House prices are rising at their fastest rate in more than six years and have climbed 8.9% year on year, adding to worries about the property boom as the Bank of England governor became the latest senior figure to express concern.
Mark Carney warned on Sunday that the housing market posed the biggest risk to Britain's economic recovery as a shortage of new homes drives up prices.
We take a look at how the property industry has reacted to todays budget announcement.
Simon Crone, Vice President – Mortgage Insurance Europe for Genworth, thinks that today’s Budget has still left vital questions about Help to Buy unanswered, with no clarity over the future for high loan to value (LTV) mortgage lending after 31 December 2016.
"The mortgage guarantee [Help to Buy 2] remains a temporary fix to a long-term problem of credit supply to first time buyers...
The Annual Investment Allowance will double to £500,000 from next month.
In a surprise move the Chancellor’s 2014 Budget offers businesses the chance to spend up to this limit on plant and equipment from April and claim 100% of the expenditure in the year it is incurred.
Chancellor George Osborne has set out seven issues of relevance to the housing industry in his Budget delivered this afternoon.
Key points of Budget 2014: At-a-glance
Here are the key points of Chancellor George Osborne's Budget.
Wealthy foreign buyers' desire for high-end London property is creating a real risk of a housing bubble in the capital, a highly-regarded group of economic forecasters has warned as it calls for measures to cool down the market.
In a special report published on Monday into the impact of rising house prices, the EY Item Club said the influx of super wealthy buyers has created bubble-like conditions in London.
Latest figures from Solicitor Property Centres Scotland show a 36% rise on house sales in the final quarter of 2013 compared with the previous year.
The average house price between October and December 2013 also rose to £179,223 - an increase of 4.8%.
Prime Minister David Cameron has moved to allay fears that the government’s flagship Help to Buy scheme is risking a potential ‘housing bubble’ in the market, branding the scheme as a ‘complete success’.
Mr Cameron praised the impact the scheme has had in such a short space of time, and highlighted that over 700 houses had been purchased and another 6,000 were experiencing some form of market interest since it began earlier last year.
Bank of England governor says rising market not a threat as surveyors' group predicts rises could become unsustainable
Latest official figures on housing starts in England show that construction began on six per cent more dwellings during the second quarter of 2013 compared to the first three months of the year.
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