Could Angela Rayner be the government’s saviour?
The deputy prime minister has her hands on the tiller of housing policy and Labour’s promise to deliver 1.5 million new homes over the course of the current parliament. Given the way prices have gone, the importance of that cannot be understated.
Let’s be blunt: they are far too high, with heavy demand bumping up against a chronic lack of supply. The numbers make me blanch every time I look at them.
According to building society Nationwide, 2024 ended with average price growth of 4.7 per cent, the typical British home going for £269,425. Figures from rival lender Halifax were even higher: £298,083, with growth of 4.8 per cent.
In the year to November, inflation came in at 2.6 per cent (the December data is yet to be released). Meanwhile, wages outstripped both– growing by an average of 5.2 per cent. There is a reason …