Houses are about to become more affordable – but there’s a catch ...Middle East

Over the last two months, this ritual has meant I’ve observed something interesting in Britain’s housing market. More and more homes are marked as “reduced” by their listing agents – sometimes by tens of thousands of pounds.

While it may be true that house prices rose slightly in July, by 0.6 per cent according to lender Nationwide, prices are nowhere near growing at the rates we became used to in the early 2020s – in 2021, they rose by a whopping 10.8 per cent, for instance.

Wages, on the other hand, are rising and, as things stand, they are rising higher and faster than house prices in most parts of the country, which increases the purchasing power of home buyers.

Britain’s housing market is no longer a friendly place for investors. Stamp duty has gone back up, and even though interest rates have fallen over the past 12 months, average mortgages remain almost double what they were before the pandemic began in 2020.

square VICKY SPRATT

The way we rent is about to change dramatically

But for buyers, particularly those who are buying for the first time without wads of cash from the Bank of Mum and Dad (or Gran and Grandad), it could finally signal that housing is going to become more affordable.

Broadly speaking, this slowdown is probably a good thing. Runaway house prices in 2021 put Britain’s housing market in a precarious place when interest rates rose sharply during Liz Truss’s brief turn as prime minister in 2022.

This would cause economic instability, which, given how volatile the world is, ought to be avoided.

In an ideal world, neither will happen. Instead, wages will continue to rise and make buying a home more affordable and realistic for the thousands of young people who are paying well over the odds to rent privately and are therefore unable to save proper deposits.

A few years ago, this modest wish would have seemed impossible, but if wages keep rising, it’s a reality that’s just about within reach in the next few years.

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