View more on these topics

Brown snubs home owners

Chancellor Gordon Brown ignored home owners’ pleas last week after he made no changes to the Stamp Duty thresholds in his 11th Budget.

For three years, Mortgage Strategy has called on the chancellor to raise the Stamp Duty thresholds in line with rising house prices.

But Brown failed to address the fact that there has been a shocking 281% increase in the number of properties valued above the 250,000 Stamp Duty threshold in the past five years.

Halifax says the number of residential property sales attracting at least 3% Stamp Duty increased from 73,403 in 2001 to 279,408 in 2006.

The chancellor allowed some Stamp Duty breaks. As expected, carbon-neutral homes above 500,000 will be exempt from the tax until 2012.

Brown is also allowing people exchanging homes with family members to only pay the respective market value Stamp Duty on the individual properties rather than both parties paying Stamp Duty based on combined value.

Duncan Berry, director of mortgage sales at GE Money Home Lending, says: “Research shows three in four Britons wanted Stamp Duty bands modernised in this year’s Budget.

“House price inflation remains a concern for everyone, particularly first-time buyers, so it is disappointing that this year’s Budget has not addressed Stamp Duty thresholds.”

Recommended

RBS strengthens US team

The Royal Bank of Scotland Group has made new appointments to its US-based team and announced the creation of a unified management team to take advantage of growth opportunitiesacross and between its businesses in the US.Lawrence K. Fish, currently chairman and CEO of Citizens Financial Group (Citizens), will become chairman, RBS America and will continue […]

Conveyancing service for IFA

Convex Conveyancing is to roll out its conveyancing service to independent financial adviser The Clarkson Hill Group. Duncan Samuel, managing director at Convex, says: “We are confident that clients and advisers will benefit greatly from using our system.”

UK lenders can ride the US sub-prime storm

I’ve mentioned the US sub-prime situation in passing several times in recent weeks, and have dismissed it as a relatively minor threat to the UK industry. Some people have recently asked me to justify that, so here goes.

George Wimpey launches Property Investor Club

George Wimpey has launched a Property Investor Club in response to growing demand for investment properties. It is open to professional investors and members of the public and will offer exclusive access to new developments before they are put on general release as well as help and guidance on building and managing a property portfolio […]

Newsletter

News and expert analysis straight to your inbox

Sign up