Property Industry Response to Halifax House Price Index
Commenting on the latest Halifax house price data, which shows a 0.4% increase. Here are some thoughts from the Industry
Nathan Emerson, CEO of Propertymark
“This is a glimmer of good news for consumers considering it has been reported that there are economic headwinds ahead of us soon, and this news proves that house prices are adapting to recent Stamp Duty changes despite other reports suggesting that housing activity has slowed due to these tax increases.
“Lenders are adapting to market trends by offering more competitive products, however, with the average deposit needed to purchase a home now exceeding £60,000, more support is needed to make homeownership a realistic aspiration for more people. The UK Government and the devolved administrations must prioritise housebuilding to void the gap between supply and demand, which ultimately will help bring down house prices in the long-term, as well as the Bank of England reducing interest rates as soon as possible to further improve affordability.”
Daniel Austin, CEO and co-founder at ASK Partners
“Today’s rise in property prices brings optimism, but growth remains subdued as high borrowing costs continue to weigh on buyers. While the Bank of England’s decision to hold rates offers limited reassurance, persistently elevated fixed mortgage rates are still delaying meaningful relief.
“The construction sector is already grappling with soaring build costs, planning bottlenecks, and a chronic shortage of skilled labour. Investors and developers remain motivated by the enduring supply-demand imbalance, particularly in resilient sectors such as co-living and build-to-rent.
“For investors seeking stability amid global uncertainty, including market volatility triggered by resurgent US protectionism, UK real estate debt continues to stand out. It offers capital preservation, steady income, and insulation from equity market swings, making it an increasingly attractive alternative in this environment.”
Tom Brown, Managing Director, Real Estate at Ingenious
“Today’s data underscores the resilience and appeal of the UK property sector. Despite elevated inflation and stubborn borrowing costs, we welcome the BoE’s recent rate cut as a hopeful first step in a much-needed easing cycle. There’s clearly a significant and notable shortage of housing inventory across various price brackets and locations. Consequently, any decline in homeowner sales is likely counterbalanced by increased demand from renters and investors. This is a trend that is not going away.
“However, it’s crucial to recognise that the situation isn’t consistent nationwide or across different property pricing brackets. It’s helpful to delve into subsectors and regional dynamics when assessing opportunities, as a broad market view can be misleading. In the real estate sector, we’re seeing significant investment capital for assets for long-term rental. On account of their scale and buying power, these typically institutional investors face fewer disruptions than owner occupiers or small-scale Buy-to-let investors.
“At Ingenious, we continue to work closely with borrowers and investors, adapting to the dynamic market landscape and broader economic shifts, including those related to the climate crisis and changing lifestyles. We are expanding the reach of our development lending product to provide extended stabilisation terms for specialised developers in the rental sector. Furthermore, we’re introducing special lending terms for developers focused on reducing embedded carbon in their construction practices.”
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