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House prices face a “winter of discontent” as rising inflation drives up mortgage costs after years of near-zero interest rates. This could finally slow property price growth or even send it to into reverse, experts warn. Winter is coming so how worried should you be?

As food and energy prices go through the roof, the Bank of England will come under ever greater pressure to increase interest rates to curb inflation. Yesterday’s figures showing unemployment falling and job vacancies hitting a record high have raised the stakes. The BoE could make the first rate hike as soon as December, with more to follow in 2021.

If inflation continues to climb, that could finally bring the era of record low mortgage rates to a close.

Higher borrowing costs could bring today’s sky-high property prices back down to earth, while existing homeowners may struggle to service their mortgage repayments.

Experts are urging homeowners to lock into a long-term fixed-rate mortgage while interest rates remain at record lows.

Scott Taylor-Barr of Carl Summers Financial Services said the end of the stamp duty holiday and furlough, rising living costs and tax and National Insurance all threaten the housing market. “Add in the usual Christmas slowdown and we can expect the property market to lose some of the wind from its sails.”

Source: Daily Express

A petition for the triggering of the stamp duty upon exchange of contracts has been launched on the Government’s official petition website.

The campaign, launched last week, will run for six months. At the time of writing, it had already gained over 4,000 signatures.

In a statement to PropertyWire, the originator of the petition Chris Holland said: “People are finding themselves becoming trapped in a scenario whereby house prices are much higher, and at the same time they will now miss out on the stamp duty holiday. People are being financially punished from both sides, this from a policy that was designed to do the exact opposite.”

He added: “Exchanging contracts is exactly what it says. A contract, a legally binding agreement, to purchase a house often with an immediate 10% deposit being paid. So why shouldn’t you benefit from the stamp duty holiday being triggered at that moment of exchanging contracts, rather than at the point of completion? This will allow in particularly new build buyers, with continuous building delays due to COVID-19, to benefit from this policy.”

To sign the petition, please go here.

Source: PropertyWire