Average English house price to rise by forty per cent in five years
By 2012, the average house price in the UK is predicted to rise by 40 per cent to £302,400, according to the National Housing Federation (NHF). Due to high interest rates, house price growth should slow initially to just two per cent a year for the next two years, but from 2009 on, the NHF predicts that house prices will rise by ten per cent a year, as a result of lower mortgage rates and housing shortages.The NHF warned that whilst such a boom might provide short-term reassurance, in the long-term the rise "carried a sting in its tail", for the next generation trying to get on to the property ladder.David Orr, chief executive of the National Housing Federation, said: "Our projections show that it isn't going to get any easier to buy a house in this country."A growing number of people will find that their only hope of finding a decent affordable home is through a housing association."He added: "Home owners might see this as good news, but most will only benefit if they can sell up and move to a smaller property. "In fact, soaring house prices are having a disastrous impact on the country."We are seeing families squeezed into poor housing; employers struggling to recruit key staff who cannot afford housing costs; communities being torn apart as people move away in search of cheaper homes. "Unless we do something radical about housing supply we will see more overcrowding, more grown up sons and daughters unable to move out of the parental home, more households living in unfit homes"The report found that the average house price in England was almost 11 times the national wage last year, rising by a vast 135 per cent since 1997. Since 1997, wages have only risen by 35 per cent.
Share this..
Related stories
UK GDP growth revised upwards
UK GDP growth was surprisingly revised higher by the Office for National Statistics with the initial figure of 1.1% economic growth for the three-months to the end of June revised to 1.2%. It would appear that there was exceptionally strong data from the construction industry which caused the revision even though many analysts had expected an unchanged figure. So what does this mean for the UK eco...
Read MoreDoes the UK really need a green strategy?
It seems that each and every company and each and every political party in the UK have jumped on the green bandwagon over the last decade. We have seen everything from green credit cards to green bank accounts, from recycling bonuses to recycling points and everything else in between. But does the UK actually need a green policy and will it be beneficial to everybody in the long run?
...
HRMC criticised for causing confusion
05/09/2014 HMRC have been heavily criticised for causing confusion by sending out “incorrect” letters to higher rate taxpayers who they suspect have not repaid their child benefits. If a parent in a two child family earns over £50,000, they are required to payback £1,770 in child benefit payments. Additionally, if a parent earns over £60,000, then all child benefits for that tax year...
Read MoreHMRC looks to cut costs to the bone
Those who have been overcharged tax in the past will know how difficult and time-consuming it can be to retrieve your hard earned money. However, historically the UK government has paid interest on tax which was taken in error and repaid this together with capital when the figures had been agreed. Sadly for those who have been overcharged on their tax bills, the government from today will be payin...
Read MoreFTSE100 falls to lowest level since September 2009
The UK stock market today fell to its lowest level since September 2009 amid concerns that Spanish sovereign debt might be about to be downgraded by ratings agency Moody. The agency has given notice that Spain's AAA sovereign debt rating is on "possible downgrade" watch, something which has obviously unnerved markets in Europe and beyond. This comes at a time when the Spanish government is read...
Read More