A leading property association has warned that house prices are likely to spike in the wake of the government’s recent economic announcements.
The National Association of Property Buyers (NAPB) says last week’s stamp duty cut is already leading to sellers increasing the price of some homes on the market.
Jonathan Rolande, the NAPB’s spokesman, described the government measures announced on Friday as an ‘own goal’.
“Friday’s Budget, with its tax and stamp duty giveaways, is now sowing the seeds of another round of house price inflation,” he said.
“Within just hours of the announcement last week, estate agents and their seller clients were on the phones, attempting to tie up all of the deals that couldn’t quite be done before.”
He said conversations with the buyers went along the lines of: ‘You know your offer of £297,000 was refused, well now you can pay that £300,000 that the seller wants… and it won’t cost you a penny’.
Rolande, who is also the founder of House Buy Fast, went on: “In other words, this ‘free’ money for buyers was quickly going to end up in the pockets of sellers. We can therefore expect to see this stamp duty cut translate into house price rises. Yet with uncertainty now in the mortgage market.”
He added: “Buyers and sellers have already begun asking what they should do next. My advice is to be mindful that, right now, a week is an eternity in property. This time next week things may be a lot better, or a lot worse. But for now, it is best to do nothing and await events.”
He concluded: “As we feared the stamp duty cut was not targeted at those who really need it and, as a result, it is unlikely to be of use to those who are desperately looking to move. This economic own-goal is worrying, but so was Brexit, the pandemic, the energy crisis. And yet, in the end, houses sold and people moved, so we should have some confidence that the market will remain resilient.”
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We the people are aghast! No normal person could have possbily seen this coming. /sarcasm
What "expert" - no mention of LTV issues, and sky rocketing interest rates, no loans, affordability, the pound - seriously if house prices don't dump it will be a miracle. Rest assured if you buy a house today you're buying at the tip of the needle on top of the mountain, with a vertical cliff on one side; the one you're facing!
The first email I opened this morning was a daily Rightmove Property Alert showing two properties, in our area, both reduced.
While there may be a small reduction in SDLT, the cost of borrowing is going to go through the roof, anyone buying now needs to think very hard.
In our area a fall in prices is a 99.9% certainty.
However there are still some agents stating they are as busy as ever, however a quick look at their website shows in some instances as much as 50% of their stock has been reduced at least once.
The majority of the larger agents continue their aggressive touting of our properties despite privately admitting they get 0% response and are only doing it because the others are.
A shake up of agents is long overdue, the lack of professionalism is rife. One well known agent was recently advertising a two bedroom first floor flat as a terraced house last week.
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