House Prices Rise by 0.5 Percent

House prices rose by 0.5 percent in March, according to figures from the Nationwide building society.

The rise results in the average price of a house being £164,751, just 0.1 percent than this time a year ago.

Robert Gardner, the Nationwide’s chief economist said: “The outlook remains uncertain, but all things considered this is unlikely to mark the beginning of a strong upturn in prices.

“The economy entered a soft patch at the back end of 2010, and there have been few signs of a strong bounce-back. The jobs market remains challenging and Nationwide’s consumer confidence index suggests sentiment has fallen to an all-time low in recent months.”

He also said that the average house’s monthly payment was £455 a month, which equates to 23 percent of individual net pay. A one percent increase in interest rates would increase this to £494, which is around 25 percent of average take home pay. If the Bank of England increased interest rates to 4.5 percent, as it was before the financial crisis, typical payments could rise to £621 per month.

Ricky Steedman

Ricky worked as an Investigator in the Inland Revenue for over 20 years before founding Steedman & Company in 1987, giving him the experience and knowledge that enabled him to help so many clients over the years.

His appearance on a Channel 4 television programme about the inside workings of Revenue and Customs was watched by 4.1m which sealed his status as one of the most highly respected tax consultants to ever work in Scotland.

Ricky led all tax investigation and COP 9 cases, using his extensive knowledge to help people reach a positive resolution to their situation.

Ricky passed away suddenly and unexpectedly in June 2022 after leaving his indelible mark on the company he founded and headed for over 35 years.