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News - 13 June 2014

Housing boom 'needs stopping'

 Business Secretary Vince Cable has stated that action must be taken to stop the "housing boom" in parts of the UK getting "out of control". He said he was "appalled" that some banks had been lending five times a mortgage applicant's income, suggesting a "stable level" was up to 3.5 times.

 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Various surveys have suggested that house prices have been rising in most parts of the country, but particularly in London. The latest figures from the Office for National Statistics (ONS) found prices rising at an annual rate of 17% in the city.”
 
Mr Cable’s comments come ahead of a major speech from the chancellor George Osborne at the Mansion House and are expected to say how the Bank of England could tackle any financial instability caused by house price rises.
 
However, last week the Nationwide Building Society said that there had been signs that activity in the UK housing market was starting to "moderate".
 
And the Royal Institution of Chartered Surveyors (Rics) said that the momentum was starting to slow in the housing market, as "a lack of supply, higher prices, and more prudent lending measures" was making buyers and sellers more cautious.
 
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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