UK HPI - 'This property market is like an ageing rock group, eye-watering prices but its best days clearly behind it' - comment from home moving platform SlothMove
If you’re covering theUK HPI for August, released this morning, the following comments formJack Roberts, CEO of home moving platform SlothMove, may be of interest:
Jack Roberts, CEO of home moving platformSlothMove, said: “Like an ageing rock group on their 10th farewell tour, the UK housing market’s best days are clearly behind it - yet its merchandise prices continue to shock.
“Annual property price growth of 13.6%, despite falling from last month, still looks completely at odds with the harsh realities Brits are facing, with their belts being tightened to new notches.
“There is a clear and large affordability gap confronting many first-time buyers in particular. They will be pleased that the cut to stamp duty was one of the few policies to survive the new chancellor's butchering of the mini budget.
“Yet while early signs are that Jeremy Hunt’s actions may have helped to buttress the property market, ongoing cost-of-living pressures and the strong likelihood of more interest rate rises next month mean property prices may soon begin their descent.
“For the moment a shortage of supply is keeping prices high and the average UK property may still reach £300,000. Looking ahead to winter however, a homebuyer hibernation beckons.”