October 22, 2021

UK: Industry reacts to the latest Halifax House Price Index

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From James Lockett ProperPR

See industry reaction below to the latest Halifax House Price Index showing a 1.7% monthly jump in September, with prices also up 7.4% annually.

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

“Although the second phase of the stamp duty holiday continued to offer a notable saving for a great deal of homebuyers, we simply didn’t see the same mass panic to complete ahead of the deadline that had previously gripped the market. So it’s unlikely that the buoyant conditions we’re still seeing are solely a result of the holiday itself. 

While there will no doubt be some form of erratic price movement on a month to month basis until the market settles down for good, we don’t expect the removal of this tax incentive to significantly impact the market at any level.”

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

“The stamp duty holiday clock has now well and truly expired and those to have seen a last gasp saving would have entered the market many months ago in order to complete in time. As such, it’s fair to say that the property market is very much standing on its own two feet and so any fears of a market collapse following the stamp duty holiday can now be well and truly put to bed.

Of course, such heightened levels of market activity may inevitably bring a slight cooling in the rate of house price growth, but that’s to be expected.

The London market has been waiting patiently in the shadows watching manic levels of activity play out across the rest of the UK. The higher price of property has long seen many  London homebuyers disregard the importance of the stamp duty holiday, particularly since the price threshold was reduced.

However, we’ve seen a far more natural level of momentum building across the market and this looks set to snowball during the autumn and winter months. As a result, our money is on London to finish the year with the most impressive performance where house price growth is concerned.”

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

“It’s a relief to have woken up and seen the world still turning post stamp duty holiday having heard many spout predictions of property market Armageddon. 

While stamp duty may be a dubious government money grab in the eyes of most, it’s simply not enough to deter our aspirations of homeownership and the market is still in very good health. 

The cost of borrowing remains favourable and this will continue to fuel demand while a significant imbalance between this demand and the stock available will ensure house price growth remains buoyant.”

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