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News - 2 October 2012

UK House Prices

The Nationwide has released it latest figures for the UK house prices and trends.

Prices fell by 1.4% in the year to the end of September, this left the average UK home valued at £163,964

The figures also show significant geographical differences, while house prices had fallen by 0.3% in England, they were down 4% in Scotland, dropped 4.7% in Wales and were 9.3% lower in Northern Ireland.

The Nationwide has suggested that the Bank of England's new Funding for Lending scheme, aimed at boosting credit, could support the market, and that more business activity and the London 2012 Olympics have helped to put some energy in the UK economy.

However, its chief economist Robert Gardner said that there were "grounds for caution" about jobs, which were a key factor affecting movements in property prices.

Lavinia Newman of ABDS Comments:
“The Bank of England's Funding for Lending scheme aims to ensure more mortgages are lent to people with only small deposits to put down. It is offering to make cheap funds worth about £80bn available to banks and other lenders, on condition they lend the money to commercial and personal borrowers.”

If you need any help and advice for your business on the implications of Government Funding initiatives, Business Development advice, and or starting up a new business, 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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