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NewsArticle-07-10-2010

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HFS responds to latest Halifax house price index

Responding to the latest Halifax house price index which showed a monthly fall of 3.6% for September, Jonathan Fair, Chief Executive of home building industry body Homes for Scotland (right), said:

“In comparison, the latest available monthly statistics from the Registers of Scotland show house prices here rising 2.8%* but, as Halifax itself says, it is the quarterly data which provides a better measure of the underlying trend.  This shows a much more modest adjustment of -0.9% and Halifax’s annual analysis shows prices are still up 2.6%.

“That said, the situation facing the housing market is dire with continuing problems surrounding mortgage availability and corporate lending threatening the very survival of our industry.  It is clear that unless Westminster tackles these issues as a matter of urgency there will be no improvement in the situation.  The social and economic consequences of continued inaction are simply unthinkable.  The Scottish Government understands the severity of the position and we will seek to work with it to persuade the UK government to take all necessary steps.”

Ends

Enquiries to:
Jennifer Kennedy, Homes for Scotland – 0131 455 8350 / 07763 240694

Notes to Editors:

*Registers of Scotland data for the four weeks ending on 28 August 2010.

Homes for Scotland represents the country’s home building industry which, prior to the onset of the credit crunch,:

-  was the largest source of private investment in Scotland and the largest user of the planning system

- built 20,000 new private homes each year, contributed £6bn to the economy and supported the employment of 100,000 people (2007 figures)

As a result of the economic downturn, housing supply is now touching all time lows.  This is having far-reaching and long-term social and economic consequences for Scotland's population.

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