Gary Verity, managing director of Bradford & Bingley Estate Agents, has reacted to the Bank of England's comments on the UK housing market.
Verity says: “Warnings of price growth slowdown should not set the alarm bells ringing. Although the price hikes of late have been gaining pace, they are patchy and confined to certain hotspot areas.
“The impact of interest rate rises may also have begun to take effect across some parts of the UK. However, we have experienced an encouraging first half to the year with prices holding well. Keen buyers are evident at all levels of the market.”
Verity adds: “The old adage still remains, it is only good quality and realistically priced property that will sell with ease. The gap that exists between the levels of buyer demand and the supply of desirable property in the hottest spots will continue to put upward pressure on prices until equilibrium is found.
“The key to the housing market remaining stable and continuing to grow is buyer demand and affordability. We continue to enjoy historically low interest rates, at a quarter of the level they stood at in the early 1990s. Today, the average household spends considerably less on it's mortgage repayments, than 10 years ago. However, buyers do need to budget carefully, factoring in further rate rises to ensure they do not financially overstretch themselves.”