Nationwide: UK house prices up 13.4% annually in June

"Activity levels in June were nowhere near what they were like in March and April when meeting the Stamp Duty deadline was still achievable, but there's still a lot of energy in the market. "What we're seeing is potential purchasers getting their financial ducks in a row ready to pounce on the 'right' property when it comes to market. Unless your financial ducks are in a row, there's not a cat in hell's chance you'll secure your dream home. "The second quarter of the year has definitely outstripped the first in terms of overall levels of business and brings the first half of 2021 to a buoyant close, but I would expect the third quarter to be slower. "The summer is traditionally a quieter period anyway but if we see a further relaxation of restrictions, activity levels will invariably drop as people focus on spending time with families and enjoying staycations. "The second half of the year will likely be more 'normal' but the underlying problem of a lack of stock has not been solved and will continue to support prices."

"June was our busiest month of the year by a distance, as home-movers and, more specifically, first-time buyers joined the rat race to beat the incoming Stamp Duty deadlines. "Many conveyancing firms have unfortunately been like rabbits in the headlights in recent months, meaning a lot of buyers will almost certainly now miss the Stamp Duty deadline this week and be disappointed. "While there are predictions of a dip in property values once the initial phase of the Stamp Duty holiday has passed, the sheer level of demand from first-time buyers means it will remain a sellers' market for now. "In addition to rampant demand from first-time buyers, the pandemic continues to make living outside major urban hubs the new norm and that is driving transactions of its own accord. People's ongoing mission for more rooms and outdoor space while being able to avoid the dreaded daily commute will push the boundaries of the property market into never-seen-before territory in the coming months."

"June was a lot less frantic than May as the Great Stamp Duty Stampede subsided, but for new mortgage applications it was our best month by some distance. "Demand for property is still sky high and as long as demand outstrips supply to the extent that it currently does then prices can only go one way. Yes, things will likely cool down compared to earlier in the year but the nation's aspiration for homeownership is timeless. "Government support for 'Generation Buy' has gained traction at the right time, creating hordes of would-be buyers in the position to get on the ladder. The real problems facing the industry are the bottlenecks caused by the Stamp Duty deadline that will soon be eased. "I've never known service from some conveyancers to be as poor as they buckle like dominoes under the pressure of having to actually work to a deadline. Bring on July 1st when that's not the case anymore."

"While the number of people looking to buy has without doubt reduced, among a certain demographic of buyer there is still strong demand. The Stamp Duty holiday doesn't make much of a difference at all for people buying higher value properties. "We have had a number of wealthy clients looking to purchase second properties due to the pandemic. A large garden and being in the countryside or near a beach has become a default setting for many high net worths. Whatever happens to the market as a whole, I think prices for prime property will continue to rise."

"June has been chaotic for brokers, solicitors, estate agents and lenders alike, as everyone jostled to meet the Stamp Duty deadline. There is without doubt a lack of knowledge around the Stamp Duty deadline, with many people believing that it's completely over. In fact, there are still reduced tax benefits until the end of September, which is likely to support activity levels at the lower end of the market. "It's inevitable that the property market will slow, but activity levels aren't going to grind to a halt. Even when the Stamp Duty holiday is completely behind us, there are still many reasons to buy, from low interest rates to pandemic-induced life and work changes. "Yes, a lot of companies will undoubtedly have to tighten their purse strings when the furlough scheme ends, but I just can't see the Government simply letting the economy sink or swim. I also thing a lot of businesses have become exceptionally resilient over the past 18 months and that will serve the economy well in the months and years ahead."