This is how the industry reacted to the latest house price index.
Prices have continued to rise for months.
The median home price in the UK continues to rise, with the latest figures from the Office for National Statistics showing an increase in the year before March of 10.2 percent.
With the median home price now at an all-time high of £ 256,000, the ONS said the March figures showed the highest annual growth since August 2007. In the twelve months between March 2020 and March 2021, the median price of the house went up £ 24,000.
Much of the industry commentary on the numbers focused on the housing market’s resilience, which essentially froze a year ago with the coronavirus pandemic.
“2021 has been a great year for the market so far.”
Cloe Atkinson, CEO of Mortgage Engine, said: “So far, 2021 has proven to be a stellar year for home price growth. The busy start to this year reflects the success of various government measures to stimulate demand in the market and the hard work done by the real estate industry to overcome the challenges of the pandemic and adapt to new ways of doing business. There has been an extraordinary amount of change in a relatively short time.”
Others said that the cause of the continued dynamism of the UK property market was due to the Stamp Duty holiday, which was extended but will be phased out over the rest of the year.
Mark Harris, CEO of SPF Private Clients, said: “March should have been the month the doorbell holiday came to an end, and the mini housing market boom began to fade, but prices continued to rise. With the holidays now extended and closing restrictions continuing to ease, buyers have had another opportunity to take advantage of the savings.”
House price increases were not uniform across the country. While average prices were still higher in London, it was in the North East, in Yorkshire and the Humber, where the fastest rising values were seen. Households in those areas saw a 14 percent increase between March 2020 and March 2021.
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