As another month passes, dreams of home ownership drift further into the distance for many

Print This Post

15 December 2016


Search Acumen200Andy Sommerville,  Director of Search Acumen, comments on ONS House Price Index, October 2016:

“October’s average house price in the UK continues to defy the dreary expectations that many had about the strength of property value growth following the Brexit vote. Naturally, stability during uncertain times like these will be welcomed by economists far and wide, but the housing crisis continues to burn a hole in our industry.

“The pattern of rising prices since 2013 is symptomatic of a chronic shortage of new housing in the UK. Estate agents are reporting fewer properties on their books and RICS are predicting an ongoing recovery and escalation in buyer demand. This October, the average UK house price was £14,000 higher than the same month twelve months before and almost £25,000 higher than the year before that. As another month passes, dreams of home ownership drift further into the distance for many.

“Thinking ahead to 2017, the political uncertainty that is likely to continue must not distract property professionals from the underlying structural issues that weigh the market down. The Chancellor’s investments announced in the Autumn Statement were broadly received with a cheer, yet they will only be a drop in the ocean without the full cooperation of all stakeholders in our market. There is no better time than the present to work together and effectively to stitch together the gap between supply and demand.”

 



Associate News is provided by Legal Futures Associates.
Find out about becoming an Associate



Leave a comment

* Denotes required field

All comments will be moderated before posting. Please see our Terms and Conditions

Legal Futures Blog

Why your firm should support working mothers to the hilt

Georgina Hamblin

If you are going to balance the demands of work and childcare, and stay sane, you need to adapt, and with any luck your firm will adapt with you. In doing so you will both win, and your respective productivity will soar. When I had my son, I realised just how lucky I was. Not only did I have the incredible support of my, and my husband’s, family through this life-changing time, but I had a firm that offered me complete flexibility and control over my return to business life.

April 19th, 2018