House price growth eases in September, with Wales and Northern Ireland strongest performers
This week Nationwide published their House Price Index for September, revealing that the average property value has risen by a seasonally adjusted 2% to £248,742.
Prices in September were up 10% on a year earlier, a slight reduction from 11% in August, with Wales and Northern Ireland driving increases ahead of the stamp duty holiday ceasing on 30 September.
Affordability has decreased, however, with a 20% deposit on a typical first-time buyer home now around 113% of gross income – a record high.
Tender price forecasts revised upwards
This week two consultancies warned of further price increases within the construction sector.
Firstly, Turner & Townsend stated in their latest Market Intelligence Report that the UK should prepare for tender price inflation to remain high in the short to medium-term on the back of “disrupted labour markets and dislocated supply chains”.
This was followed swiftly by Mace, who predict that tender prices will grow nationally by 1.5% this year, before peaking at 3.5% in 2023 and then settling back to 2.5% in 2024.
In other news…
Modular housing specialist Ilke Homes has raised £60m, as they follow their goal to become a top ten housebuilder within the next five years, delivering 10,000 factory-built homes, whilst the Labour party pledged increased delivery of council and social homes in their conference this week.