Press response to the latest HPI from the ONS
Tue 25 Mar 2014
Peter Rollings, CEO at Marsh & Parsons, comments: "The UK property market is blossoming into spring, with house prices up 6.8% in the year to January 2014. The average UK house price has now surpassed 250,000, placing the bulk of transactions within the 3% stamp duty tax band and providing yet more ammunition for critics who believe the Chancellor played a bad hand by not reforming stamp duty thresholds in last weeks budget.
"The London property market is still soaring ahead, with a 13.2% annual house price increase which dwarfs that in the rest of the UK. The average property price in the capital is now over three times that in the North East. Unwavering demand from UK and overseas buyers is a key ingredient behind this rate of growth, and Prime London property continues to be a Mecca for property investment. And with pensioners now freed from the shackles of annuity, the buy-to-let market could become a Holy Grail for retirement, offering unrivalled, tax-efficient investment."