Comment from Doug Crawford, CEO of My Home Move, on the Halifax House Price Index

“The property market has been suffering from a drought in supply for several months and today’s Halifax data shows this is forcing house prices sky-high as buyers compete for the properties that are available

“Our conveyancers have seen a rise in gazumping in some parts of the market this summer. Sellers have made the most of the hand that has been dealt to them by waiting to see if they get a better offer. With prices climbing so quickly, many sellers have calculated that it is worth their while accepting a new offer even if it means waiting a bit longer to complete their sale.

“The Bank of England decision to put off an interest rate rise because of concerns over turbulence in the global economy, means that low mortgage costs and plentiful lending continues to feed buyers’ appetites.  The only question is whether record high prices will tempt more existing homeowners to bring their property to the market and ease the serious shortage in supply.

“People trying to climb onto the housing ladder for the first time are the losers from rocketing prices. We are seeing an increase in people using gifted deposits from family and friends to help them make up the gap, as prices climb further out of reach.”