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.’
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars