Smoove comments on the publication of the ONS House Price Index

Simon McCulloch, Chief Commercial & Growth Officer at Smoove, responds to the publication of the latest ONS House Price Index covering June.

“Despite a slight decrease, house price growth still remains firmly in the double digits – outstripping current inflation figures.

“It’s also normal to see prices dip around this time of year as people try and enjoy the summer holidays.

“However, the combined effect of the rising cost of living and base rate rises mean that many buyers are finding their affordability squeezed.

“Ultimately, there’s a clear divide between house prices, greater supply, and constrained affordability.

“Gazundering – people reducing their offer to reflect house price valuation decrease – may also start weighing on the minds of sellers who are currently on the market. Against this backdrop, home moving remains a frustrating experience.

“It’s protracted, confusing and incredibly stressful, and both gazundering and gazumping play into this.

“It is time the analogue process was digitised. Whether you’re a lender, buyer, homeowner, solicitor, or estate agent, adopting new technology will help make the transition for all parties involved quicker and more efficient.”

Kindly shared by Smoove

Main article photo courtesy of Pixabay