Nationwide shows house prices rebounded in February

Concerning the latest Nationwide House Price Index, Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented: “We’ve seen the property market hurtle along with the pace of a runaway steam train due to a boost in buyer sentiment via a stamp duty reprieve.

“While positive, there’s a very real chance the market could derail once this rug is pulled from beneath the feet of the nation’s homebuyers.

“The industry is eagerly awaiting tomorrow’s Budget to find out if this adjustment period will be happening sooner or later via a deadline extension but regardless, we will need to brace for impact at some point this year.”

Director of Benham and Reeves, Marc von Grundherr, commented: “Those that were quick to call a market decline after a marginal reduction in the rate of growth during January have clearly never overindulged over the Christmas break.

“A sluggish start to the year is often the case as the cogs start to turn once again and this is no different where property market activity is concerned.

“So a month to month view of housing market health is inaccurate at best and longer-term trends suggest that it is not only in very fine health but building momentum already this year.

“With a potential stamp duty extension on the cards, we can expect buyer demand levels to remain robust and the rate of house price growth to keep climbing as we gradually emerge from our lockdown boltholes.”

Managing Director of Barrows and Forrester, James Forrester, commented: “With a lockdown exit plan now in place, we should see the wider economic health of the nation start to improve. As a result, the potential expiration of the current stamp duty holiday simply won’t impact the market as severely as some would like to think.

“The furnaces of the UK property market are burning bright at present and there is an abundance of market fuel to keep this fire going far beyond the March deadline should an extension fail to materialise.”