House prices: Why the risks of a fall are higher than most people think

“The fact that house prices have been rising quickly over the last year makes the market more vulnerable to external shocks to the economy,” says Professor Geoff Meen, as he warns “there are numerous conventional reasons to at least expect some slowdown in the growth of house prices.”

1.3 million buyers have benefitted from the the Stamp Duty holiday

“We haven’t yet seen any significant increase in properties falling through so it looks like most are going ahead regardless,” says Tim Bannister, Rightmove’s Director of Property Data. Although he suggests that “inevitably there will be some properties coming back onto the market later this week and next week if a buyer and seller are unable to agree new terms if the buyer misses out on the maximum stamp duty savings.”

Buyer demand eases but remains 55% above ‘normal’ levels

“The stamp duty holiday boosted demand in the housing market, yet buyer demand remains elevated despite the initial holiday ending,” says Grainne Gilmore, Head of Research at Zoopla “- signalling that the once-in-a-generation ‘reassessment of home’ has further to run this year.”

Rental demand reaches an all-time high

Propertymark member branches have an average of 97 tenants on their books, up from 82 in April. It’s the highest figure on record for the month of May, significantly higher than last year’s 70.