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News - 3 January 2013

Housing market to improve in 2013

According to forecasts from the Office for Budget Responsibility (OBR), activity in the housing market will surge in 2013 after a stagnant few years.

The OBR said there would be a 20% rise in transactions in 2013-14, compared with the previous year, and also predicted that house prices would rise at levels above inflation from the same year, reaching annual growth of 4.5% in 2015-16.

The latest figures from HM Revenue & Customs showed that 76,000 homes were sold in October, which was 1,000 more than in September, but still 3,000 fewer than in October last year.

This was echoed by the Bank of England, which showed that mortgage debt was reduced by £9.1bn in the second quarter of the year.

However, the OBR - the independent, but government-funded, economic forecaster predicted that transactions would fall by 3% in 2011-12, grow by 1.5% the following year, but then surge by 20.7% in 2013-14.

Meanwhile, house prices will fall by 0.9% in 2011-12, dip by 0.1% the following year, then rise by 2.7% in 2013-14, and increase by more than 4% in each of the next three years.


Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
”This is good news for the construction industry which has suffered over the last few years. But as in all situations, local knowledge and awareness of “micro-markets”, where infrastructure developments are set to make areas more desirable, are very important.’

If you need any help and advice for your business on this or any other business related matter, 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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