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News - 10 March 2014

UK House Price rises accelerating.

ccording to the latest survey by the mortgage lender Halifax, house prices rose by 2.4% last month, leaving them 7.9% higher than a year ago. That was the fastest annual pace of increase since October 2007 and means the average UK home now costs £179,872.

The Halifax's figures are based on a sample of its own lending.

However, their figures differ from those of its rival, the Nationwide (which also samples its own lending), and from official house price reports from organisations such as the  Land Registry for England and Wales and the Office for National Statistics (ONS).

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“The Halifax said the pick-up was mainly due to better economic conditions. But all the surveys are pointing in the same direction, showing that prices are rising in most parts of the UK and at a particularly fast rate in London.

Authorities such as the Bank of England have denied that a house price "bubble" is being formed, but if present trends continue, national house price inflation may rise above 10% within a few months, far higher than the current rate of CPI inflation, which stood at 1.9% in January.

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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