8 responses from the Newspage community
"House prices will likely continue to rise due to the increased availablility of higher loan-to-value mortgages. During the pandemic, all high LTV mortgages were withdrawn and now that they're coming back there's likely to be a rebound of activity from people with smaller deposits, which should keep driving the property market and prices upwards. "In terms of when it's best to buy, it's whenever you're able to. It's better to be on the ladder than not and it's so important given the level of competition that when making an offer you have all your ducks in a row. Make sure you've got the finances sorted by speaking to an independent mortgage broker."
"The demand for properties is undoubtedly going to fall once the Stamp Duty relief is reduced to £250,000 from July, and this is likely to have an impact on house prices. "Some are predicting sharp price falls but I see it being more of a plateau with perhaps a dip towards the back end of the year. "If I were buying now, I would not wait as there is no guarantee prices will drop and the property market has proved extremely resilient in the past."
"With so many potential buyers out there fighting over a limited pool of houses, there is only one way you can see house prices going over the coming months, and that is upwards. "Stories of estate agents selling houses before they hit the internet are now ten-a-penny and a local estate agent who we work closely with informed me that they had to stop taking viewings on a property after over 30 new clients called in one morning for details. "The best time to buy is when you have all your ducks in a row financially. If you aren't well organised with your agreement in principle from a broker, as well as proof of ID and deposit to hand you really run the risk of missing out to a more appealing prospective buyer who the estate agent sees is more likely to be able to complete the transaction quickly."
"I believe house prices will to continue to rise throughout the year and into the next as demand and confidence grows. In the short term, we will likely see the pace slow down a little as we near the end of the Stamp Duty holiday but there is still a lot of growth left in the market. Many people are still cautious to buy as we are not out of the woods yet but once Covid restrictions are fully lifted, I expect this to push prices up even further and we could see another boom."
"Make no mistake, the property bubble hasn't burst yet, and prices will continue to rise and rise in 2021. "Demand currently outweighs supply thanks to the launch of the low deposit mortgage scheme, greater borrowing, and the looming stamp duty deadline. "Those who want to take advantage of the double whammy of a 95% loan-to-value mortgage without paying SDLT should act fast, as sales can take between three and four months - and that's if there are no problems with chains or conveyancing checks."
"A lot will depend on what happens with the wider economy, the roadmap out of lockdown and the unravelling of furlough and other Government support schemes. "Anyone predicting the direction of house prices until we know where we're at on these fronts is a very brave person. "That said, the demand is there and as long as mortgages are priced as cheap as they are, the market will always remain active. "There is no 'best time' to buy, there is only buy or not buy. The sooner we get back to buying homes for logical reasons and away from commercial reasons the better we will all feel."
"I believe there will be a slight contraction in house prices when the Stamp Duty holiday ends, but that the housing market will soon bounce back as it always does. The fact of the matter is that demand still outstrips supply and therefore it's hard to see prices falling materially."
"We believe that the end of the Stamp Duty holiday will cause a short-term slump in the housing market. This, coupled with potential rising unemployment, may lead to a number of forced sales and repossessions. This could lead to a modest drop in prices this year, which reverses the strong property performance of just over 6% for 2020. "However, we remain positive that over the medium term, due to the strong vaccination roll out, the economy will recover quickly in 2022. "Add to that the fact that the Bank of England base rate is likely to remain at 0.10% and this should lead to an increase in house prices next year."