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News - 12 May 2014

House prices rise as supply slows

In a new report from The Royal Institution of Chartered Surveyors (Rics), a shortage of homes coming onto the market will lead to house price rises, with values expected to grow for years.

Demand from buyers rose, but the number of homes coming onto the market fell for the fourth month in a row in April. Meanwhile, an ombudsman said complaints about legal services when buying a home topped the list of legal complaints.

Stuart Coleman, Manager of the Tax Department of ABDS comments:
“In the Rics survey, the majority of surveyors said they expected to see house prices rise in all areas of the UK in the coming months. On average, surveyors expected average price growth of 6% a year over the coming five years. In the short-term at least, this will be the result of the imbalance between the supply of homes and demand.”

Figures also published by the Halifax showed that UK house prices rose by 8.5% year-on-year. Prices were 2.3% higher in the three months to the end of April than the three months to the end of January.

In comparison, The Nationwide recorded house prices rose by 10.9% year-on-year, the first annual double-digit growth since April 2010.

Stuart continues:
“The year-on-year comparison is calculated slightly differently by the two lenders. The Halifax compares the previous three months with the same three months a year earlier to give a smoother comparison, rather than a direct comparison of the equivalent months as calculated by the Nationwide. “

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

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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