Marc von Grundherr: Property market now standing on own two feet
Any fears of a market collapse following the stamp duty holiday can now be put to bed, according to Marc von Grundherr, director of Benham and Reeves.
The Halifax House Price Index revealed that UK house prices rose by 1.7% in September, equating to an increase of £4,400 to the value of the average property.
This means that UK house prices are now at a record high of £267,500.
von Grundherr said: “The stamp duty holiday clock has now well and truly expired and those to have seen a last gasp saving would have entered the market many months ago in order to complete in time.
“Of course, such heightened levels of market activity may inevitably bring a slight cooling in the rate of house price growth, but that’s to be expected.”
Looking to the London market, von Grundherr explained that it has been waiting patiently in the shadows watching high levels of activity play out across the rest of the UK.
The higher price of property has long seen many London homebuyers disregard the importance of the stamp duty holiday, particularly since the price threshold was reduced, he revealed.
von Grundherr said: “However, we’ve seen a far more natural level of momentum building across the market and this looks set to snowball during the autumn and winter months.
“As a result, our money is on London to finish the year with the most impressive performance where house price growth is concerned.”