Michael Bruce, CEO and Founder of Boomin, says:

“It’s important to remember that while sold prices provide the most concrete health check of the UK property market, they are reported on a lag.

So while the market remains apparently unphased by a spate of base rate jumps and consequential impact this is likely to have on the spending power of UK buyers, the reality is that this declining market sentiment is yet to bubble to the surface.

However, while these growing economic headwinds may rock the boat of house price growth, sustained and robust levels of buyer demand, coupled with a shortage of stock, are sure to prevent a significant drop.”

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

“We can expect to see UK property values continue to hold their own over the coming months, as the supply demand imbalance continues to negate any wider economic influence.

For every one buyer struggling with the financial task of climbing the ladder, there are three or four with a mortgage in principle and an existing property to act as financial collateral in order to fund their ongoing purchase.

It remains an incredibly competitive market and while we’re unlikely to see these extraordinary rates of house price growth persist in the long-term, bricks and mortar continues to provide a very sound investment.”

Director of Henry Dannell, Geoff Garrett, commented:

“Many prospective buyers are now finding that they simply aren’t eligible for the same level of mortgage financing that was available to them just a few short months ago, with many more struggling with affordability due to a squeeze on their disposable household income, coupled with increasing mortgage rates.

This has led to a small but gradual reduction in the number of buyers entering the market. Whilst this is yet to translate to a softening of prices, it is inevitable that property values will start to reduce as demand subsides.”

CEO of Octane Capital, Jonathan Samuels, commented:

“A reduction in the range and affordability of available mortgage products means that many homebuyers are now having to reevaluate their purchasing power in the current market.

While this won’t make them any less determined, it will impact the number of buyers entering the market and the price they are willing to pay, which in turn, will inevitably curb the buoyant rates of house price growth seen over the last two years.”

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

“The London property market looked set to perform very well in 2022, but this performance has been somewhat inconsistent of late.

This unpredictable performance has been no doubt influenced by the Ukraine conflict, with Russian demand for London’s most sought after properties remaining muted following a string of government sanctions.

However, with the financial pedigree of homebuyers in the capital amongst the strongest in the world, rising inflation and the increasing cost of buying are far less likely to act as a deterrent and we expect the London market to stand firm over the coming months, as dark clouds gather across the rest of the UK.”