Stamp duty cut set to boost property market as analyst ‘highly sceptical’ of demand-side push September 26, 2022 Cuts to stamp duty are set to give the UK property market a boost of more than 25 per cent as thousands of Brits look to cash in. Research from Barrows and Forrester suggests – based on previous stamp duty holidays – that up to a million homes could be sold due to the cut. [...]
Ka-Ching! Brits pay instantly £1.65bn more in interest after today’s Bank of England rate hike September 22, 2022 With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5 per cent to 2.25 per cent, UK households face an immediate increase in interest payments of £1.65bn. Analysis of Bank of England data shows UK households are currently paying £20.25bn annually in interest payments on floating rate debt that are [...]
Home buyers warned cut in stamp duty will lead to big jump in monthly mortgage bills September 21, 2022 Home buyers could end up paying much bigger monthly mortgage bills if the government goes ahead and scraps or cuts stamp duties. Ahead of Chancellor Kwasi Kwarteng’s mini-budget on Friday, The Times reported that radical plans to cut stamp duty are in the pipeline as part of efforts to boost economic growth. Downing Street refused [...]
Liz Truss planning to cut stamp duty as ‘rabbit’ in mini-budget September 21, 2022 Liz Truss and Kwasi Kwarteng are planning to cut stamp duty as the ‘rabbit’ in forthcoming mini-budget. Britain’s new prime minister will announce plans in a bid to spur growth in the UK economy. Reported in the Times, Truss and her new chancellor have been working on plans for over a month, before she was [...]
Buying in an up-and-coming property hotspot: These are Britain’s hottest housing markets September 18, 2022 Which areas of the UK property market look set to be the next up and coming hotspots for house price growth? Having largely trailed the pack during the pandemic market boom, new sector data was shared with City A.M. today. Since the start of the pandemic in January 2020, UK house prices have climbed by [...]
Older Brits benefit from £1bn-a-day windfall as over 55s sit on £4.4 trillion in property wealth September 18, 2022 Over 55s have benefited from £1bn worth of property growth every day between the start of the pandemic and June 2022. Analysis of statistics obtained via a request to the ONS shows the extent to which over 55s have managed to exploit the growth in property value since the start of the pandemic. The ONS [...]
1,000 fewer mortgage deals to pick from as hundreds of offers are pulled in just one month September 18, 2022 House hunters and other borrowers across borrowers have close to 1,000 fewer mortgage deals to choose from than they did a year ago, as more than 500 deals have simply vanished since last month. The number of available fixed and variable rate home loans has shrunk to 3,890 – marking the lowest level since April [...]
Property guru: Truss’s energy package has helped housing market from cliff edge September 17, 2022 The Government’s action to limit the impact of energy price rises has helped pull the housing market back from the cliff-edge, a leading property association told City A.M. this morning. But the National Association of Property Buyers’ (NAPB) does stress further steps are urgently needed to ensure we don’t see a serious downturn in house [...]
Wickes has ‘record sales’ despite softening in DIY market after pandemic September 15, 2022 Home improvement specialists Wickes maintained strong revenue and profits for the first half of the year, bolstered by younger people who turned to DIY during the pandemic. The businesses had a 1.3 per cent rise in revenue up until July this year, with profit before tax up 6.2 per cent. Its like-for-like sales were up [...]
Forget tech, hospitality or transport: These are Britain’s most profitable sectors September 13, 2022 At the beginning of this year, the UK counted around 5.6 million private sector businesses. Described as the backbone of the UK’s economy, SMEs account for 99.9 per cent of all businesses in Britain. With house prices currently at a record high, it’s no surprise that business and property services are amongst the sectors making the most profit in the [...]