Doug Crawford, CEO of My Home Move, comments on today’s ONS House Price Index for MayJuly 19, 2018
“Today’s figures will be music to the ears of Generation Rent who have been locked out of the UK’s housing market, with repeated promises of help at hand but little movement to turn the tide of falling homeownership. However, areas that have experienced immense price growth over the last decade are finally cooling as London prices fall for the fourth consecutive month in 2018.
“While first time buyers in the capital finally get some welcome news, recent indicators won’t be quite so reassuring for existing homeowners, particularly those across the South and East of England with one eye on their property investments. Many will be watching closely for signs of stability during the second half of 2018 as uncertainty across the political landscape rumbles on.
“Nevertheless, demand remains strong for property across the country and, with prices having cooled in some areas, the underlying appetite for housing should help to keep the market moving. In the meantime, as a nation we must ensure there is sufficient supply of new homes coming onstream to help correct the long-term supply shortage.