HOUSE prices have fallen year-on-year for the first time in over a decade, mortgage costs are spiralling and there are fears of a homebuilding slump. It's a perfect storm which has prompted home owners to ask: What's gone wrong? Despite our national obsession with house prices there has been a vacuum of long-term strategy in Westminster , with six housing ministers in the past year. "The Government recognises the ambition to build more homes but has come up time and time again with planning regulations and nimbyism," Aynsley Lammin, analyst at Investec said. There are now fears that the housing supply could halve. While the Government has stuck to a target of building 300,000 homes, local authorities are no longer mandated to hit targets, resulting in 56 projects already cancelled this year. Read More on House Prices HOMES UNDER THE HAMMERING House prices see largest annual fall for 14 years – slipping 3.4% KNOTTED UP Map reveals worst areas for Japanese knotweed amid house price warning Newish red-tape around nutrient quality in rivers is also delaying around a quarter of projects. House prices slipped by 1 per cent in May compared to the previous year. People are finding it harder… Read full this story
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