Commentary: Let's not get carried away with news of house price growth & rising mortgage approvals
We give market commentary when journalists or news outlets approach us directly for comment on specific topics. We share our commentary here too. See below.
It’s quite easy to get carried away with the huge house price growth being shown at the front end of the transaction process via mortgage approvals and asking prices. However, the reality is that the market is moving at a far slower rate where actual sold prices are concerned.
Don't rely on the asking price data
In response to news that house prices and mortgage approvals are rising dramatically:
It’s quite easy to get carried away with the huge house price growth being shown at the front end of the transaction process via mortgage approvals and asking prices. However, the reality is that the market is moving at a far slower rate where actual sold prices are concerned.
Stamp duty & recession on the horizon
Although prices have still gained positive ground, this likely to be a temporary hoorah and there is a very strong chance that this growth will recede rapidly come April once the sun has set on the stamp duty holiday.
The aftermath of the current pandemic may be biting by then too, and we may begin the transition from "pandemic" to "recession". House price drops usually follow, and mortgage approvals fall. Time will tell, but I don't expect that this type of news is here to stay for very long.
We're already seeing a rise in enquiries for our "we buy any house"/"buy my house" services, which sellers typically rely on when they're being let down by the traditional property market - so there are certainly early warning signs that problems may lay ahead.
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Don't rely on the asking price data
In response to news that house prices and mortgage approvals are rising dramatically:
It’s quite easy to get carried away with the huge house price growth being shown at the front end of the transaction process via mortgage approvals and asking prices. However, the reality is that the market is moving at a far slower rate where actual sold prices are concerned.
Stamp duty & recession on the horizon
Although prices have still gained positive ground, this likely to be a temporary hoorah and there is a very strong chance that this growth will recede rapidly come April once the sun has set on the stamp duty holiday.
The aftermath of the current pandemic may be biting by then too, and we may begin the transition from "pandemic" to "recession". House price drops usually follow, and mortgage approvals fall. Time will tell, but I don't expect that this type of news is here to stay for very long.
We're already seeing a rise in enquiries for our "we buy any house"/"buy my house" services, which sellers typically rely on when they're being let down by the traditional property market - so there are certainly early warning signs that problems may lay ahead.
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