View more on these topics

UK expenditure on housing doubles

Total expenditure on housing has risen by 119% over the past decade from around £106.1bn in 1993 to almost £232bn in 2003, research by Mintel reveals.

Mintel&#39s British Lifestyles report shows that almost half of what the British spend goes on housing and finance – a total of around £400bn. This is up from 39% of expenditure 10 years ago.

The report also shows that the total number of residential properties, both rented and owner-occupied, has grown at a steady rate of between 0.7% and 0.9% annually over the past decade but this rose to 1.2% in 2003.

The number of properties totalled just under 26 million in 2003, representing an 8% growth since 1993.

The research company adds that the average house in 2003 was worth two and a half times its value in 1993 – rising 139% to £153,567 from £64,300.

Consumers spent £12.3bn on financial services in 2003, a rise of 4% and an increase of 8% in real terms since 1998.

Peter Ayton, chief statistician at Mintel, says: “Even though the market may now be past its peak we see no reason to believe that there is going to be a crash in housing.”

The report also reveals that consumers spent £12.3bn on financial services in 2003, a rise of 4% since 1998. Mintel says people are becoming more prepared to pay for advice from brokers and IFAs before making important financial decisions. It argues that the complexity of the financial services marketplace often dictates that the advice of a specialist is required.

Recommended

Smee to be keynote speaker at Practiv event

IT consultancy Practiv has bagged Paul Smee, director-general of the Association of Independent Financial Advisers, as keynote speaker at its forum on May 12. Titled &#39The Future of Financial Services, the event is being held at the Science Museum in London and is aimed at senior executives of Iinsurers, distributors and network. Smee will be […]

Flat fees for GMAC partners

GMAC-RFC has designed a flat fee payment structure for its Platinum Partners packagers. This comes amid market speculation that business levels at the Bracknell-based specialist lender have suffered a drop in volume in packaged business since it announced it was stopping all override payments. The decision in January to limit the fees GMAC-RFC paid its […]

Amber appoints Sutcliffe

Amber Homeloans has appointed a new development manager for the north, Graham Sutcliffe. The company says this will enable the company to give regional support to mortgage packagers and panels in the north of England and Scotland. Sutcliffe graduated from Leeds Metropolitan University with a degree in Urban Development and Economics, before beginning his career […]

Nationwide raises its annual inflation estimate

Average house prices rose by 1.4% in March, Nationwide&#39s quarterly house price report reveals. This has led the lender to up its estimate for annual house price inflation to 15% from 9%. The report shows that the average house price now stands at £142,584, 16.7% higher than a year ago. It also reveals that the […]

Newsletter

News and expert analysis straight to your inbox

Sign up