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12 April 2017
Doug Crawford, CEO of My Home Move, comments on today’s ONS House Price Index for February
“Today’s ONS House Price Index data shows that the housing market is mostly shrugging off the doom-mongers with a monthly growth of 0.6% and an annual rise of 5.8%. It’s true that the property market is not racing ahead at the same speed as this time last year, when investors turbo charged the market ahead of changes to Stamp Duty in April 2016. But the slight dip in transaction volumes in February has not had a material impact on prices, which will reassure buyers and sellers alike.
“There is a bit of regional variation at play, with the areas that have seen substantial house price growth in recent years cooling off – notably London and the South East. Arguably this is needed to counteract some of the rapid growth over recent years.
“The fact is that the fundamentals are in place for a solid year for the housing market, with robust levels of demand significantly outstripping supply. The biggest obstacle for a happy housing market remains the access to the first step of the housing ladder for first time buyers, even in areas where the market is cooler.”