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News - 14 August 2013

The Royal Institution of Chartered Surveyors: Home buyer activity picking up across UK.

The Royal Institution of Chartered Surveyors (Rics) said that buyers were now returning to the market in their biggest numbers for four years. Overall, Rics said prices rose faster in July than at any time since the housing market peak in November 2006.

However, all areas surveyed showed an overall increase, although London and the areas around it continued to see the biggest price increases.

The survey also showed that the West Midlands and the North East had seen their highest levels of interest amongst buyers for 14 years. Wales also saw a surge in demand, as measured by the number of people registering with estate agents, and Scotland too saw an increase.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Government help for the housing market is one reason for the pick-up in activity, with The Help to Buy scheme, which began in April 2013, allows buyers of new-build homes to put down a 5% deposit, and take out a government loan for up to 20% of the value of the property.”

From January next year, The Help to Buy scheme  will be extended to help buyers of existing homes, and the government will guarantee a proportion of the loan to give the banks greater confidence to lend.

Rics said that the Funding for Lending (FLS) scheme - where banks can borrow money cheaply from the Bank of England, providing they lend it on to businesses or individuals - has had a particular effect on improving mortgage availability.

On average, loans are now 83.6% of the value of a property, compared with 81.6% a year ago.

Mortgage rates have also fallen, making repayments cheaper.

Last week's announcement by the Bank that interest rates are likely to remain at their record low for several years to come, is also likely to improve the number of cheaper mortgages on offer.

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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