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Property experts expect the market to slow down
Mortgage lenders have warned there could be an abrupt slowdown in the property market as of April.
A study prepared by Nationwide showed that prices grew rapidly last month, while separate figures from Halifax revealed that values soared by nine per cent in the year to February.
However, many lenders believe that the market has been influenced by a flurry of transactions from those who want to complete their property deal before the introduction of a new stamp duty surcharge.
Jeremy Leaf, a former chairman of the Royal Institution of Chartered Surveyors (RICS) and north London estate agent, said: “Property prices are steady as the market is being underpinned by buy-to-let investors and second home owners trying to beat the stamp duty hike in April.
“We expect activity to continue to rise before it starts to let up.”
Robert Gardner, chief economist at Nationwide, added: “The impending increase in stamp duty on second homes is likely to have brought forward a significant number of purchases, which in turn will probably result in a fall back in approvals during the spring/summer.”
Once a sizeable chunk of investment buyers are taken out of the market, experts believe there could be a ‘vacuum effect’, as some would-be buyers will be unable to meet inflated prices.
At Royds, our residential property team has a wealth of experience handling transactions around London and further afield. For more information on the services we provide, please contact Deborah North or Relf Clark or visit.
