The latest house price index from Nationwide shows that house prices climbed a further 5.7% annually in March, although there was a marginal -0.2% month on month decline.
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Stamp Duty Holiday Remains The Star Of The Show
Managing Director of Ascend Properties, Ged McPartlin, commented:
“Where the story of the UK property market is concerned, the stamp duty holiday remains the star of the show. While monthly growth slowed marginally in the run-up to the original deadline, its extension has ensured market activity will remain strong for the remainder of the year, despite wider uncertainty caused by Covid.
However, it’s also about to be joined by a strong supporting cast in 95% mortgage products and a refreshed Help to Buy scheme. With these incentives also likely to boost buyer sentiment over the coming months, we can expect the long term upward trend of house price growth to continue.”
The Latest Version Of Help To Buy Is About To Launch
Director of Benham and Reeves, Marc von Grundherr, commented:
“Interest rates remain low, the stamp duty holiday has been extended, the latest version of Help to Buy is about to launch and for those who don’t qualify, there’s the additional carrot of 95% mortgage products dangling tantalisingly in front of them.
What more could you ask for as a homebuyer? Expect more of the same over the coming months and as we head into spring, we should see sellers flock to the market to take advantage of these hot selling conditions.”
Annual Boost To House Prices Was Always Going To Be On The Cards
Managing Director of Barrows and Forrester, James Forrester, commented:
“With so many market initiatives aimed at fuelling buyer demand while leaving the issue of housing supply unaddressed, a further annual boost to house prices was always going to be on the cards.
Of course, this is good news for homeowners but it does mean homebuyers are having to stretch even further to get a foot on the ladder, with many doing so at a time when financial security is uncertain at best.”
Government Remains Insistent On Overheating The Property Market
Matthew Cooper, Founder & Managing Director of Yes Homebuyers, commented:
“While the rest of the economy continues to struggle, the Government remains insistent on further overheating the property market as their only indicator of negotiating the pandemic successfully.
Having done so since the introduction of the stamp duty holiday last July, we’re now entering dangerous territory in what is traditionally the busiest time of year for the sector. The introduction of 95% mortgage products will only fuel demand further, and the failure to address the issues causing huge market delays will lead to more sales falling through, as a result.”