September 22, 2021

UK: Industry reacts as Nationwide House Price Index shows yet another month of double-digit annual house price growth

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From James Lockett

The latest index shows that while house prices stuttered slightly month on month (-0.5%), the annual rate of growth continues to hit double figures at 10.5%.

“It’s probably fair to say that while an extension was welcomed, the stamp duty holiday is starting to linger over the market like a bad smell. 

For the vast majority, the intended benefit has now been nullified thanks to the huge rates of house price growth seen since launch. With the long delays that have also ensued as a result of such unprecedented levels of buyer demand, it’s arguably never been less appealing to embark on the archaic process of buying a home.

Despite this, homebuyers have, and will, continue to flock to the market in order to realise their dream of homeownership and this will help maintain the upward price trends seen of late.”

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

“The recent heatwave may have subsided but the property market is still running red hot and, despite the odd month to month wobble, we continue to see double-digit annual growth which is a phenomenal rate to have been sustained so consistently.”

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

“Even the apocalyptic wet weather seen over the weekend can’t dampen the UK housing market, with yet more strong upward movement despite the impending expiry of the stamp duty holiday.  

Even in London where the rate of house price growth has been less pronounced than the rest of the UK, homes are selling at a rate of knots and homesellers are achieving a far higher percentage of asking price than they were just a few short months ago.”

CEO of Keller Williams UK, Ben Taylor, commented:

“A severe shortage of housing stock, the low cost of borrowing and a high level of buyer confidence are the perfect ingredients to maintain what has been a pretty impressive run of house price appreciation. 

The widespread talks of a market cliff edge once the stamp duty holiday ends have now turned to hushed whispers and while record rates of growth will inevitably lead to some monthly ups and downs, the long-term health of the UK property market is looking very good at present.”

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