The average house price was £285,044, down 2.4% according to Halifax.
This price correction is partly a correction left by higher interest rates. Housing policy has focused on homeowners’ needs, and on debt to fund new supply, for a long time. With higher interest rates, price growth is being corrected.
Socially, the most important component is not the house prices but the cause: higher interest rates mean higher monthly housing costs, for both homeowners and renters. Higher housing costs are affecting at least 2 million households on variable rate mortgages or fixed rates coming to an end this year.
To save ‘Generation Rent’ from homelessness, professional investors are needed to acquire, upgrade and stabilise existing private rental sector homes.
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