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News - 5 August 2014

House price growth slows in July

 According to the UK's biggest building society, the Nationwide, house prices increased by just 0.1% over the month of July, the slowest pace since April 2013. That compares with a 1% rise in June. Monthly figures are notoriously volatile, but the annual figure has also moderated, from 11.8% to 10.6%.

 
The average house price across the UK is now £188,949, said Nationwide.
 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“A similar slowdown in prices was noted earlier this week by the Land Registry, which said that house prices fell in seven out of 10 regions of England and Wales during July. However, earlier this week, the Bank of England said that mortgage approvals had jumped by 8% in June, suggesting that the prices are likely to continue rising for some time.”
 
Robert Gardner, Nationwide's chief economist said: "The modest rebound in mortgage approvals in June adds weight to the notion that the slowdown will prove temporary, though the underlying pace of demand remains unclear."
 
In the year to June, stamp duty revenue had reached more than £10bn, and London now accounts for 42% of all the duty paid in the UK, even though only 15% of transactions are in the capital.
 
Buyers pay 1% on homes worth more than £125,000, and 3% on homes worth between £250,000 and £500,000.
 
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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