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News - 17 April 2012

UK House prices at all time high.

According to the Rightmove House Price Index survey, the national average asking price is now £243,737 (+0.5%)  - compared with the last peak in May 2008 at the start of the recession.

The number of properties for sale increased by 8.1% outside of London but overall supply is still down 30% compared with April 2007.

The South West, where supply is down 5.5% on last year, is seeing a record-breaking average asking price of £270,735, while the South East and East Anglia are just £810 and £2,489 off their previous peaks.

In London, the average asking price, at nearly £500,000, is at a historic high, as sellers in the capital drag their heels in bringing fresh property to the market.

The results conceal the drop in asking prices in the ailing regions of Wales, the North West and Yorkshire and Humberside over the last year, with falls of 1.5%, 1.2% and 0.2% respectively.

Tonmoy Kumar, Manager of the Accounts Department of ABDS says:
"If prices had kept pace with inflation (as measured by the retail prices index) since May 2008 then they would now stand at £270,459, so, in real terms, they have fallen by 9.9%.”

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

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