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New Warnings Over Using Property For Pensions

New Warnings Over Using Property For Pensions

Relying On Property To Fund Pension Is Not A Good Idea Warn Experts

3.5 million property owners plan to rent out, downsize or sell properties to get enough money in the bank to pay for their retirement according to a survey by an asset management specialist.

However, pension experts are warning that people could be risking poverty in retirement because of the volatile nature of the property market, especially if they were forced to sell properties as values fell.

The research, by Barings Asset Management, discovered that 16% of the UK workforce would be relying on property sales to provide them with all or some of their pension pots, an increase of 13% from 2013 and the highest reported figure since 2009.

Soaring residential property prices are the reason behind the trend. Last week the Office for National Statistics (ONS) said average UK residential property prices were up 11.7% in the year to the end of July to £272,000 (GBP).

The biggest rise was 19.1% observed in London.

The hard hitting story was first published by the Express newspaper earlier this week, with warnings from financial advisors that property investment was a dangerous game to play.

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Illegal Immigrants To Be Banned From Renting Property In The UK

Illegal Immigrants To Be Banned From Renting Property In The UK

Landlords Face £3000 Fines
For Letting To Illegal Immigrants

Private rental sector landlords will be risking a fine of £3000 for breaking the law by letting rental property to illegal immigrants without doing proper background checks and comprehensive tenant referencing.

The proposal is currently undergoing a seven week consultation process and set to become part of the forthcoming Immigration Bill, launched by Immigration Minister, Mark Harper.

Under the proposed new legislation, illegal immigrants will not be entitled to free NHS treatment and will be prohibited from renting property in the UK.

Mr Harper said: “The consultation seeks views on the creation of a duty to require landlords to conduct immigration status checks on tenants before providing residential accommodation, with financial penalties for those landlords who let property to illegal migrants having failed to conduct the necessary checks. The landlord checking proposal is modelled on the existing civil penalty scheme for employers of illegal migrant workers.”

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