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Commentary: Reaction to Halifax HPI as house prices hit another "record high"

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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.

"This month's Halifax house price index shows:House prices are hitting a new record high of £261,743 for the average UK home. House price growth is also at its fastest rate in nearly 7 years - so expect the boom to continue for now.But enjoy it while it lasts because if history has taught us anything, a bust is likely to follow. The government’s insistence on artificially fuelling house prices, not only with a stamp duty holiday extension but now in the form of 95% mortgages and a rehash of the Help to Buy scheme, is irresponsible, to say the least.

Halifax House Price Index - June 2021

"

June's Halifax House Price Index

"This month's Halifax house price index shows:

  • House prices are hitting a new record high of £261,743 for the average UK home.
  • House price growth is also at its fastest rate in nearly 7 years - so expect the boom to continue for now.

But enjoy it while it lasts because if history has taught us anything, a bust is likely to follow.

The government’s insistence on artificially fuelling house prices, not only with a stamp duty holiday extension but now in the form of 95% mortgages and a rehash of the Help to Buy scheme, is irresponsible, to say the least.

Wait times are growing (as is the pressure)

What seems to be getting ignored in the mainstream media is how the market is buckling under the pressure of these incentives.

Just in the last 24 hours we've seen solicitors decline instructions saying their average turnaround time is currently 4 months (we expect more like 4 weeks!), and another firm adding a notice for customers on their switchboard, informing them that "no abuse towards staff will be tolerated". Unheard of in the conveyancing industry. This just goes to demonstrate the unbelievable pressure these firms are under to try and keep up, and it's no surprise that demand for our "sell my house fast" service remains high, even with a supposedly "healthy" housing market.

With a market heavily propped up with artificial incentives, reckless borrowing and cheap debt, it may only be a matter of time before the market gives in, bringing property values back down with it.”

"

June's Halifax House Price Index

"This month's Halifax house price index shows:

  • House prices are hitting a new record high of £261,743 for the average UK home.
  • House price growth is also at its fastest rate in nearly 7 years - so expect the boom to continue for now.

But enjoy it while it lasts because if history has taught us anything, a bust is likely to follow.

The government’s insistence on artificially fuelling house prices, not only with a stamp duty holiday extension but now in the form of 95% mortgages and a rehash of the Help to Buy scheme, is irresponsible, to say the least.

Wait times are growing (as is the pressure)

What seems to be getting ignored in the mainstream media is how the market is buckling under the pressure of these incentives.

Just in the last 24 hours we've seen solicitors decline instructions saying their average turnaround time is currently 4 months (we expect more like 4 weeks!), and another firm adding a notice for customers on their switchboard, informing them that "no abuse towards staff will be tolerated". Unheard of in the conveyancing industry. This just goes to demonstrate the unbelievable pressure these firms are under to try and keep up, and it's no surprise that demand for our "sell my house fast" service remains high, even with a supposedly "healthy" housing market.

With a market heavily propped up with artificial incentives, reckless borrowing and cheap debt, it may only be a matter of time before the market gives in, bringing property values back down with it.”

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