A recent report has shown that as expected, demand on the housing market has remained strong as buyers rush to purchase property prior to the stamp duty increase which went into effect today. According to Nationwide’s monthly house price index, the average house price grew by 5.7% in March compared to March of last year, making it the strongest growth since February of 2015.

For the first time the average cost of a home in the UK passed the £200,000 level at £200,251. This new high tops the February average house price of £196,930.

This pressure on the housing market will likely impact the year’s expectation of house prices rising by 3% to 5% for the year. The rush to buy before the tax hike will be followed by the usual seasonal buying that occurs in late spring and summer. This will put pressure on the market in an already low supply of properties.

Those that secured a mortgage for a purchase in March will have benefitted by the continued low interest rates being offered by lenders.

Homeowners, too, are benefitting from the low interest rates as they seek to secure remortgages at the end of their term or to move off of their lender’s standard variable rate.

This time last year experts were forecasting that an interest rate hike was inevitable by the first quarter of 2016. However, weakening of the global economy and the upcoming EU referendum has calmed any warnings of the Bank of England raising the interest rate any time soon.

Therefore, both home buyers and homeowners should find they have adequate time to secure a cheap interest rate before lenders are pressured to tighten lending and remove their lowest deals or the Bank of England’s rate setters vote in a hike for the first time since March 2009.