Burgeoning financial crisis yet to rewrite the rules
18 August 2008: Over-55s owe more than £37,000 on mortgages
The news that older homeowners owed an average of £37,316 on their mortgages was met with much consternation in 2008. Ten years on and SunLife report that the average owed for the same age group now stands at £55,044. That 2008 figure adjusted for inflation is £49,257…
25 August 2008: Landlords reject regulation
Ten summers ago, 85 per cent of landlords declared that further regulation could cause some of them to exit the rental market, and Mortgage for Business then-managing director David Whittaker asked: “What more is there to regulate?” The new tenant bill is crawling through parliament as we write.
8 September 2008: Don’t give up on remortgages
Bank of England statistics showed that remortgage deals plummeted month-on-month. Mortgage broker Alexander Hall insisted that brokers shouldn’t give up on clients, and to stay in touch in case deals became available again. As UK Finance figures showed this August, remortgages now dominate transactions.
8 September 2008: Overhaul Stamp Duty, say experts
A Stamp Duty holiday for properties valued at £175,000 and below was seen as something of a damp squib by some, with Ami asking for “root and branch reform” instead, and suggesting that the tax should be linked with house prices. A decade later and arguments about stamp duty still rage. Plus ça change!
22 September 2008 Central banks pump £100bn into markets
As September drew to a close we rather breathlessly reported on the injection of £100bn into world markets in response to the ongoing financial crisis. At the time the figure looked astonishing. Subsequent government actions revealed it to be a hopelessly inadequate amount.