Iain McKenzie, CEO of The Guild, comments on the UK House Price Index:
The stamp duty holiday and urgency it has created in the property market continues to have a positive impact on house prices with the UK House Price Index data showing a 1.7% monthly price change in the UK in September, with the annual change at 4.7%. The report reveals that house price growth was the strongest in England with the South West leading the pack. The region saw house prices grow by a staggering 6.4%.
Pent up demand from Brexit and the first lockdown created a property buying frenzy that was spurred on the stamp duty holiday in July. The house price index will be reflecting the sales that were prompted by the stamp duty holiday and will benefit from it. While we are likely to see some seasonal slow down in the market, many are still eagerly pushing to get their transaction over the line before they run out of time to make the deadline. The impact of the higher appetite for property can be seen in the house price growth throughout the UK.