Housing affordability deepens
- 27 December 2021
- Posted by: Editor
- Category: news
Reports from Halifax show that 63% of people feel the present housing market does not provide enough access for affordable homes. Projected mortgage rate increases over the next 3 years indicate that this affordability trend is set to continue which will be a worry for both homeowners and renters alike.
There is a general belief the industry will struggle to adapt quickly enough to deliver quality affordable homes as the pandemic continues to grip the country.
The current MD Russell Galley at Halifax has recently gone on record stating “The key long-term issue for the housing market remains the inequality between generations and across the income spectrum, and specifically the ability of the young and lower-paid to access good quality housing that meets their needs.”
Average house prices in the UK have increased by £20,757 since 2020 to £272,992. A recent Halifax house price index (HPI) showed annual growth of 8.2% in December 2021 which is slightly below the 9.5% peak in May 2021. This was the strongest annual growth for seven years.
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