Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, comments on January 2021's ONS UK House Price Index data
“The housing market is off to a strong start this year with prices still being driven up, primarily by buyers seeking larger homes and outside space, and the early signs are that demand is going to continue in the short-term making for a busy spring and summer.
“There is also the underlying factor of limited supply due to some would-be sellers holding off putting their properties on the market over fears of spreading infection, which may continue to drive prices even higher as we enter the spring.
“Easing of restrictions and optimism about returning to normality may eventually encourage more people to sell their homes, but there is so much pent-up demand from buyers that this will keep prices buoyant, especially in light of the extended stamp duty incentive.
“Many people who have spent months in their homes over the past year have found themselves reassessing their needs and the desire for more space will doubtless result in many more flocking to the market as supply increases.”