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News - 10 July 2014

House prices rise up again

 According a survey by the Halifax, the UK's largest mortgage lender, the rate of house price growth is starting to moderate, but is still showing an upward trend

 
Measured on an annual basis, house prices in June rose by 8.8%, up from 8.7% in May.
 
On a monthly basis, prices fell by 0.6% between May and June. This was the fourth monthly fall since last December.
 
On the more reliable quarterly measure, prices rose by 2.3% in the three months to June.
 
That figure has changed little since June 2013.
 
Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Last week, the Nationwide Building Society said prices had risen by 11.8% in the last year, and were now higher than at the peak of the market in 2007. However, in June, the Bank of England's Financial Policy Committee (FPC) acted to take the heat out of the housing market.”
 
The FPC has ruled that lenders will have to apply tighter affordability checks to anyone who wants to take out a mortgage, and that borrowers will need to prove they can withstand a 3% rise in interest rates from their current low level.
 
In addition, lenders will only be able to offer riskier mortgages - where the amount lent is 4.5 times the borrower's annual income - to no more than 15% of their customers.
 
The new rules will take effect in October this year.
 
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
 
Helping Your Business is Our Business

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