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News - 10 October 2014

Housing market is slowing down say RICS

A survey from the Royal Institution of Chartered Surveyors (Rics) has suggested that momentum in the UK housing market has faded, with house price growth slowing to the same level as 16 months ago, and demand from new buyers falling for the third month in a row in September.

Tonmoy Kumar, Manager of the Accounts Department of ABDS comments:
“Most surveyors are expecting prices to drop in London, but still see prices rising elsewhere but add that the market was far more subdued.”

Chief economist at Rics Simon Rubinsohn said: "Part of this is down to the Bank of England becoming more vocal about the risks, part of this is down to affordability, part of this is down to the new mortgage rules and part of this is down to expectations of higher interest rates."

The Rics survey comes after the mortgage lender Halifax predicted that annual house price growth in the UK would moderate during the rest of the year, and the Bank of England's Credit Conditions Survey suggested that the supply and demand for mortgages fell in the three months to early September.

Discussions of imposing a mansion tax at recent party conferences has also led Rics members to lower their price expectations for larger properties.

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 and
mindful of their long term strategic goals

Helping Your Business is Our Business

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