Nationwide said house prices were flat in the third quarter. The statistics seem to be catching up with the market here in Shropshire, where local agents have seen declining interest in buying houses since the Spring.
But the overall cost of housing has reached record levels. The average cost of a three-bed flat in England hit £200,000 this summer, according to RICS. In South Shropshire the figure is £151,000 and in Bridgnorth £147,000.
This is supported by the cost of building a new home. New build costs £120,000 to construct a three bedroom property, with the cost of land pushing this up to £135,000 for a so-called affordable home.
Last week I met Shropshire Housing's chief executive at a seminar to promote affordable housing in the Midlands. The Government is trying to get housebuilders to build Britain out of its housing shortage.
But as net immigration is now 200,000 a year the ambitious government target of 170,000 new homes a year will barely keep up with providing homes for the newly arriving, let alone those already here who are keen to get their foot on the ladder.
Conservative plans to axe Stamp Duty for first time buyers would help to bring the cost of housing within reach of more first time buyers.
But unless the Government follows our lead and places a quota on non-EU immigration, pressures on housing and public services will intensify.
