We can report that tough new mortgage regulation is on the way and prospective borrowers should know what it means. From April 26 the mortgage market will change forever because, after years in the making, revolutionary new regulations are being introduced.
We can report that Chancellor George Osborne was considering a change to stamp duty rates in his Budget last week. Osborne was looking into a new stamp duty band of 2 per cent from £250,000 to £300,000 but decided against it at the final moment.
Chancellor George Osborne dropped a bombshell for us all including those of us at Capital Fortune, on how in the future, people can manage their own pension pots. This Budget could massively boost the property market.
The battle for Scotland is well underway with a referendum on its future set for September. The last referendum was 35 years ago and once again Scots will have a vote on whether to remain part of the UK or become an independent country.
The recent Civitas paper published earlier this weekmakes for interesting reading. In its report it argues the UK property market is being used as an investment arm of the global super-rich and calls for curbs on foreign property investors.
We are pleased to see that one third of landlords are looking to expand their rental portfolios in the next 12 months. The latest BM Solutions/ BDRC Continental Landlord Panel, a key barometer of the sector, shows landlords are looking to boost their portfolios.
We can report today that the equity release market appears to have passed £1bn last year, a 16 per cent increase on 2012 with figures from the Equity Release Council showing the average equity release customer borrowed £56,917.
We can report that a senior Bank of England economist has weighed into the debate by insisting borrowers should fix their mortgage. Richard Sharp, an external member of the Bank of England’s Financial Policy Committee, said rates are close to zero and he believes now is the time to fix.
There is good news being reported that TSB is offering to pay the stamp duty for mortgage customers purchasing a home up to £250,000.
TSB research shows 40,000 homebuyers spent £70m in stamp duty in January last year. The Council of Mortgage Lenders is predicting stamp duty costs are set to escalate by five times in 2020.
We are pleased to see inflation fall to its lowest level in four years in December. The Office for National Statistics reports inflation met the Bank of England target of 2 per cent for the first time since November 2009.