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House prices Land Registry

ended 14. September 2022

At 09:30 we're getting the latest house price data from the Land Registry, which is based on actual sales as opposed to all that Rightmove asking price nonsense. Looking for snap reaction on how the property market has fared in recent months and where you think it's headed over the course of the next 12 months and why (up, down, left or right). Don't write an essay. A couple of paragraphs will do it.

7 responses from the Newspage community

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Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
Property transactions are definitely slowing down and may well fall off a cliff over the coming months. Not only is autumn and winter a slower period, but the economy is giving people the jitters. Nervous people sit tight, they don't entertain what is often the biggest financial transaction of their lives. However, despite the economic situation, I don't expect a material reduction in prices as homeowners will want to recoup what they have spent on their homes after lockdown so are unlikely to sell at a discount. We are more likely to see house prices flatline.
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Mike Staton
Director at Staton Mortgages
As the director of a mortgage brokerage and an estate agent, I get to see both sides of the coin. I think we will see house prices increase further as there is still demand out there, although there will not be 10 to 15 people going for the same property as there was during the pandemic. However, there are still enough buyers to keep it as a "sellers market" in my opinion. Only too often I see estate agents try to justify marketing valuations based on Rightmove or Zoopla data, which simply isn't accurate. Last week we had a client's purchase downvalued by £30,000 only for the estate agent in question to show us marketing prices for comparables and not completed prices.
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Imran Hussain
Director at Harmony Financial Services
Anyone hoping for a massive drop in prices and to snap up a bargain will be in for a shock. Though activity levels have calmed down slightly, demand is still there and activity may even ramp up again now that everyone knows what’s happening with their utility bills for the next two years. The rate of property price growth will likely level off in certain regions of country but areas that are in high demand shall always command a premium.
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Dominik Lipnicki
Director at Your Mortgage Decisions Ltd
Even though the latest inflation data showed a slight drop-off, it's still extremely high and most predict it will rise even further in the months ahead. Together with higher mortgage rates, the cost of living crisis will without doubt have an effect on house prices. Few expect a significant fall but a very modest increase in the rate of price growth over the next 12 months is a likely scenario.
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James Miles
Director - Mortgage Adviser at The Mortgage Quarter
There’s no doubt we will see a slowdown in the market as the cost of living crisis hits buyers in the pocket where it hurts. With supply still so low, I do not expect prices to reduce but rather for price growth to level out. The property market certainly needs a stable period because prices have become silly since the Stamp Duty holiday, with monster growth over the past couple of years.
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Rhys Schofield
Brand Director at Peak Mortgages and Protection
Anyone hoping for a crash is going to be disappointed. September is on course to be our busiest month ever now the annual summer holiday lull is over. Fundamentally, the UK still has a shortage of housing and if there are fewer houses than buyers, prices will continue to go up year on year. The double digit increases of the past two years were unsustainable and we won't see these again for some time. However, but we still expect growth, just at a more modest pace. It's also worth noting that the housing market isn't one amorphous blob. First-time buyer business is really swift with homeownership more appealing and much cheaper than renting, but the under pressure part of the market may well end up being the second steppers and beyond who are really feeling the increases on interest rates with a big mortgage.
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Alastair Hoyne
CEO, Finanze Capital at Finanze Capital
The housing market is already being battered by supply chain issues that have fuelled the increase in construction prices, while build-cost inflation continues to squeeze developers’ margins. Adding to the distress is the fourth consecutive monthly drop in new buyer enquiries, according to The Royal Institution of Chartered Surveyors’ (RICS) survey results released last week. With global property downturns growing, UK real estate builders have yet to see a rise in consumer confidence equal to pre-pandemic levels given the painful cost of living that is hammering households’ finances, as well as the withdrawal of the Help to Buy equity loan scheme by the government. They will have to contend with higher borrowing costs in the coming years as surging inflation will drive the Bank of England to further raise interest rates before the year ends. Further interest rate hikes by Threadneedle Street will eventually slow down the surging growth in housing prices. This means that those who are planning to purchase their homes must swiftly act now in anticipation of higher interest rates in the coming months. In addition, mortgage owners on a variable rate will be hit with the expected interest rate hike, which will add around £395 to their mortgage bills each year.