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Em

Em Morley

Mortgage Lending Rises £2bn in One Month

Published On: September 28, 2015 at 8:48 am

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Categories: Finance News

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Mortgage Lending Rises £2bn in One Month

Mortgage Lending Rises £2bn in One Month

Mortgage lending grew by £2 billion in August alone, the biggest monthly increase in five years, according to the British Bankers’ Association (BBA).

Approvals soared by 23% annually, while remortgaging rose by 38% to its highest level since 2011.

Chief Economist at the BBA, Richard Woolhouse, explains: “People are putting their money into bricks and mortar while interest rates are low and the timing of a likely rate rise remains uncertain.

“Remortgaging numbers also continue to be strong, as shrewd homeowners snap up competitive deals.”1

Last month, a total of £12.2 billion was lent to home movers and buyers, a yearly increase of 14%.

1 Unknown (2015) ‘Borrowers drive mortgage lending up £2bn in a month’, Metro, 25 September, p.44

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

100,000 Children are Homeless

100,000 Children are Homeless

100,000 Children are Homeless

Around 100,000 children are homeless and living in temporary accommodation, reveals official data.

Charities have blamed welfare cuts for the rise in homelessness.

According to the Government figures, 55,090 households were homeless last year, up 40% on 2009-10, when the issue was at a record low.

Between 1st April and 30th June this year, 13,850 families were awaiting temporary accommodation, a 5% rise on the same quarter last year.

By the end of June, 66,980 households were in temporary accommodation, an increase of 12% on the same period in 2014.

Chief Executive of housing charity Shelter, Campbell Robb, comments: “With cuts to welfare taking their toll, coupled with a dramatic shortage of genuinely affordable homes forcing millions into unstable private renting, it’s little surprise.”1 

1 Unknown (2015) ‘100,000 children living in temporary accommodation’, Metro, 25 September, p.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mayfair Sets New Record High Monthly Rent

Mayfair Sets New Record High Monthly Rent

Mayfair Sets New Record High Monthly Rent

The London property market is split between those struggling to save a £50,000 deposit for their first home and those spending more than this on their weekly rent.

Now, a property in one of central London’s most exclusive neighbourhoods has set a new record high rent price, according to Knightsbridge-based letting, management and advisory service, Tunstall Property and property data analysts, LonRes.

The house, on Brick Street in Mayfair, is being rented for over £216,000 per month, surpassing the record set last year by One Hyde Park, a luxury apartment block in Knightsbridge.

Mayfair is famous for being a property hotspot for the super-rich. With its Michelin star restaurants and designer boutiques, mansion owners are in their element.

Managing Director of Tunstall Property, Mark Tunstall, says: “Prime central London has a lot to offer and each neighbourhood has a distinct appeal to certain ultra-prime tenant groups.

“The ‘Golden Triangle’, formed by the neighbourhoods of Mayfair, Belgravia and Knightsbridge, commands the highest rents.”1

1 http://www.homesandproperty.co.uk/luxury/property/londons-most-luxurious-rental-homes-mayfair-sets-new-record-ultra-prime-rents-top-ps216k-month

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change to Insurance Premium Tax

Published On: September 26, 2015 at 11:16 am

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Categories: Uncategorized

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Change to Insurance Premium Tax

Change to Insurance Premium Tax

Insurance Premium Tax (IPT) is a tax on insurers and covers general insurance premiums. From 1st November, the tax is increasing.

There are two rates of the tax on general insurance premiums: A standard rate of 6%, which is being raised to 9%, and a higher rate of 20% for travel insurance, mechanical/electrical appliances insurance and some vehicle insurance.

There are several exemptions from IPT, including: Most long-term insurance, reinsurance, insurance for commercial ships and aircraft, insurance for commercial goods in international transit, and premiums for risks located outside the UK – these may be liable to similar taxes enforced by other countries.

You must register for IPT if you are an insurer that receives or intends to receive taxable insurance premiums or someone that charges the insured an insurance related fee in respect of a higher rate contract (a taxable intermediary).

You do not need to register if you are an insurer that only receives premiums relating solely to exempt insurance contracts.

However, you must register if you are an insurer receiving premiums partially in relation to exempt insurance contracts and partially in relation to taxable contracts.

Find out more about IPT here: https://www.gov.uk/guidance/insurance-premium-tax and stay aware of the increase in tax.

 

 

 

 

 

 

 

 

 

 

 

 

Property owners warned over Legionnaires

Published On: September 26, 2015 at 9:15 am

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Categories: Landlord News

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Letting agents and landlords alike are being warned to keep their properties safe, as a new reminder highlights the dangers of Legionnaire’s disease.

The warning, sounded from the Association of Plumbing and Heating Contractors, comes after a report from Public Health England on the death of three men as a result of Legionnaires.

Tragedy

All three men contracted the fatal disease from a poorly maintained hot tub, which was on display at a garden centre. The tub was found to have not been filtered or even cleaned for a number of weeks.

As a result, the amount of stagnant water enabled bacteria to grow freely. When the hot tub was switched on for display purposes, Legionnaires’ particles were airborne and subsequently spread around the centre.

Alongside the tragic deaths of the three men, another twenty-one people caught the bug as a result of the same outbreak.

Property owners warned over Legionnaires

Property owners warned over Legionnaires

What is Legionnaires’ Disease?

Legionnaires Disease is an infection that affects the lungs and is caused by bacteria legionella. This bacteria is commonly located in freshwater areas but can also be found in artificial supplies.

The tragic garden centre case shows that water supplies that are not filtered, cleaned or properly maintained carry serious risks, even if there is no contact with the liquid.

Landlords and agents are warned that all hot and cold water systems within a property that is used for commercial purposes or has public access must be assessed for legionella. This includes all residential properties that are let, alongside hotels and hospitals.

Figures from February released by Public Health England indicate that thirty-one cases of Legionnaires Disease were reported in England and Wales.

 

uSwitch Urges Landlords to Help Tenants Change Energy Supplier

uSwitch Urges Landlords to Help Tenants Change Energy Supplier

uSwitch Urges Landlords to Help Tenants Change Energy Supplier

Comparison website uSwitch has criticised landlords and letting agents that allegedly prevent tenants from changing energy suppliers.

The recent accusation arrives following a BBC investigation in 2013.

At the time, the BBC called out Reeds Rains, Your Move and Foxtons as having links with Spark Energy. The firms denied any wrongdoing.

uSwitch, owned by property portal Zoopla, has claimed that 13% of landlords are stopping their tenants from switching suppliers, with 19% of investors with three or more properties denying a change.

uSwitch states that 36% of landlords wrongly believe that naming a preferred supplier in a tenancy agreement can stop tenants switching.

A study this month questioned 500 landlords and 1,000 tenants.

From the data, uSwitch calculates that 230,000 tenants have not switched because they believe their contract prohibits it.

The firm is now calling on the Competition and Markets Authority to insist that all tenancy agreements should state that tenants paying directly for their energy have the right to change suppliers.

It also urges landlords and agents to remove unfair clauses in contracts and to inform tenants about how to switch at the start of each tenancy.