Industry reacts to latest Nationwide figures

Director of Benham and Reeves, Marc von Grundherr, commented:

“Higher interest rates are causing an increased level of unpredictability and the nation’s homebuyers don’t know whether they’re coming or going at present. This is evident when it comes to current house price performance, with property values remaining largely unchanged from one month to the next.”

Managing Director of Barrows and Forrester, James Forrester, commented:

“Borrowing costs have risen significantly in recent months but while they may have reached similar levels to those that followed last September’s shambolic mini budget, the market isn’t feeling the same degree of strain and buyer activity is building, albeit at a more measured pace.”

Managing Director of House Buyer Bureau, Chris Hodgkinson, commented:

“For those looking to sell, current market conditions are a tad hit and miss. We’ve seen fluctuating levels of buyer demand in recent months and, with house prices continuing to stutter due to a reduction in buyer purchasing power, many sellers are also unwilling to commit.

The result is more time spent on the market, while those that do secure a buyer are subject to longer transaction times and a heightened chance that their sale will fail to make the finish line.”