The latest Land Registry House Price Index March 2016
Commenting on the latest Land Registry House Price Index, March 2016, Andy Knee, chief executive of LMS, said:
“A monthly dip from February to March will cause hopeful homebuyers to breathe a sigh of relief that house prices have not stretched further out of reach. But year-on-year, a 6.7% rise across England and Wales is cause for concern. In London particularly, where house prices rose 13.9% annually to exceed an average value of £534,000, homeownership is fast become possible for only the very wealthy.
“Despite government intervention to aid first-time buyers, such as Help to Buy, Starter Homes and the Lifetime ISA, these schemes fall short of making property more affordable for millions.
“Continued speculation about Brexit in the lead up to the June 23rd referendum may ease some of the pressures on property purchases as people wait to see which way the dice rolls, although this is unlikely to have any drastic effect on house prices. Supply of housing remains critical and addressing that is the only way to keep pricing within reach for many. The housing market appears to be robust, but a healthy market is reliant upon first-time buyers and home movers being able to keep pace, something that cannot happen if house price rises continue.”
