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HMRC: Residential transactions up 68.4%

Residential transactions in September stood at 160,950, 68.4% higher than September 2020 and 67.5% higher than August 2021, according to HM Revenue & Customs (HMRC).

The provisional seasonally adjusted estimate of UK non-residential transactions in September 2021 was 10,420, 20.2% higher than September 2020 and 8.4% higher than August 2021.

The provisional non-seasonally adjusted estimate of UK residential transactions in September 2021 is 165,720, 67.3% higher than September 2020 and 59.7% higher than August 2021.

The provisional non-seasonally adjusted estimate of UK non-residential transactions in September 2021 is 10,630, 17.8% higher than September 2020 and 17.0% higher than August 2021.

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John Phillips said: “As the UK housing market steadily edges closer to normality, property transactions are returning to familiar levels.

“There is no doubt that despite demand still desperately outweighing supply, the desire to move has not wilted for prospective buyers.

“Particularly those looking for larger homes as hybrid working models are adopted widely across the country and people seek office space at home. Buyers who find themselves in frenzied waters right now are – rightly so – making the most of low borrowing rates.

“As we look forward to the rest of 2021, it is safe to say that the number of buyers is not set to drop as people race to buy property before we see possible increases in interest rates.”

Stuart Wilson added: “Today’s findings are no surprise given the considerable activity witnessed in the run up to the conclusion of the stamp duty holiday.

“The holiday itself has been a resounding success, helping not only countless first-time buyers and second-steppers to move up the housing ladder, but also enabling silver spenders and last-time buyers to downsize, find more accessible housing, or move closer to family and friends.

“While the first-time buyer market was arguably the most buoyant, the stamp duty holiday encouraged more older borrowers to consider their options and we saw the tax break driving a 116% year on year increase in the number of people using equity release for property purchase.

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“This increase in borrowers using lifetime mortgages to fund purchase activity has been sustained even after the stamp duty holiday concluded at the end of September, suggesting that it was instrumental in driving awareness around this under-used benefit of lifetime mortgages. This is but one of its many healthy legacies.”

Richard Pike says “We are all on a bit of a roller-coaster ride at the moment.

“One moment we’re up and the next we’re down.

“The housing market climbed quickly to the top during the stamp duty holiday, then it dipped as expected, and now we’re heading up again.

“In reality, we’re still riding pretty high and house prices, as reported by the ONS, continue to climb as demand for properties with more space and away from city centres remains.

“Inflation may yet play its part and the Monetary Policy Committee will have a lot to think about in its next meeting.

“However, the economy is still fragile and, although raising interest rates may be the conventional way to put a lid on rising inflation, the question is, can we afford to hamper growth after such a long period of stagnation.

“We may well see interest rates rise in the coming months, but it is by no means a certainty.

“Coming out of the pandemic was always going to be a tricky time, but for now our market is weathering the storm while many other industries are taking the brunt.”

By Jake Carter

Source: Mortgage Introducer

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House price forecast: UK prices to stabilise in run up to Christmas

After a record breaking year, the housing market appears to have peaked and is set to cool, new research shows.

The latest Reallymoving House Price Forecast shows residential property prices will rise by just 0.1% over the final quarter of 2021 as the post-pandemic property market settles into a period of slower growth.

Prices will rise 1.3% in October, but decline by 0.1% in November and 1.1% in December. Conveyancing quote volumes are also on a downward trend, indicating a drop in buyer demand.

Conveyancing quote volumes continue to decline steadily, falling 4% between August and September, further indicating that buyer demand is settling back down to more normal levels.

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Reallymoving captures the purchase price buyers have agreed to pay when they search for conveyancing quotes through the comparison site, typically 12 weeks before they complete. This enables reallymoving to provide a three-month house price forecast that historically has closely tracked the Land Registry’s Price Paid data, published retrospectively.

It is estimated that house prices will rise by 1.3% in October as a result of deals agreed between buyers and sellers in July due to continued strong demand post stamp duty holiday and the limited supply of new properties coming on the market, creating greater competition for homes. This will be followed by a marginal fall of 0.1% in November and a larger drop of 1.1% in December, reflecting a drop in demand from buyers in the late summer as the post-pandemic property boom began to subside.

Following months of strong growth, house prices will rise by just 0.1% in the final quarter of 2021, bringing the average house price to £335,924 at the end of the year.

The shortage of stock as reported by agents is supporting property prices as the market adjusts to the end of all stamp duty incentives and the end of the furlough scheme, with the prospect of an imminent base rate rise an added incentive for buyers to get deals done as quickly as possible and secure a fixed rate mortgage deal while low-cost deals remain.

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Rob Houghton, CEO of reallymoving, commented: “A return to slower growth and a steadier housing market is welcome, but there are a number of factors converging which could knock consumer confidence over the coming months such as the supply chain crisis, rising inflation and living costs, plus the prospect of increasing interest rates – though it’s too early to see their impact in the data yet. While the reduced supply of new homes for sale is making things difficult, buyers who are ready to move now are keen to press ahead and lock in a fixed-rate mortgage deal, helping keep their borrowing costs low.

“First-time buyers who have found themselves increasingly priced out of the market will be encouraged by evidence that the post-pandemic property boom is running out of steam, with prices falling over the final quarter in five UK regions and less competition for starter homes now that stamp duty incentives are over.

“For those who have held off making their move due to the frenzied market conditions over the last few months, now is a good time to buy and lock in a five-year fixed rate deal that will insulate them from any imminent rate rises and make it easier to ride out any short-term inflationary pressures.”

By MARC DA SILVA

Source: Property Industry Eye

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Strong demand ahead of a potential base rate rise – Rightmove

Every region of Britain saw residential property asking price records broken in October, as the national average increased almost £5,000.

It was the first time that every region broke asking price records since March 2007, according to Rightmove’s monthly house price index.

The typical asking price for a home has jumped in all regions of Britain, and now sits at a national average of £344,445, up 1.8% month-on-month, which is the biggest increase at this time of year since October 2015.

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The North West and Wales both saw especially strong growth in asking prices amounting to 2.3%. They reached £232,639 and £237,830 respectively.

The South West and London both saw a 1.9% monthly increase, with prices reaching £359,906 and £650,683.

The number of sales being agreed was up more than 15%, compared to the same time in 2019.

Rightmove put the increase down to property purchasers wanting to secure their new homes ahead of a potential base rate rise, which is looking increasingly likely for later this year.

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Tim Bannister, Rightmove’s director of property data, said:“Although more properties are coming to market, the level is still not enough to replenish the stock that’s being snapped up. Consequently, new price records have been set across the board, with every region of Great Britain and all of the three market sectors of first-time buyer, second-stepper and top of the ladder hitting all-time highs.

“This ‘full house’ is an extremely rare event, happening for the first time since March 2007. The stock shortages started after the first lockdown, and they look set to continue with the underlying housing market fundamentals remaining strong, and an additional incentive to buy and fix your mortgage interest rate before a widely expected rate rise.

“Mortgage interest rates are lower than they have ever been before and lenders are keen to lend in a competitive market, with employment and wage growth also robust. The number of sales agreed continue to be strong despite the end of the stamp duty incentives.”

By MARC DA SILVA

Source: Property Industry Eye

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Residential transactions up 4.2% year-on-year

Residential property transactions in July 2021 were 4.2% higher, at 73,740, than in July 2020, according to HM Revenue & Customs (HMRC).

However, HMRC found that this figure was 62.8% lower than in June 2021.

The provisional seasonally adjusted estimate of UK non-residential transactions in July 2021 was 9,760, 21% higher than July 2020 and 5.9% lower than June 2021.

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Looking to the provisional non-seasonally adjusted estimate of UK residential transactions in July 2021, this figure was noted at 82,110, 1.8% higher than July 2020 and 61.5% lower than June 2021.

The HMRC provisional non-seasonally adjusted estimate of UK non-residential transactions in July 2021 was 9,730, 15.2% higher than July 2020 and 12.2% lower than June 2021.

Mark Harris said: “The stamp duty holiday focused the minds of many buyers who were already keen to move and improve their living conditions by acquiring more space both inside and out.

“Cheap mortgages have also played a significant part in the uptick in transactions and will continue to do so going forwards, even as the stamp duty holiday tapers off.

“Mortgage pricing continues to trend downwards, with a growing number of sub-1% products.

“But it is not just the deposit-rich who are benefiting from cheaper rates – those borrowing at higher loan-to-values are also seeing rates fall, with even 95% LTV deals now to be had at sub-3%.’

Jeremy Leaf, north London estate agent and a former RICS residential agent, added: “These figures for the period just after the withdrawal of the full stamp duty holiday are perhaps better-than-expected although reflect what we have been seeing – that buyers were still keen to proceed with their purchases, even though they were saving less than they would have done before the end of June.

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“The figures clearly illustrate how many people brought forward buying decisions to take advantage of the stamp duty holiday.

“The market is definitely calmer now but many are taking advantage of staycations to keep in touch with market activity, with listings slowly beginning to rise again as prospective sellers return from holiday.”

Clare Beardmore said: “It’s hard to predict with complete certainty what will happen to the housing market after the government’s stamp duty holiday finishes this month.

“Most expect the numbers of people looking to buy and sell a home will reduce, but that house prices will continue to grow steadily due to an overall lack of housing supply and continued interest from property investors and other groups, such as first-time buyers.

“What has become clear is that record demand for homes has significantly increased property values in many areas of the country, making it harder to step onto the ladder, or buy the same size home as this time last year for an equal amount of money.

“That being said, one of the best ways to manage the cost of buying or owning a home is by getting a great mortgage deal.

“Mortgage repayments are normally the biggest regular expense a person will have, so locking in a better rate could effectively mean giving yourself a pay rise, if it results in hundreds of pounds saved each month.

“Speaking with an independent adviser is a great place to start when on the hunt for a mortgage, as it will often mean accessing a much larger range of options and potentially finding a deal which is better suited to your individual financial needs.”

By Jake Carter

Source: Mortgage Introducer

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HMRC: Residential transactions up 9% in Q2

Residential property transactions in Q2 2021 were 9% higher than in Q1, and 175% higher than in Q2 2020, according to the HMRC Q2 Stamp Duty Statistics.

The HMRC data also found that non-residential property transactions in Q2 2021 were 12% higher than in Q1, and 79% higher than in Q2 2020.

Total Stamp Duty Land Tax (SDLT) receipts in Q2 2021 were 12% higher than in Q1 2021, and total SDLT receipts in Q2 2021 were 92% higher to those in Q2 2020.

Residential property receipts in Q2 2021 were 12% higher than Q1 2021, and 90% higher than Q2 2020 and non-residential property receipts in Q2 2021 were 11% higher than in Q1 2021.

The 2% surcharge on the purchase of properties by non-residents was introduced on 1 April, to date this has resulted in 2,700 transactions paying £19m.

HMRC said the increase in residential transactions in the last four quarters was impacted by the introduction of the SDLT holiday for residential properties and an ongoing strength in the housing market.

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Looking to First Time Buyers Relief, up to Q2 2020 there were 540,900 claims that benefited from that relief, and the total amount relieved by these claims was £1.2bn over the period.

An estimated 84,700 transactions were liable to higher rates for additional dwellings (HRAD) in Q2 2021, with the 3% element generating £485m in receipts, a decrease of 70% from the previous quarter, and a rise of 125% compared to Q2 2020.

Conor Murphy, chief executive at Smartr365, said: “The stamp duty holiday lit up what was an already heated property market and today’s encouraging findings reinforce just how instrumental this initiative has been in creating the ‘busiest H1 on record’.

“The stamp duty holiday has positioned the property market as a key driver in the UK’s economic recovery and thankfully enabled many in the industry to retain their jobs.

“Most remarkably, the break has created a golden opportunity for both first-time buyers and second-steppers to move onto or up the property ladder, when they otherwise would not have had the financial means to do so.

“However, with just eight weeks until the tax break draws to a close, the government should now plan how it will support buyers in its wake. Permanent reductions to stamp duty will help ensure homeownership remains an accessible venture and that the market retains its buoyancy come the end of September.

“It is crucial that this period of greater accessibility and heightened demand is not just a flash in the pan.”

Stuart Wilson added: “The stamp duty holiday has helped propel an already buoyant property market even further as the sector records one of its busiest periods ever.

“Today’s figures highlight the rush among prospective homeowners to meet the initial tax holiday deadline at the end of June.

“While much of the focus has been on the benefits of the stamp duty holiday for first-time buyers and second steppers, older borrowers have also been using this opportunity to find their forever home.

“We have seen the proportion of over-55s using equity release to fund property purchases triple from 5% to 15% since the outbreak of the pandemic.

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“However, the clock is now ticking with just eight weeks to go before the tapered holiday ends.

“A buyer purchasing the average property used for equity release can stand to save £3,000, but with advisers, lenders and conveyances continuing to face delays, it’s vital to not only work closely together but also to manage client expectations.

“Advisers must also ensure the process is as smooth as possible by working with their clients to prepare all the documentation required from the outset, while as much as 20 working days or more can be saved when clients engage with a specialist equity release solicitor.”

Cloe Atkinson said: “Today’s figures show how the stamp duty holiday successfully boosted demand from buyers right up until the final deadline.

“The high levels of activity the housing market has been able to sustain since the market reopened in 2020, despite the difficulties imposed by the pandemic, show the success of this policy and are also testament to how adaptable and innovative the property industry can be.

“There is, however, still more work to be done. While the tax break boosted the number of house sales, a lot of the savings for buyers were swallowed up by soaring house prices.

“As the tax holiday comes to an end and prices continue to rise, it’s more important than ever that the industry to addresses issues around affordability and accessibility, particularly for those who have been financially impacted by the pandemic.

“Investing in the right technology now is going to be crucial to the future of the market.

“Innovation like open banking has the power to make the mortgage application process more accessible, especially for borrowers with more complex financial histories.

“At the same time innovation in this area will also allow for faster and more efficient lending decisions.

“The industry has come a long way since the market re-opened last year, it’s vital that it sustains this momentum and doesn’t settle for a return to the status quo.”

By Jake Carter

Source: Mortgage Introducer

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The UK Residential Property Market’s First £100 Billion Summer?

The forecast, which takes the current trajectory of the housing market and applies it to the rest of summer months, estimates that there will be 420,000 sales in the UK across June, July and August at a total spend of a record £107bn. This will make this summer the highest grossing quarter in UK residential property market history, and is in stark contrast to previous years. Throughout the past half decade, total spend from buyers during the summer months has averaged £69bn-per-year, a figure that comprised of a little over 300,000 sales.

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Speaking on the forecast, Nick Whitten, head of UK living research, said: “It is well-documented that the Summer is the best time to sell a home, with sentiment receiving a natural positive boost from the warmer weather. However, our data suggests that this post-lockdown summer will set a new record. The reasons behind the buying bonanza – with the most exchanges and highest total sales value on record – are threefold. The stamp duty extension to the end of June means that during the quarter eager buyers and sellers will look to force a deal through. This, combined with the increased financial stability many buyers are feeling as we unlock from Coronavirus, and the well-documented supply constraints in the UK market, means we can expect to see demand swallowing up available stock, pushing up prices but not to the extent that it will affect transactions.”

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The Government has set a clear priority to help more people onto the housing ladder through its Own Your Home campaign. The campaign puts the spotlight on six Government-backed support schemes to allow people to access some form of home ownership.

The forecasted spike in activity this Summer will be particularly evident in the north of England, which is predicted to see circa 100,000 sales – around 25 per cent of the total UK.

Stephen Hogg, head of north west and residential UK regions, said: “We have seen the market steadily improve and are fully expecting a further acceleration throughout the Summer. “North-shoring” is a trend we have seen pre-COVID but even more during and post-COVID with purchasers seeing better value for money in the north. Regional towns and cities continue to be voted the best places to live in the UK with less congestion and some of the best schooling. The regional cities are bouncing back quicker, HS2 offers further medium to long term growth prospects coupled with the Government’s levelling up agenda. Flex working is becoming the norm and therefore the need to live close to the Capital is diminishing. The historical brain drain of regional centres seeking high skilled high paid jobs in London is a thing of the past. With the likes of Manchester, Birmingham, Edinburgh offering opportunities equal to or not available in London they are now attracting a vast talent pool who in turn are boosting the local housing markets.”

BY PETE CARVILL

Source: Property Wire

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Residential transactions up 138% in year to May

The provisional seasonally adjusted estimate of UK residential transactions in May 2021 was 114,940, 138.2% higher than May 2020, according to HMRC.

However, this is 3.9% lower than April 2021.

The provisional seasonally adjusted estimate of UK non-residential transactions in May 2021 was 10,900, up 87.5% annually and 8.7% higher on a monthly basis.

Looking to the provisional non-seasonally adjusted estimate of UK residential transactions in May 2021, this figure was 103,100, up 123.4% year-on-year.

Meanwhile, this figure had fallen by 8.7% between April and May 2021.

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The provisional non-seasonally adjusted estimate of UK non-residential transactions in May 2021 was 9,560, 80.1% higher than May 2020 and 7.8% lower than April 2021.

The provisional non-seasonally adjusted estimate of 392,860 for UK residential transactions during Q1 of the 2021 calendar year is the highest Q1 total since the introduction of stamp duty statistics in their current format from 2005.

As well as this, it is the highest quarterly total since 2006 Q2, at 419,270.

Steve Seal said: “It’s encouraging to see that the number of property transactions has remained at a healthy level as the market continues to recover.

“House prices are now experiencing a substantial boom, with the stamp duty holiday and demand for remote-work-appropriate properties both helping to fuel the market’s rebound.

“Rising house prices have, however, been detrimental to first time buyers, pushing their homeownership aspirations even further out of reach.

“Many younger borrowers have also experienced a financial setback during the crisis, which has only compounded the problem.

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“As a result, demand for specialist mortgages is expected to rise among this cohort when they consider the lending options available to them.

“The specialist market must prepare for this increase, and lenders and advisers will need to work together to capitalise on the opportunities coming their way.”

Guy Gittins added: “May continued the exceptional transaction volume we have seen throughout the entire year with three times more buyers than usual.

“Viewings have been at a five-year high for the past three months. This has led to competitive bidding but with supply meeting demand, large price increases have been kept at bay.”

Gareth Lewis said: “The busiest May since 2007 is partly down to the lack of transactions last year, thanks to the pandemic, and the stimulus that the stamp duty holiday is giving the market.

“It is too early to say whether sentiment is such that we are now on a continuous upwards trend or it is a blip.

“However, on the positive side, people are looking to transact and are buying property. Even though there are still numerous people on furlough and many sectors are not working as they should, there is still confidence there.

“Until we get out of the other side of all this, and don’t have the stamp duty holiday and other stimulus, we won’t know exactly where we sit. Only time will tell if the market falls off a cliff.

“At some point, the government needs to think longer term and address issues such as the lack of affordable housing.

“This has been pushed down the line by COVID and we are not likely to see anything until next year at the earliest.”

By Jake Carter

Source: Mortgage Introducer

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Residential property market steadies at elevated levels the latest data showed

The UK residential property market steadied in the past week, remaining at significantly elevated levels overall with new vendor enquires holding flat at 26% above average, while buyers dipped 6% to help partially redress the significant demand/supply imbalance, the latest data from the Yomdel Property Sentiment Tracker (YPST) showed.

Landlords recovered some of their recent losses, bouncing back 8% to end the week 7% below average, but this was swiftly offset by an equivalent rise in new tenant enquiries. However, traffic to own-branded estate agent websites remained some 31% above average and the volumes of new leads generated via live chat overall was up by more than a third compared to pre-Covid data, to show that the extraordinary shift to digital seen over the past year is likely here to stay.

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Yomdel provides 24/7 managed live chat services to 3,800 estate agent offices in the UK, handling more than a two million chats per year. It has analysed the data and leads captured in live chat going back to January 2019, up until week ending 13 June 2021. The website visitor data is a sample across major estate agency groups in the UK and covers in excess of 55 million unique website visits back to January 2019.

“Estate agents are facing the tightest new instruction crunch in many years, with buyers scrapping for well-priced properties, but this is set to inevitably slow as the stamp duty holiday starts to be wound and people turning their attention to the summer,” said Andy Soloman, Yomdel Founder.

“The sun has finally started to shine, there is the Euro 2020 football tournament underway and Wimbledon just round the corner so it is natural that peoples’ attention is shifting away from being hunkered down inside under lockdown and the evidence we have is that in property and numerous other sectors website traffic, and consequently new enquiry volumes, are dropping,” said Andy Soloman, Yomdel founder.

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The YPST methodology establishes a base line average shown as 100% or 100, calculated according to average engagement values over the 62 weeks prior to the first national lockdown on 23 March 2020, and plots movements from there according to the volumes of people engaging in live chat, their stated needs, questions asked, and new business leads generated. Data is measured over full 24-hour periods.

New vendors rose 0.18%, or 0.23 points, to end the week on 125.82, some 26% above the average, 27% below the same week last year during the initial lockdown, and 21% above the equivalent week 2019.

Buyers dropped 6.47%, or 8.98 points, to close at 129.81, 30% above the pre-covid-19 average, 30% below the same week 2020 and 23% higher than the equivalent week 2019 before coronavirus hit.

Landlords recovered by 8.23%, or 7.04 points, to 92.59, some 7% below the average, 36% lower than the same week last year, and 3% below the same week 2019.

Tenants rose 8.40%, or 10.51 points, to close at 135.57 some 36% above the pre-covid-19 average, 21% lower than the same week last year, but 10% above the same week 2019.

By MARC DA SILVA

Source: Property Industry Eye

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BoE: Outstanding value of residential loans up 3.6%

The outstanding value of all residential mortgage loans was £1,561.8bn at the end of 2021 Q1, 3.6 % higher than a year earlier, according to the Bank of England’s (BoE) mortgage lending statistics.

The value of gross mortgage advances in 2021 Q1 was £83.3bn, 26.5% higher than in 2020 Q1, and the highest level since 2007 Q4, while the value of new mortgage commitments was 15% higher than a year earlier, at £77.5bn.

Meanwhile, the share of gross advances with interest rates less than 2% above bank rate was 59.1% in 2021 Q1, 13.3% lower than a year ago.

The share of mortgages advanced in 2021 Q1 with loan-to-value (LTV) ratios exceeding 90% was 1.1%, 4.1% lower than a year earlier, and the lowest level since these statistics began in 2007.

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The share for house purchase for owner occupation was noted at 64.1%, a rise of 17.3% on 2020 Q1.

The share of gross advances for remortgages for owner occupation was 18.0%, a decrease of 14.2% since 2020 Q1, and the lowest since these statistics began in 2007.

The value of outstanding balances with some arrears increased by 5.1% over the quarter to £15bn, and now accounts for 0.96% of outstanding mortgage balances.

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Paul Stockwell, chief commercial officer at Gatehouse Bank, said: “Buyers’ insatiable appetite to move home has meant the value of new mortgages started the year at highs not seen since before the 2008/09 financial crash.

“There has been frenzied activity in the market with movers searching for larger homes and more outdoor space, while the extension of the stamp duty discount to the end of June added more fuel to the fire in the first quarter of this year.

“The biggest stamp duty savings run out in just a few weeks’ time, yet measures from other housing indices suggest the frantic competition for property continues unabated.

“While lending may fall from these current highs, we still expect it to be an incredibly busy summer for the housing market.”

By Jake Carter

Source: Mortgage Introducer

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Housing market shows ‘no signs of cooling off’

Residential property prices look set to continue rising this year beyond the stamp duty holiday, as lifestyle changes continue to fuel market demand.

House prices increased by 10.9% annually in May, marking the strongest growth in almost seven years, according to Nationwide’s house price index.

The double-digit house price growth recorded last month followed a 7.1% annual rise in April, the figures show.

Across the UK, property values hit a new record average of £242,832 – up by £23,930 compared with 12 months earlier.

Sam Mitchell, CEO of online estate agent Strike, said: “Contrary to the British weather, the UK property market was red-hot in May and house prices showed no signs of cooling.

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“The fast approaching stamp duty holiday deadline has helped turn the market into a frenzy, but there are other factors at play here. A sense of normality is returning as restrictions lift and the vaccination roll out progresses, while we’ve also seen a major uplift in the 95% mortgage offering which has helped more first-time buyers come to the market.

“Many will be questioning if this level of demand will last once the stamp duty holiday begins to taper off, but let’s not forget that the UK is still faced with a major supply and demand imbalance issue. A lack of new stock, particularly houses with outside space and in rural locations, will continue to push prices up by being outweighed by demand. Plus, the Government may well have something else up its sleeve to support the market once the stamp duty holiday ends.”

Iain McKenzie, CEO of The Guild of Property Professionals, concurred: “At a time when much of the country seems to be enjoying a sense of normality once again, we would expect the property market to follow suit. But he says that the figures show that the market didn’t get the memo.”

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He added: “The frenzy to snap up a property at the tail end of a pandemic is showing no signs of stopping, with double digit growth in house prices throughout May – the highest we have seen in the best part of a decade.

“The success of the stamp duty holiday has certainly played its part, as well as the savings many have made while working from home.”

But Lucy Pendleton, head of James Pendleton estate agents, is among those that expects price growth to slow.

She said: “Such fierce appreciation is certainly attention grabbing, but when property hits double-digit growth like this, it’s normally a brief squint at the sun before falling back down to Earth.

“That will probably happen in July due to the effects of a two-month interruption of house price growth last year.”

By MARC DA SILVA

Source: Property Industry Eye

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