ONS house price statistics – comment from property specialist, Cogress

Commenting on the latest ONS house price statistics, Tal Orly, CEO of Cogress – the private equity property platform – said:

“The statistics reveal how in-demand residential property of all sizes remain. In London in particular, even the lowest value properties, located in Barking and Dagenham, were 62 percent higher than all of the local authorities in England and Wales. These figures suggest that there are simply not enough properties available and time will only tell if prices will continue to spiral as a result.”

“This is revealed the very same day that the National Audit Office has been unable to establish just how many houses have been built because government departments do not monitor what happens to a site after it is sold. We don’t believe enough is being done to ensure more houses are being built. We work with property developers every single day and are securing the capital needed to complete developments rapidly, underlining the fact that the desire and the finance needed is readily available from the investment community to tackle this issue.”

“These statistics reveal that house buying is increasing so hopefully we will see more houses available on the market nationwide, enabling people to get a foot on the property ladder.”