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Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, comments on December 2020's ONS UK House Price Index data

Paul Stockwell, Chief Commercial Officer at Gatehouse Bank, comments on December 2020's ONS UK House Price Index data

“When the UK and the property market went into lockdown in March last year, few would have predicted house prices would climb 8.5 per cent over the year.

“This rate of growth has not been seen since 2014, and the fact that this has happened in the same year as a global pandemic makes it all the more remarkable.

“The stamp duty discount has undoubtedly had a significant impact, but this growth was also driven by people re-evaluating their living conditions during lockdown and seeking more room, particularly outdoor space.

“With the Chancellor’s Budget only a few weeks away, there is renewed focus on stamp duty and whether Rishi Sunak will grant an extension or introduce a tapering system to help those trying to complete their sale before the March deadline.

“We don’t expect demand to abate when the stamp duty holiday does end, and, whilst this may hamper growth slightly, we expect to see the market continue to rise with demand this year too.”