Director of Henry Dannell, Geoff Garrett, commented:

“There’s no doubt that increasing interest rates have dampened buyer appetites during the second quarter of this year and this is starting to show in the form of a more modest rate of house price growth.

Despite this tightening of the belt, a robust level of market activity coupled with ongoing stock shortages has seen house prices continue on their upward trajectory to hit record highs.

While property price performance is impressive given the wider economic backdrop, we expect this trend to subside in the relative short term, with some adjustments likely to materialise throughout the remainder of the year in the form of a reduction in property values.”

Managing Director of HBB Solutions, Chris Hodgkinson, commented:

“There’s no doubt that the property market has performed impressively during the pandemic but this rate of growth simply isn’t sustainable in the long-term and we’re now seeing early signs that the winds of change are beginning to pick up.

We’ve already seen mortgage approval levels start to slide and the lagged nature of the transaction process means that it won’t be long before this materialises in the form of both a reduction in transactions and the price paid in the process.”

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

“We’re yet to see any notable decline in the rate of house price growth across the UK market and, despite a serious strain on household finances causing consumer confidence to plummet, these stronger economic headwinds are yet to blow the house down.

In fact, UK bricks and mortar is far from a house of cards ready to topple at the first sign of uncertainty and we’ve seen a royal flush of house price growth continue to sweep across all regions of the market.

London remains the jewel in the crown where outright property values are concerned and even though the capital has seen the lowest rate of growth of all UK regions, a six per cent jump is still considerable when you consider the pounds and pence return that homeowners have enjoyed over the last year.”

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

“We’ve come accustomed to some quite remarkable rates of house price growth during the pandemic property market boom and while this has been replaced by more incremental growth rates in 2022, an 11th consecutive month to month increase demonstrates an extremely resilient market.”