According to the latest figures from the Office for National Statistics (ONS), house prices increased by 5.1% in the year to November 2017. However, this is down from the 5.4% growth seen the previous month.
On a regional basis, the figures show that while prices are still climbing in the North West, West Midlands and South East, levels have fallen in the Capital, North East, Yorkshire and the Humber and the South West, with growth stalling in the East Midlands and East of England.
However, while growth may be slowing, house prices remain the most significant barrier for potential buyers who are looking to take their first step onto the property ladder.
A lack of available and appropriate housing stock is part of the problem. We believe that 2018 needs to be the year where we see decisive action to fix the UK’s broken housing market.
SME housebuilders hold the key to boosting housing stock and we believe that many are missing out on opportunities due to the endless red tape that binds the existing planning process.
We urgently need the Government to deliver on its pledge to reduce red tape and streamline the planning process for SME housebuilders, enabling them to build more much-needed homes.
Find out more about our Property Finance division.
Robert Grigg
Managing Director of Property Finance