Baroness Ritchie of Downpatrick: To ask Her Majesty's Government what assessment they have made of the impact of changes in the level of house prices on the UK’s economic recovery.
Lord Agnew of
Oulton: HM Treasury does not prepare formal forecasts for house prices or
the outlook on the UK economy, which are the responsibility of the independent
Office for Budget Responsibility (OBR). In its March forecast, the OBR expects
that GDP will grow by 4% in 2021 and return to its pre-Covid peak in 2022. The
OBR also forecasts annual house price growth of 5% in 2021. The latest
available data shows that UK average house prices reached £266,000 in June 2021.
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