Soaring UK house prices hinder wage growth

This prospect will test the Prime Minister's manifesto promise to deliver the biggest boost to affordable housing in a generation. In last week's Budget, Rachel Reeves allocated $5 billion for housing plans, including $500 million in funding for the government's Affordable Homes Programme, which aims to build up to 5,000 homes.

But Marcus Dixon, head of UK residential research at JLL, said it was unlikely house prices would change dramatically over the next five years unless there were future housing announcements.

“In the last two or three years, housing prices haven’t necessarily kept pace with wages,” he said. In theory, if you want to buy a house by comparing the average wage and average house price, [homes] It's a little cheaper now than it was a few years ago.

The problem is that loan costs have risen. Rising borrowing costs eliminate most of the benefits of higher wages than prices.

On the rental side, these problems are even more severe. That's because over the past two or three years, housing prices haven't kept pace with wages, while rents have stayed above that.

Challenges to affordability, especially in the rental market, will unfortunately continue in the short and medium term.

Sir Keir has pledged to build 1.5 million new homes this parliament as part of efforts to tackle affordable housing by increasing supply.

However, JLL questioned the government's ability to deliver on this promise. JLL estimates that 1.2 million new homes will be delivered over the next five years, which is 300,000 short of Labour's 2029 target.

Property groups have pointed to difficulties in planning, the availability of builders and tradespeople and sourcing the materials needed to build that amount of homes as key issues that will stand in the way of Labour's manifesto pledges.

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