The Department of Trade and Industry today revealed insolvencies were down 5% on last quarter and 7.3% on the same period last year.
But as the Halifax bank announced house prices rose by another 0.7% last month, the high price of housing, particularly in London and the South East led PricewaterhouseCoopers partner Patrick Boyden to warn that bankruptcies will rise again.
He said: ‘Higher house prices require larger deposits which many people struggle to find.
‘First-time buyers are in a particularly awkward spot. They are desperate to move onto the property ladder before prices rise still further and so might buy before they can really afford it.
‘It’s tempting to borrow money for a deposit even if this breaks mortgage conditions, but this could mean problems in the future.’
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016