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Labour politicians blasted over “unsustainable” house prices

A nationalist party has blasted a Labour government in one national region of the UK for its lack of intervention in the housing market.

Plaid Cymru says that following this week’s Rightmove index, based on asking prices, that Wales has seen the biggest increase in house prices in the UK.

The Plaid Cymru housing spokesperson in the Welsh Parliament, Mabon ap Gwynfor, says: “If we needed further proof that Wales is in the middle of a housing crisis then this is it.

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“Wales has seen a 2.3 per cent rise in house [asking] prices in the past month alone and a 10.9 per cent increase year-on-year overall. People are being priced out of their communities at an alarming pace. 

“And it’s not just rural and coastal Wales. It’s the valleys too. 

“Median gross weekly earnings in Torfaen, for example, is just £554.58 but has seen one of the highest sale rates at 80 per cent. Meanwhile, young people are expected to place thousands of pounds in down payments just to stand a chance of purchasing their first home in their local community. It’s unrealistic, unfair, and utterly unsustainable.

“The housing market simply doesn’t reflect the ability of local people to buy homes in their communities. The Government can no longer bury their heads in the sand or hide being long drawn out consultations or pilot schemes. We need urgent intervention - fast - to regulate the market and tackle this crisis once and for all, for the sake of our communities and their futures.”

 

The Plaid Cymru spokesman does not detail what those interventions should be.

Plaid has 13 members of the Welsh Government, out of a total of 60; Labour has 30 in total, and runs the government.

  • Welsh  Cynic

    It would be a great mistake for any government to interfere with the free market, rent capping never worked. The market will calm and settle down in due course. It would be better help people to buy, with easier mortgage availability and longer repayment terms. The fact that housing is a strong market, ensures that people who are able to buy, find they have a sound investment for their future and are less likely to have to rely on the state. Why not instead, help those who have difficulty in raising the necessary finance to buy, to have more properties to rent, factory built or mobile homes can be very attractive. In Europe renting is widely accepted.

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