Political manoeuvres in Housing

Nick Leeming, Chairman of Jackson-Stops, comments on this week's political events and the appointment of a new Housing Secretary and a new Housing Minister:

“Another new Housing Secretary isn’t surprising as we all watch the turmoil of the past few days in Westminster with more than 50 ministerial resignations. What is good about Greg Clark is that his previous stint on the front line as Business Secretary as well having previously served as secretary of state for communities and local government should put him in good standing when examining the deadlock between housebuilders and government, to encourage rather than impede the swift delivery of new homes to meet rising demand. The Levelling Up agenda under Gove was a clear Borism that he has since urged his successors to continue to pursue. The planned Private Rented Sector reforms may now be delayed. But whether the Conservatives can retain power in the longer term is something that remains to be seen, with political posturing the course of the day. I hope minsters put the nation first at this critical time for the economy and for the housing market. Halifax reported yesterday that house prices increased 13% in the last year, the highest annual growth since 2004, with a mix of high inflation and rising mortgage rates pushing homeownership out of reach for many. However, the rate of growth is slowing, with a much steadier outlook for the market likely to be reflected in next stream of residential transaction figures as the lag catches up. We need stability for the economy and housing market to thrive and that is what many are predicting for the months ahead, so a quick return to business as usual is welcomed.”