UK house prices six times the average annual wage

UK house price growth slowed in October, but a standard home now costs six times the average annual wage. The report, published by Nationwide, showed that, after fifteen successive monthly increases, the annual growth in house prices slowed from 5.3 per cent to 4.6 per cent in September, with the average house price falling to £205,904 from £206,015.

Commenting on the report Nationwide's chief economist Robert Gardener said: "Measures of housing market activity remain fairly subdued, with the number of residential property transactions around 10 per cent below the levels recorded in the same period of 2015 in recent months.

"However, this weakness may still in part reflect the after-effects of the introduction stamp duty on second homes introduced in April, where buyers brought forward transactions to the first quarter to avoid additional stamp duty liabilities."

At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property market. We act for a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets, as well as to minimise the tax arising from their business operations.

For further information about how we can help you with your property ambitions, contact Steve Govey or your usual Beavis Morgan Partner.