News & Trends
Housing experts weigh in on predicted fall in prices
With the recent announcement of house prices dipping, as the stamp duty holiday is extended, many in the interior design world wonder how this could impact the industry.
In light of this, leading interior company, Dowsing & Reynolds, have provided an expert comment on what this means for the home and interior design market.
Ally Dowsing-Reynolds, co-founder of Dowsing & Reynolds commented:
Buying your first house is a milestone, and it’s not just for that sense of security – dream homes reflect ourselves and help us to feel great. We’re seeing an increase in people becoming truly invested in interior design and delighting in the details, and there’s no better way to apply this knowledge than to invest in a fixer-upper. With the stamp duty holiday coming to an end in the UK and house prices starting to fall, this is the perfect opportunity for a first time buyer to get on the property ladder and truly shape the house of your dreams from a blank canvas.
House prices are FINALLY falling back towards a ‘normal level’ following the end of the stamp duty holiday, but what does this mean for the future of the market? Will prices continue to fall or will they shoot back up again?
Mike Fitzgerald, Executive Chairman at Coulters Property
Now the stamp duty has ended we could see an end to the massive demand we have seen in recent times.
Mike Fitzgerald, Executive Chairman at Coulters Property shared his thoughts on the state of the sector:
“House prices have been incredibly volatile in recent months, the lack of stamp duty has seen a natural increase in the price of houses. We are now over halfway through the year and whilst house prices haven’t quite settled yet, with prices hitting record highs every month.
“Unfortunately we are quickly heading towards a position where the number of people wanting to buy a house outweighs the number of available houses, which of course contributes to the average house price. The demand for houses at the moment is huge and if this drops towards the end of the year we could see house prices follow suit and take a slight dip.
“Now the stamp duty has ended we could see an end to the massive demand, we have seen in recent times. People were moving into houses they couldn't afford but this will change with the end of stamp duty, which has led to a small decrease in the price of properties.
“I believe that now stamp duty has been reintroduced and we are heading back towards normality we will see a house prices slump. It wouldn’t be surprising to see house prices fall even further before the year is out to help bring back some of the demand.”
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