Andy Sommerville, Director at Search Acumen, comments:
“A cooling of the property market will undoubtedly offer a glimmer of hope to Generation Rent. This, however is not a symptom of a healthy housing market – there remains a national failure to build enough homes to meet demand. The UK property market urgently needs an antidote for this malaise.
“Despite numerous housing policies in past years and record low interest rates, we are still not yet seeing a breakthrough in home ownership. A lack of movement at the bottom of the market is now hurting homeowners further up the chain, who have seen a reduction in the value of their homes for the first time in nearly a decade.
“As we look ahead to the Chancellor’s Autumn statement we urge the UK government to build on policies that are simply not radical enough to reverse the trend that has seen our housing market come to a near standstill. Our economy relies on it.”