Housing Prices Hit Rock Bottom’: CEO Warns of Exclusion from Market
The chief executive of one of the UK’s largest homebuilders has warned that house prices are now so low that they are at risk of pricing people out of the market.
Persimmon Chief Executive Dean Finch
Dean Finch, the CEO of Persimmon, said that the average price of a new home in the UK has fallen by 10% in the past year, to £225,000. He warned that this could make it difficult for first-time buyers to get on the property ladder.
We are seeing a significant number of people being priced out of the market,
Finch said. The government needs to act to help first-time buyers, or we risk creating a generation of people who are unable to afford to own their own home.
The average house price in the UK is now 7.6 times the average salary. This is the highest level since 2008, when the housing market crashed.
There are a number of factors that have contributed to the fall in house prices, including the rising cost of living, the impact of Brexit, and the government’s decision to end the Help to Buy scheme.
The government has said that it is committed to helping first-time buyers, and has introduced a number of measures to try to make it easier for people to get on the property ladder.
However, these measures have been criticized by some experts, who say that they do not go far enough.
The fall in house prices is likely to have a significant impact on the UK economy. It could lead to a slowdown in construction and a decrease in consumer spending.
The government needs to take action to address the issue of housing affordability, or we risk creating a generation of people who are unable to afford to own their own home.
Key Points
Kind regards Sanjay Sing.