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The supply crisis is more important than Brexit and it must be tackled

The supply crisis is more important than Brexit and it must be tackled
The Office for National Statistics has revealed that the average property in Britain rose £3,000 in value in August to September, and £17,000 in the year to August 2016.

The average price was shown as £219,000 at a rate of 8.4pc inflation, even including post-Brexit uncertainty. In context, average prices in December 2013 were £170,000.

The main driver of inflation has been the deficit in housing supply.

Stephen Smith, Director of Legal & General Housing Partnerships, has said Theresa May must come good on her promise of a 'radical approach to housing'.

Smith said: "For much of the past five decades, the UK built 300,000 homes a year. 2015 saw less than half of that, making it harder for the younger generations to become homeowners.

"There must be a new agenda that encompasses different approaches to construction, utilises brownfield sites in London, and injects supply into the commuter belt of our cities."

ONS index table

The ONS's latest figures, released in November, revealed a year of continued growth in spite of Brexit uncertainty.

However, the number of sales has fallen, with levels lower than they were at the same point in both 2014 and 2015.

Richard Snook, senior economist at PwC, said: "At the start of the year, we expected slower house price growth, but in fact it has shown impressive resilience.

"We now have three months of post-Brexit official housing figures, which show that price growth remains robust but at the expense of fewer properties changing hands."