Search Acumen comments on the latest ONS house price index

22nd March 2023

“We are continuing to see some course correction since the pandemic and the disastrous mini-budget last year, wreaking havoc on house prices. If interest rates remain at this level and transactions feel the effect of seasonal spring energy, it is likely house prices will keep on a similar path in the coming months, keeping the sector reliant on the resilience of our demand driven market. Today’s ONS figures reflect a difficult housing market, and a house price forecast that that many predicted at the start of the year, albeit with a slightly softer landing.


“Following the Chancellor’s budget last week, with the announcement that the UK will avoid a recession this year and measures such as continued energy bill support and frozen fuel duty, there is space for increased consumer optimism to prevail. However, with a backdrop of the worst cost-of-living crisis in 60 years, making predictions for the rest of the year is increasingly hard to make. For house prices, the market’s ability to fend off consumer concern is heavily dependent on the bank’s ability to lend, keeping mortgage affordability and household finances firmly in the spotlight. As the economic picture constantly evolves, it is incredibly important that property sales are done quickly and efficiently, while mortgage deals remain in place.


“The easiest way to keep transactions at pace is to integrate technology into the homebuying journey – ensuring better communication, avoiding errors, and simplifying tasks that would have previously taken weeks, into those which take seconds. This keeps both sides of the equation happy, with lawyers able to put their expertise to use rather than wasting time on administrative tasks, and homebuyers able to complete transactions faster and with less fuss.”


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