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News - 12 June 2014

House price growth beginning to ease.

 In a report by the Royal Institution of Chartered Surveyors (Rics), they have identified a halving of predictions for house price growth in the capital over the next five years among its members to 5% annually, and that the demand for London properties from prospective buyers has slipped back last month for the first time since June 2012.

 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“This brings the situation more in line with price expectations for the UK as a whole, with a lack of property choice and the prospect of rising interest rates as among other factors behind the slowdown in growth.”
 
The findings were released in the wake of a report by Nationwide which identified early signs that a mortgage lending clampdown that took effect at the end of April was having an impact. The Mortgage Market Review (MMR), which was brought in to ensure that customers can afford repayments, and forces loan applicants to undergo interviews lasting hours during which their finances are carefully scrutinised.
 
Simon Rubinsohn, chief economist of RICS, said: "What we are really seeing is some of the very strong upward momentum starting to come off the housing market, as a lack of supply, higher prices, more prudent lending measures and some of the talk from the Bank of England is creating a level of caution among sellers and buyers.”
 
The Chancellor George Osborne responded by insisting the Bank of England's financial policy committee had the tools it needed to take risk out of the system.
 
The Business Secretary Vince Cable went further by saying he favoured a cap on mortgages as low as three-times annual salary.
 
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
 
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