ONS House Price Index – Thoughts from the Industry
Thoughts from the Industry about the latest ONS House Price Index.
Nathan Emerson, CEO of Propertymark:
“It is positive to see the housing market progressing forward in strength. As we move towards the autumn months, hopefully this momentum will continue.
“There continues to be two factors that may weigh heavily on consumers’ minds as they decide on what to do next regarding potentially approaching the buying and selling process. Any decision that the Bank of England makes tomorrow regarding base rates will determine whether people can realistically afford to relocate, and the uncertainty about potential further Stamp Duty restructuring may impact those moving house in England and Northern Ireland.
“Though we have clarification that the Budget will take place on 26 November 2025, this may cause people to delay their next house move in the meantime. For some, however, these factors will not impact their decisions due to the importance and urgency of their home move and may be able to more easily absorb any additional financial constraints to facilitate a home move.”
Daniel Austin, CEO and co-founder at ASK Partners:
“Today’s unchanged UK inflation to points to a bumpy and uncertain road ahead. Policymakers are caught between volatile global conditions, exacerbated by ongoing uncertainty, and shifting domestic policy. Markets still expect another rate cut before year-end, but with the Autumn Budget looming, the MPC is likely to hold fire until there’s clarity on the Chancellor’s fiscal plans. A premature move would be a leap of faith.
“For homeowners and buyers, the hope of lower borrowing costs lingers, yet persistently elevated fixed mortgage rates mean relief is not imminent. With inflation unlikely to return to the 2% target this year, mortgage pressures look set to persist. Investors and developers will also be watching closely. Resilient sectors such as co-living, build-to-rent and storage continue to attract capital thanks to tight supply and strong demand, but a stable downward inflation trend is critical to unlocking broader activity. Should the predicted BoE cuts arrive, they could act as a spark, but for now, only the most agile investors may find opportunities in a cooling market.”
Jean Jameson, Chief Sales Officer at Foxtons:
“As expected, August brought a typical summer slowdown in new buyer activity, however this is beginning to pick up now that buyers and sellers are back from summer holidays and schools have restarted. Buyer demand has also been boosted by improved mortgage lending with higher loan to income multiple products on offer, as well as the fact mortgage rates are lower compared to this time last year. Nevertheless, there understandably remains some uncertainty ahead of the Autumn Budget. Overall, house prices have grown over the last 12 months, and where properties are priced pragmatically, they are still attracting interest and selling quickly.”
Gareth Atkins, Managing Director of Lettings:
“As expected, August saw a seasonal dip in applicant demand but the market remains resilient with strong stock levels and demand to match. The increase in new listings is giving tenants more choice, while landlords continue to benefit from solid year-to-date growth. As we move into autumn, maintaining high-quality properties that are competitively priced will be key in a market where tenants are increasingly prioritising quality.”
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