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News - 6 May 2014

House prices could double in next ten years.

A new report by the housing charity Shelter and KPMG claims that house prices in England could double over the next 10 years; average prices could hit £446,000 by 2024.

The report calls on the next government to boost the supply of affordable housing.

Among the measures it recommends are the setting up of "New Home Zones", which would be self-financed by rising land values.

And it suggests the setting up of a National Housing Investment Bank to issue loans for housing providers.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“The report claims that over half of all 20 to 34-year olds will be living with their parents by 2040, with others locked out of the housing market by spiralling prices that will have to rent long-term.”

The Labour leader Ed Miliband has promised to drive up the standard of the private rented sector, introducing a cap on private sector rent increases, as landlords become his latest "vested interest". He has warned of "terrible insecurity" for those renting because of poor standards in the sector, and the threat of sudden increases in price.

Critics said it sounded like 1970-style rent controls, a charge rejected by Labour.

Stuart continues:
“With this report, many people, particularly those in their twenties, the aspiration of owning their own 'castle' is fast becoming a fairy tale."

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

Brilliant with numbers   
Great with people  
Clear and precise with advice
Timely and cost effective 
In touch with issues that face our clients
Mindful of our client’s long term strategic goals

Helping Your Business is Our Business

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