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News - 2 March 2015

UK house prices fell in February

Average house prices fell 0.1% from £188,446 in January to £187,964, according to research by Nationwide, the UK's second biggest mortgage lender.

The Nationwide's chief economist Robert Gardner said:  "Mortgage rates remain close to all-time lows and consumer confidence remains buoyant thanks to a further steady improvement in labour market conditions.”
 
Figures from the Bank of England showed that the number of mortgages approved for house purchases crept up in January to 60,786 from 60,349 in December. But the total remained below the average of the previous six months.

Liz Kennett, Manager of the Accounts Department of ABDS comments:
“The figures show that among the 25 to 34 year old group, the proportion of households owning their own home in England fell from 59% in 2004 to 36% in 2014. However, among all age groups, those owning their home outright, without a mortgage, overtook those making mortgage payments in England for the first time in 2013-14.”

There is a wide range of house prices across the country. Average property prices for January in London were £458,283 compared with £97,974 in the North East of England, according to data published on Friday by the Land Registry.

The government is offering a discount of up to 20% for first-time buyers below the age of 40 under its planned new "starter homes" scheme, with most of the other political parties proposing a housebuilding programme should they win power in the forthcoming election.

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 Liz Kennett 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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