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15 November 2016
Doug Crawford, CEO of My Home Move, comments on today’s ONS House Price Index, September
“Sustained growth in house prices shows that the market continues to shake off political and macroeconomic uncertainty. Despite the market having to weather several turbulent spells this year, such as changes to Stamp Duty Land Tax (SDLT) and the Brexit vote, prices have continued to grow faster than they did in 2015. For example, this September’s annual increase of 7.7% is greater than September 2015’s 5.3%.
“This continued growth is a testament to the robustness of the housing market and the strong fundamentals that underpin it. Demand for housing continues to outpace supply, which supports price rises. Furthermore, low returns on other traditional savings avenues means that bricks & mortar is seen as a good destination for investment.
“In the long term these strong fundamentals will continue to support a healthy and prosperous housing market. High levels of demand for both rental and owner-occupied accommodation will drive transaction figures and prices upwards, and our recently published forecast predicts the number of property transactions will rise by 20% by 2020.”