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Average Council Tax up 4.3% in 2007-08

The average Council Tax per dwelling under the rates set by local authorities for 2007-08 will be 1,101, the Department of Communities and Local Government has revealed today.

This equates to an increase of 4.3% compared to the previous year.

For a Band D property in England occupied by two adults and including Parish precepts the average Tax will be 1,321, up 4.2% on last year.

For London the average Tax for an equivalent property will be 1,258, for other metropolitan areas it is 1,284 and for shire areas 1,348.

Parish precepts for the coming financial year total 299m, up 6.7% on the previous year.

If it were not for the precept applied in London to finance the Olympics, the average Council Tax increase would be 4.2%.


Sub-prime a mystery to most people

Beacon Homeloans has called on the industry to educate consumers about the sub-prime market following findings that only 19% of consumers realise the market exists.

Scarborough launches two-year fix

Scarborough has launched a two-year fixed rate mortgage with a rate of 4.94% until May 30 2009.It is available for both purchase and remortgage, with the latter having the benefit of the societys free legal package.Tony Burdin, head of group marketing at Scarborough, says: “Although there is evidence that confidence is returning to the mortgage […]

Lehman brands to use AVMs

Lehman Brothers’ four mortgage brands are set to use automated valuation models provided by Hometrack. Simon Hinshelwood, chief executive officer of Lehman Brothers’ Mortgage Capital businesses, says: “In certain circumstances we will allow our packagers the option of instructing an AVM through Hometrack.”

HIPs are a mess we will have to face

What a mess we are in. To be specific, what a mess Home Information Packs are in. In fact, it’s hard to understand how we have ended up in this position.

Bridging is no longer a dirty word

It’s not that long ago that short-term finance, or, perhaps more specifically, bridging finance were viewed as dirty words by mortgage brokers. The rates on offer were punishing, meaning there were only a handful of situations where it would be appropriate to arrange one. Some lenders didn’t exactly uphold great reputations for service standards either; […]


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