Nick Leeming, Chairman of Jackson-Stops, comments on today’s ONS figures:

“Latest ONS figures show house prices are still gaining momentum, increasing by 12.4% over the year to April 2022, up from 9.7% in March 2022. Despite significant economic headwinds coming down the tracks, bricks and mortar are defying gravity. But as the stamp duty holiday heyday tails off from annual figures and higher interest rates with record inflation moderate demand, a cooling off period from recent peaks is widely anticipated by the end of the summer. Stretched affordability issues could result in some additional sales by the end of the year, however the government seems keen to keep the lending market agile having recently dropped the minimum stress test. Therefore, house price growth is likely to remain but at a more manageable rate. This steadying of the market will be a relief to many.

“With the property market moving so fast and many moving parts at play, it’s easy for homeowners to feel confused about when the best time to sell and buy a new home is. The bottom line remains true: moving house is a purchase that is dictated by your heart, with gut feelings and emotions often guiding your journey. Buying a family home is necessary for your future, not your future bank balance alone. Selling at a market high means also buying at a market high and vice versa, so these margins always come out in the wash. Follow your gut, stick to your budget, and choose a versatile home to last a good number of years.”