PwC comments on latest ONS house price figures
14 Feb 2024
Commenting on the latest ONS house price data, Barret Kupelian, Chief Economist at PwC UK, says:
“House prices grew marginally on a seasonally-adjusted basis in the last month of 2023 and private rental inflation has stabilised. This could be the first in a series of steps leading up to a return to some semblance of normality in the residential property market.
“In the short term, leading indicators suggest that downward pressure on house prices continue to ease, with London leading the trend. According to the January 2024 Royal Institute of Chartered Surveyors Residential Market Survey, agreed sales and new instructions indicators have all moved out of negative territory. With supply of housing subdued and demand returning, house prices growth is therefore likely to pick up pace in the next few months.
“The big question mark is on what policies a new incoming government will enact to speed up residential house building in the country. We might see a glimpse of the current government’s thinking in the upcoming Spring Budget on 6 March.”
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