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News - 12 February 2013

How much does a carton of milk cost?

Research by the housing charity Shelter has shown that since 1971 the typical value of a house had increased by just over 43 times since 1971, from £5,632 to £245,319.

If food costs had risen in line with house prices, the average weekly shopping bill would now stand at £453, which is six times the actual figure of around £75.

Applying the house price rate of inflation to everyday food and drink items means that a bunch of six bananas would cost £8.47, a four-pint carton of milk would cost £10.45 and a leg of lamb would be £53.18.

Shelter's chief executive Campbell Robb said: "The high cost of food is already a real concern for people, yet when it comes to the huge rise in the cost of buying a home over the past few decades, somehow this is seen as normal.”

There have been recent signs that Government efforts to kick-start the housing market are having an effect for people who have previously found themselves shut out of the mortgage market.

Lavinia Newman, Founder of ABDS and a qualified Mediator comments:
 “Studies have shown that there are rising numbers of mortgage approvals to home buyers as well as increased lending to first-time buyers, although analysts have pointed out that many of these figures are still way below long-term norms.”

If you need any help and advice on the implications of Property Ownership, Letting and Taxation, contact Lavinia Newman, Stuart Coleman or Tonmoy Kumar to discuss how ABDS can help.

ABDS Chartered Certified Accountants of Southampton.
Tel: 023 8083 6900  E-mail: abds@netaccountants.net

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