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* Home * Digital Construction * Artificial Intelligence * Big Data * BIM * Blockchain * Common Data Environment * Construction Technology * Digital Built Britain * Digital Twins * Internet of Things (IoT) * Process Automation * Smart Cities * Planning & Construction * MMC * Building Control * Energy * Plant, Equipment & Supplies * Health & Safety * HR & Skills * COVID-19 * Publications * PBC Today * BIM Today * Stakeholders * Insights * Guides * Frameworks * Events * Videos * Courses * Directory * Subscribe Search Friday, September 9, 2022 * Contact Us * About Us * Editors * Our Audience * Prestige Contributors * Testimonials Planning, BIM & Construction Today * Home * Digital Construction * Artificial Intelligence * Big Data * BIM * Blockchain * Common Data Environment * Construction Technology * Digital Built Britain * Digital Twins * Internet of Things (IoT) * Process Automation * Smart Cities * Planning & Construction * MMC * Building Control * Energy * Plant, Equipment & Supplies * Health & Safety * HR & Skills * COVID-19 * Publications * PBC Today * BIM Today * Stakeholders * Insights * Guides * Frameworks * Events * Videos * Courses * Directory * Subscribe Home Planning & Construction News August 2022 Halifax House Price Index shows easing of growth as cost-of-living... * Planning & Construction News AUGUST 2022 HALIFAX HOUSE PRICE INDEX SHOWS EASING OF GROWTH AS COST-OF-LIVING CRISIS LOOMS September 7, 2022 216 THE AUGUST 2022 HALIFAX HOUSE PRICE INDEX HAS BEEN RELEASED, SHOWING A DECREASE IN THE ANNUAL RATE OF GROWTH BUT RECORD HIGH HOUSE PRICES The August 2022 Halifax House Price Index has been released, showing that a typical UK property now costs a record £294,260. Across the country, house prices increased by +0.4% in August (vs -0.1% in July) and London recorded its highest annual house price inflation in six years. The annual rate of growth dropped to +11.5%, from +11.8% in July, the lowest level in three months. This reflects wider industry concerns regarding the impact of rising energy prices, the cost-of-living crisis, and the threat of a housing market crash. THE AUGUST 2022 HALIFAX HOUSE PRICE INDEX SHOWS HOUSE PRICES IN LONDON AND WALES HAVE RISEN BY OVER £30,000 OVER THE LAST YEAR The regional annual change figures are based on the most recent three months of approved mortgage transaction data. Wales remains at the top of the table for annual house price inflation, up by +16.1%, the strongest level of growth since early 2005. This means average prices have risen by £31,246 over the last year, with an average property now costing £224,858. The South West of England also continues to record a strong rate of annual growth, up by +14.5%, with an average property cost of £313,003. The rate of annual growth in Northern Ireland eased back further last month to +12.5%, with a typical home now costing £185,505. Scotland also saw another slowdown in the rate of annual house price inflation, to +9.4% from +9.5%. A Scottish home now costs an average of £204,362, another record high for the nation. While London has continued to lag behind other nations and regions, the rate of annual house price inflation in London rose again to now stand at +8.8%, its highest level in over six years. With a typical property costing a record £554,718 the average London house price has risen by £44,669 over the last 12 months. GOVERNMENT INTERVENTION MAY BE A NECESSITY TO OFFSET THE IMPACT OF THE COST-OF-LIVING CRISIS Kim Kinnaird, director of Halifax Mortgages, said: “While house prices have so far proved to be resilient in the face of growing economic uncertainty, industry surveys point towards cooling expectations across the majority of UK regions, as buyer demand eases, and other forward-looking indicators also imply a likely slowdown in market activity. “Firstly, there is the considerable hit to people’s incomes from the cost-of-living squeeze. The 80% rise in the energy price cap for October will put more pressure on household finances, as will the further increases expected for January and April. At the levels being predicted, this is likely to constrain the amounts that prospective homebuyers can afford to borrow, on top of the adverse impact of higher energy prices on the wider economy. “While government policy intervention may counter some of these impacts, borrowing costs are also likely to continue to rise, as the Bank of England is widely expected to continue raising interest rates into next year. “With house price to income affordability ratios already historically high, a more challenging period for house prices should be expected. However, this should be viewed in the context of the exceptional growth witnessed in recent years, with average house prices having increased by more than £30,000 over the last 12 months alone.” HOW THE HOUSING MARKET FARES DEPENDS ON SHORT-TERM COST OF LIVING RELIEF AND LONG-TERM SUPPLY-SIDE REFORMS Stuart Law, CEO of the Assetz Group, commented: “We are living in unprecedented economic times. How markets respond this year and into next will depend largely on the effectiveness of the Truss Government’s short-term interventions to tackle the cost of living. “If, as expected, we see a huge financial package to freeze or cap energy bills for consumers, that’s going to be, first and foremost, a huge relief to struggling households across the country. But, it will also support demand, maintain affordability despite high prices and fuel housing market activity, especially if the Truss Government also follows through on its tax-cutting pledges and people feel like they have more money in their pocket, while interest rates still remain low by historic standards. In turn, while supply remains low, this will also support price growth, despite the economic headwinds. “However, once we have weathered the immediate cost of living crisis, it’s the Government’s longer-term interventions in the housing market that will determine its sustainability. We will need to see financial support for business following swiftly from a consumer relief package so that rising construction costs don’t translate into runaway house prices, creating more deeply rooted issues around affordability. But, more importantly, with a new Government, we now have the chance to make serious renewed commitments to supply-side reforms, like de-regulating the planning system, so that we can boost construction output to better meet demand, and thereby support long-term housing affordability. “Given the squeeze we have seen on household incomes this year, boosting housing supply to improve affordability and lower living costs needs to be a long-term priority for the industry, the financial sector and policymakers.” * LinkedIn * Facebook * Twitter * Print RECOMMENDED RELATED ARTICLES * August construction PMIs show construction activity continues to dip amid economic uncertainty * July Construction PMI shows decline in output but increase in jobs growth * August property prices fall but new listings are up by 12% * Right to Buy v Right to Acquire: What will the effects be on tenants and housing associations? * Has the time for UK modular housing finally come? * TAGS * Affordable Housing * Construction * Economy * Government * Housebuilding * Housing Crisis * Regeneration Harriet Clough RELATED ARTICLESMORE FROM AUTHOR Planning & Construction News RENEWABLE ENERGY SYSTEMS INSTALLED AT SCOTLAND’S LARGEST NET ZERO HOUSING DEVELOPMENT Energy News INDUSTRY REACTS TO LIZ TRUSS ENERGY PRICE CAP ANNOUNCEMENT Health & Safety News STARTING A MENTAL HEALTH CONVERSATION IN CONSTRUCTION THIS WORLD SUICIDE PREVENTION DAY Planning & Construction News BBC MOVE TO TYPHOO TEA FACTORY IN BIRMINGHAM TO BE LED BY STOFORD HR & Skills News NEW OPERATIONS DIRECTOR FOR TILBURY DOUGLAS APPOINTED Planning & Construction News 3 CHALLENGES TRADE CONTRACTORS FACE WHEN MANAGING SUPPLY CHAIN OPERATIONS Planning & Construction News WILL THE NEW GOVERNMENT DELIVER ON THE EXTENDED RIGHT TO BUY POLICY? Health & Safety News 18-YEAR-OLD CONSTRUCTION WORKER FATALLY INJURED ONSITE Planning & Construction News WORK BEGINS ON NEW AFFORDABLE HOUSING DEVELOPMENT ON BRENTFORD CITROEN SITE HR & Skills News DOUG KEILLOR APPOINTED AS MD OF ROBERTSON CONSTRUCTION Energy News SAINT-GOBAIN CARBON NEUTRALITY TARGETS FIRST TO GAIN APPROVAL OF SCIENCE BASED TARGETS INITIATIVE HR & Skills News HARLEY HADDOW’S MANCHESTER TEAM EXPANDS WITH APPOINTMENT OF IAN CHALK LEAVE A REPLY CANCEL REPLY Please enter your comment! Please enter your name here You have entered an incorrect email address! Please enter your email address here Save my name, email, and website in this browser for the next time I comment. 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