Annual house price growth slows for first time in six months as end of stamp duty holiday approaches
Annual house price growth slows for first time in six months as end of stamp duty holiday approaches.
Director of Benham and Reeves, Marc von Grundherr, commented:
“The party is nearly over where a stamp duty reprieve is concerned, but will homebuyers still be dancing when the music stops? While many have benefitted from the saving, many more are still waiting to complete and missing the deadline could cause a different sort of market chaos to that seen in recent months.
There’s a strong possibility that a period of heightened instability is on the cards as the end of the stamp duty holiday causes a spike in sales falling through, while buyers also look to renegotiate terms having missed out on a stamp duty saving.
This market wobble could result in a far more notable decline in house prices as the deck is reshuffled. However, the market is extremely resilient and so any correction is likely to be short lived before it finds its feet, once again.”