Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, comments on June 2021's ONS UK House Price Index data
“June became another record breaking month for the property market in terms of annual price growth, but this may represent the year’s highest peak. It was to be expected that the impending stamp duty deadline would create a spike.
“Although prices may not continue to grow as consistently for the remainder of the year, they are likely to hold steady due to the persistent high demand and low supply. Mortgage approvals have started to dip, according to Bank of England data, but they continue to surpass pre-pandemic levels, as people still seek properties which offer more space.
“The UK will see another flurry of sales in September as buyers race to complete their purchases before the final stamp duty savings end on October 1.
“The opening up of international travel and the removal of quarantine restrictions for vaccinated visitors also opens the door to overseas investors re-entering the market. They are typically interested in the UK’s larger cities and their return could lead to a change in fortunes for London, which has seen the lowest annual price growth in the UK.”