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Tuesday, 13 May 2014

Tuesday, May 13, 2014 Posted by Hari No comments Labels: , , ,
Posted by Hari on Tuesday, May 13, 2014 with No comments | Labels: , , ,

SOURCE DAILY MAIL: House prices could quadruple to £900K by 2034 if housing shortage is not tackled
The lack of homes in the UK is considered one of the main causes behind the steep increase in house prices, which Nationwide building society reported today rose by 10.9 per cent this month compared to a year ago. That takes the average property value across the UK to £183,577. In the 1950s the average house cost just over four times the average salary, but by the peak of the housing boom in 2008 this rose to eight times the average pay. The report Building The Homes We Need, was co-compiled by the housing charity Shelter and KPMG. Shelter estimates that more than half of all 20 to 34-year-olds could be living with their parents by 2040 due to being ‘priced out’ of the housing market unless there is radical change.

SOURCE GUARDIAN: OECD warning on house prices adds to pressure on Osborne over Help to Buy
The Organisation for Economic Co-operation and Development (OECD) said Britain's housing market, buoyed by record low interest rates and several government-backed subsidies for home buyers, was in danger of over-heating without further action by ministers and regulators. The warning follows last week's intervention by the Bank of England, which issued its strongest warning yet about the resurgence of the housing market. The OECD report follows a near 11% annual rise in house prices and a rise across many parts of the UK above their pre-recession peak.

SOURCE GUARDIAN: CBI on 'high alert' over house prices
Business lobby group expects interest rates to rise before next May's general election, six months earlier than predicted. The CBI chief said bold action was needed from government to address the chronic shortage of houses in the UK, so that supply had a chance of keeping up with demand. The CBI wants to see councils releasing more land, and the possibility of new garden cities to be explored by policymakers.

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