Roger Evans, Director of Home Finance Distribution at Gatehouse Bank, comments on May 2022's ONS UK House Price Index data

Roger Evans, Director of Home Finance Distribution at Gatehouse Bank, comments:

“Five consecutive base rate rises and downturns in other markets certainly held the potential to create uncertainty for UK house prices, but the country’s long-term commitment to homeownership and the shortage of housing stock on the market has ensured that demand for property remains high. Strong demand is also reflected in the UK’s continued house price growth, with the latest ONS data revealing that average house prices have increased by 12.8% over the year to May 2022 - the highest since June 2021.

“While there has been much discussion around boosting housing supply at scale to create more supply and lower purchase prices, we need to be mindful of the ecological impact that this could have. England’s 25 million homes already produce 58.5 million tonnes of CO2 every year, so there is a fine balance to be struck in considering the environment when planning how to address affordability and concerns with supply.”