Our comment on the ONS house price index

Housing

“No doubt homeowners will be pleased that house prices are rising at a slightly increased pace but this will be disheartening news for those who are striving to get on the property ladder and are already having to contend with high private-market rental prices.

“Average house prices have been rising rapidly for several years and as wage growth remains sluggish, homeownership is becoming an increasingly unlikely proposition for many people. This highlights the vital need for greater provision of alternative choices, whether that’s shared ownership opportunities for those who can’t afford the large deposits needed for a traditional mortgage or more affordable-rent homes for people being priced out of the market.

“Ministers have laid out some promising plans on housing. The hope is that the forthcoming social housing green paper will expand on the government’s ideas for addressing the challenges in the market."

By Bjorn Howard, Group CEO

Housing

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