncertainty of late.
“Allowing the market to stay operational has not only allowed many to focus on their future, but it has also allowed the industry to service the unprecedented levels of demand spurred by the stamp duty holiday.
“The downside to this huge market revival is the potential that many could miss the stamp duty holiday deadline as the industry struggles to cope with such heightened levels of activity.
“However, for the time being, this is unlikely to slow a market that has built some serious momentum in a few short months and will continue to do so right through until the deadline next March.”
Managing Director of Enness Global Mortgages, Hugh Wade-Jones commented: “The market continues its march, until next March, at the very least. Despite many lenders reducing their range of products, we continue to see tidal waves of buyer demand crash against the shores of the UK property market in the form of mortgage approvals.
“However, we’ve also seen enough time pass for this demand to filter through to positive transactional movement as the market continues to defy all forecasts and move against the wider economic grain to provide further evidence of positivity.
“There will be many media commentators who will be searching far and wide for the market downfall they’ve continued to prophesise since Covid hit. Unfortunately, all they are likely to find is a stash of hidden Christmas presents.”