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News - 6 August 2013

House prices rise by 3.9%

According to Nationwide, monthly index shows the price of houses in the UK rose by 0.8% last month and were 3.9% higher compared to the same period last year. The annual rise is the strongest since August 2010 and takes average prices to £170,825.

It comes as some lenders and estate agents say they have seen improvement in the housing market, helped by Government initiatives.

Mortgage rates across the market have plummeted since the Government launched the Funding for Lending scheme a year ago, giving lenders access to cheap finance. The latest figures do not suggest a return to a housing boom - prices remain 10% lower than the record highs of 2007. However, the report said that housing remained in relatively short supply, as rental costs were still rising.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The slight pick-up in the economy in general as well as "modest" rises in employment levels can be seen as reasons behind buyers becoming more confident. Government schemes, such as Funding for Lending and Help to Buy, have also made it a little easier for potential buyers to secure a mortgage. The former is aimed at getting cheaper funds to lenders which they can pass on to borrowers, while the latter is designed to assist first-time buyers in purchasing a newly-built home.”

If you need any help and advice for your business on the implications of central and local Government Funding initiatives and the construction industry, 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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