HOUSE PRICES remain high a week on from the end of the stamp duty holiday. When are we expect prices to fall?
House prices continue to push to record highs, with September seeing the strongest monthly increase for 14 years. Mortgage lenders Halifax said the average cost of a home rose by 1.7 percent, or £4,425, to £267,587, last month. Russell Galley, the managing director, said: “The average house price is now as expensive as it ever has been.” And the property market is showing no signs of slowing down any time soon.
With the demand for property driving up the value of houses across the UK, exchanging and completion times remain severely delayed.
Speaking exclusively to This website, Gemma Caulfield, Branch Manager at Bramleys said: “Since the stamp duty holiday ended in September, we are still experiencing high levels of demand for property and in most cases, properties are achieving asking price or in excess of the advertised price.
“With high volumes of viewings and multiple offers, many clients are allowing their assets to go to best and final offers.”
The potential of the housing market to begin favouring buyers over sellers could well become reality as property experts report fewer properties being put up for sale in northern parts of the country.
Gemma said: “The end of the stamp duty holiday certainly doesn’t seem to have affected the demand from buyers, however, the amount of property coming to market seems to have slowed across the region here in West Yorkshire.”
While the tax holiday was a key driver in house prices rising up to 11 percent, experts believe that it is not likely that house prices themselves will witness further rises or sharp declines post October.
Despite there being no sign of immediate change to the property market, Gemma and Colby share the view that we will witness “very gradual” price relaxations over time.
Speaking exclusively to This website, Gemma said she has noticed that there are “minimal delays” to moving compared to this time last year.
She added: “Clients appear to be having no problem with submitting mortgage applications with Financial Advisors and surveyors are attending houses to carry out lending surveys in prompt time scales.
In Huddersfield, West Yorkshire, transactions have been completed in as little as six to eight weeks – resembling the market in pre-covid. “Brinkwire Summary News”.