Director of Benham and Reeves, Marc von Grundherr, commented:

“We’ve seen a promising start to the year so far in terms of buyer interest returning to the market but what we’re simply not seeing is this interest convert at the same rate.

This buyer hesitation has been largely spurred by increasing interest rates and while the market is standing firm, it’s this more tentative approach to buying that is causing house prices to stutter.”

Managing Director of Barrows and Forrester, James Forrester, commented:

“The market has continued to tread water where the current rate of house price growth is concerned and with a further hike to interest rates likely this month, we can expect this subdued performance to remain over the coming months.

Those sitting on the fence in anticipation of a return to the pandemic glory days of double digit price growth will be sitting for some time. However, the outlook is broadly positive and while a natural correction was always likely, we are yet to see any inkling of a market crash.”

Managing Director of House Buyer Bureau, Chris Hodgkinson, commented:

“Market performance so far this year has been inconsistent, to say the least, and this uncertainty is proving problematic for the nation’s homebuyers and sellers who continue to tussle when negotiating on price.

The consequence of this back and forth is a more protracted transaction timeline and a greater threat of sales falling through. That said, buyer activity is building and while the current landscape is certainly more difficult, those who are able to negotiate it are still securing a good price for their home.”