Latest Nationwide index reveals good news
The latest house price index from mortgage lender Nationwide has revealed that annual house price growth in September reached 3.2% – the fastest pace since November 2022.
Recording a monthly increase of 0.7%, the average UK property is now valued at £266,094.
Northern Ireland remained the best performer over the year by some way, with house prices up by 8.6% in Q3 2024 when compared to 2023.
Scotland saw annual growth of 4.3%, Wales at 2.5%, and England at 1.9%.
Meanwhile, property website Zoopla also reported house price rises in August, driven by the lowest mortgage rates seen in 15 months.
The average house price reached £267,100, rising by 0.7% over the year, with Zoopla forecasting that the average UK house price is set to rise by 2.5% by the end of the year.
(Note: you can read our conversation with Zoopla’s Executive Director Richard Donnell here.)
New homes could generate £330bn, says HBF
The Home Builders Federation (HBF) has calculated that reaching the Government’s 1.5 million homes target could bring £330 billion into the UK economy and generate an extra 350,000 jobs a year.
The HBF’s report, entitled The Economic Footprint of Home Building in England and Wales, found that housebuilding in 2023 generated £53.3 billion of economic output and supported 834,000 jobs.
If government can deliver on its ambitious housing targets it will reap significant social and economic benefits.
Neil Jefferson, CEO, Home Builders Federation
The upcoming budget provides an opportunity for the government to take more positive steps to address the mounting housing crisis and to commit to their pledge to get Britain building again.
Construction output rose at its fastest rate for more than three years in September, according to the latest Purchasing Managers’ Index from S&P Global.
Driven primarily by an increase in civil engineering, the index also saw housebuilding rise to a score of 54.3, above the 50.0 growth line.
CMA accepts Barratt Redrow proposals
The Competition and Markets Authority (CMA) has accepted Barratt and Redrow’s proposals regarding a local competition issue in Shropshire, giving the green light for the merger of the two housebuilders to go ahead.
The CMA’s acceptance means that a more detailed Phase 2 investigation will now no longer be required.
Meanwhile, Hopkins Homes and Tilia Homes have come together to form a new company, called untypical.
The combined business, owned by the Hands Family Office and managed by Terra Firma, will look to prioritise energy efficiency “through innovative design, sustainable practices and industry partnerships”.
Housing View 