House prices across UK rose by 4.3% in year to August, Halifax reports, taking them close to the record high in June 2022
Today’s Halifax house price index adds to the evidence that we are in the early stages of a recovery in house prices, argues Peter Arnold, EY UK chief economist.
But, Arnold also predicts that house price growth will remain slow in the next couple of years.
A second successive monthly increase suggests that house prices are in the early stages of a recovery. The EY ITEM Club attributes the upturn to mortgage affordability improving due to lower quoted mortgage rates and strong nominal wage growth.
The EY ITEM Club expects house price growth to remain in the slow lane over the next couple of years, with transactions staying relatively low. Though mortgage affordability is better than it was last summer, it remains very stretched. Other affordability metrics also remain high, which will continue to limit the pool of potential buyers.
Berkeley supports the proposed changes to the planning system and the Government’s aspiration to deliver 1.5 million new homes across this Parliament as part of its mission for growth.
Achieving this ambition requires a change of attitude and a refreshed partnership approach to allow developments, that are currently stalled, to come forward and Berkeley is committed to playing its full part in delivering the new homes the Country needs.
Continue reading…House prices across UK rose by 4.3% in year to August, Halifax reports, taking them close to the record high in June 2022Today’s Halifax house price index adds to the evidence that we are in the early stages of a recovery in house prices, argues Peter Arnold, EY UK chief economist.But, Arnold also predicts that house price growth will remain slow in the next couple of years.A second successive monthly increase suggests that house prices are in the early stages of a recovery. The EY ITEM Club attributes the upturn to mortgage affordability improving due to lower quoted mortgage rates and strong nominal wage growth.The EY ITEM Club expects house price growth to remain in the slow lane over the next couple of years, with transactions staying relatively low. Though mortgage affordability is better than it was last summer, it remains very stretched. Other affordability metrics also remain high, which will continue to limit the pool of potential buyers.Berkeley supports the proposed changes to the planning system and the Government’s aspiration to deliver 1.5 million new homes across this Parliament as part of its mission for growth.Achieving this ambition requires a change of attitude and a refreshed partnership approach to allow developments, that are currently stalled, to come forward and Berkeley is committed to playing its full part in delivering the new homes the Country needs. Continue reading…
