Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, comments on April 2021's ONS UK House Price Index data
“The original stamp duty discount deadline of March has made itself felt with a monthly dip in house prices, but annual growth is still remarkable.
“There remains a shortage properties coming onto the market in many areas, resulting in intense competition in some cases, and this factor is likely to keep prices pushing upwards throughout the summer.
“Lockdown living has driven many to re-evaluate their home requirements and seek out larger properties and outdoor space.
“The weaker price growth in London compared to other regions gives further credence to the suggestion many buyers are still searching for bigger homes outside the city, where they are likely to get more space for their money. However, competition for property in the city is likely to wake up once restrictions lift on air travel, allowing international buyers back into the market.
“While it appeared last year that the stamp duty holiday was a key driver behind the domestic property market acceleration, measures from other indices suggest the withdrawal of the larger discount at the end of the month shows no signs of deterring buyers from purchasing a new home.”