View more on these topics

Stamp Duty relief slammed by MPs

The government is under fire from a parliamentary committee for failing to extend Stamp Duty relief for zero-carbon properties to existing homes.

The criticism follows chancellor Alistair Darling’s Budget announcement last month that buyers of new-build flats will be eligible for Stamp Duty relief, providing they follow up recommendations in their Energy Performance Certificates.

In its seventh report published last week, the Communities and Local Government Committee, which examines the department’s expenditure, administration and policy, says: “Stamp Duty relief will provide a way of stimulating the innovation needed to develop what is a niche market into a mass market.

“It is hard to see why this logic should apply only to new-build and once again the question arises of why the government continues to focus on new-build to the disadvantage of existing stock that represents the bulk of the problem.”

The committee proposes that Stamp Duty relief apply to all home owners who fulfil recommendations in their EPCs within a year of moving into their properties.


Co-operative Bank reveals £26m profit nosedive

Co-operative Bank has revealed its operating profit dived by £26m to £50.4m last year, after it was forced to writedown £31.8m in investments.The bank’s annual results, for the 12 months up to January 12 this year, show that its pre-tax operating profit dropped to £50.4m from £76.3m in 2006.The results were published as part of […]

Batten down for a complaints storm

The FOS is worried about the rising number of mortgage-related complaints and this trend could be about to accelerate so brokers must ensure their processes are compliant, says Bill Warren

Coventry enters NI mortgage scene

Coventry Intermediaries has launched into the Northern Ireland mortgage market. Jonathan Stinton has been appointed BDM for the region.

MAB welcomes base rate cut

The Bank of England has cut the bank base rate from 5.25% to 5%.Brian Murphy, head of lending at Mortgage Advice Bureau, says: “The decision to reduce the base rate by a quarter point in April will not have been an easy one for the MPC to make. However, it is a necessary response to […]


News and expert analysis straight to your inbox

Sign up