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Government Issue Response To Tax Relief Petition

Government Issue Response To Tax Relief Petition

Government Issue Muted Response To Tax Relief Petition

The Government has published a response to the online petition that opposes the proposals to change the amount of tax relief on buy to let mortgages announced by the Chancellor, George Osborne, in the post election summer budget.

From April 2017 onwards landlords will only be able to claim the basic rate tax relief rather than the higher rate tax relief on buy to let mortgage payments. It is widely feared that the move will severely affect the profitability of the private rented sector (PRS).

The online petition to reverse the planned tax restrictions on individual landlords has attracted more than 23,600 signatures since being posted.

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Pension Freedom Fuels Increase In UK Property InvestmentPension Freedom Fuels Increase
In UK Property Investment

Since UK pensioners were granted full control of their retirement savings in April 2015, an estimated 60,000 (70%) pensioners have taken advantage of their ability to take some or all of their accumulated pension in a lump sum, with many opting to put their cash into property instead as an alternative to annuities, shares and bonds.

According to the latest Global Real Estate Outlook report published by property investment company IP Global, property remains a far more predictable and stable longer term option compared to alternative investments in the stock market.

In the UK, property prices in London and Manchester are leading the way, with prices in Greater London increasing by 12% in the last year alone.

New properties in Manchester may appear to be valued at less than half the average of London properties, however, residential property prices are expected to continue rising to close this gap, with new projections putting Manchester’s property price growth at a staggering 26.4% by 2019.

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It Pays To Be A Property Owning Pensioner

It Pays To Be A Property Owning Pensioner

Pensioners property worth almost £770 Billion Pounds

It has been revealed by national newspaper, The Telegraph, that Pensioners in the UK own almost £770 Billion (GBP) worth of property outright, without any form of mortgage.

It is estimated that some 4.7 million retired property owners in the UK own their residential properties outright.

The total value of OAP property ownership has increased by £1.2 Billion (GBP) over the past three months, representing almost £770 Billion (GBP) worth of property held outright, without a mortgage.

The survey was conducted in England, Scotland and Wales by advisory firm, Key Retirement Solutions, however, the survey didn’t cover properties in Northern Ireland.

The survey revealed a two-speed property market in the UK, with London seeing a significant rise in over-65s’ property wealth, however, the value of property wealth was much lower in the neighbouring South-East region.

The average value of property owned by pensioners without any form of mortgage increased by almost £12,000 (GBP) in London, but fell by £1,570 (GBP) in the South-East, the survey found.

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New Research Shows Landlords Using Property To Provide For Retirement

Landlords and Buy-To-Let property investors are treating property portfolios as their retirement fund according to new research carried out by BDRC Continental.

Property Investors plan to use Buy-To-Let property as a pension fund

Property Investors plan to use Buy-To-Let property as a pension fund

The research showed

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With the turmoil created by the Billions wiped off global share prices over the last week or so, I wondered how it would affect the UK property investor?

Italian and Spanish investors have seen money market interest rates shoot beyond 6%, amid fears that their respective economies are about to crash into recession. Meanwhile the reverse is happening in the UK, even though some tipsters are still predicting that the UK is facing a “Double Dip” recession of our own.

Short-term money has become cheaper to obtain, as markets now think the Bank of England won’t raise interest rates until well into 2012. This is great news for investors who are using bridging finance in order to complete property purchases.

In the past few days UK banks and building societies have been rushing out rate cuts on nearly all their deals, so if you’re coming off an expensive fixed-rate mortgage you are one lucky investor!

However, the new financial crisis is more bad news for first-time buyers, effectively they are being shut out of the market by lenders demands for substantial deposits.

This is unlikely to ease any time soon due to the continuing uncertainty over the state of Eurozone finances and globally banks are trying  everything they can to preserve their capital.

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