By James Lockett ProperPR

Please read below industry reaction below to the latest Gov.uk UK House Price Index. 

The latest index shows that in November, house prices climbed 1.2% on the previous month and posted yet another double digit performance on an annual basis, up 10% on the previous year. 

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

“Any fears that the end of the stamp duty holiday would bring about a decline in house price growth can now be well and truly put to bed. Not only has the market maintained momentum, but it’s continued to shift through the gears during what is usually a quieter period in the year.

Expect more of the same in 2022, as demand remains robust, stock remains scarce and the cost of borrowing remains very affordable.”

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

“It’s extremely reassuring to see such a sustained run of positive price growth and while the government stimulus of a stamp duty reprieve helped to kick start this pandemic property market defiance, it’s now abundantly clear that the sector is standing tall on its own two feet. 

A slight slow in pace is inevitably on the cards as the industry took a well earned break during the Christmas period, but we’ve seen strong signs already this year that this market momentum has carried on where it left off in 2021.”

Director of Henry Dannell, Geoff Garrett, commented:

“Despite an increase in interest rates, the cost of borrowing remains very favourable for the nation’s homebuyers and we’re yet to see this appetite dampened by the marginal jump introduced by the Bank of England towards the end of last year. 

 In fact, it’s those purchasing with the help of a mortgage who are driving the hefty rates of house price growth currently being seen, as many borrow that little bit extra to buy bigger in the wake of pandemic lockdown restrictions. Not only is the average rate of growth higher for mortgage buyers versus cash buyers, but detached homes continue to lead the pack where house price growth by property type is concerned.”

Bective’s Head of Sales, Craig Tonkin, commented:

“While London is still lagging behind where top line price appreciation is concerned, we’ve seen a healthy level of activity return to the capital over the last year and this looks set to continue in 2022 with foreign demand expected to drive an uplift in transactions and sold prices. 

Of course, the pandemic influence of the last 18 months remains clear with many buyers across the core market looking to the likes of Wandsworth due to the greater abundance of larger family homes. However, at the very top price thresholds of the market, the prime central heartlands of Kensington and Chelsea and Westminster remain some of the most active areas.”