The rate of the recovery appears to have stalled according to figures released by the Bank of England for March 2010.
The net lending secured on dwellings increased by £0.3 billion, well below the February increase of £1.8 billion and the previous six-month average of £1.5 billion. The twelve-month growth rate was unchanged, at 1.0%.
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The Council of Mortgage Lenders have published survey data which shows that gross mortgage lending on buildings, property and land in the UK was approx.£11.5 billion in March, up by 24% on February (£9.3 billion). To read more, click here.
Source: Council of Mortgage Lenders. 19/4/10
The Consumer Prices Index, which is used by the government to measure the annual inflation rate, rose to 3.4% last month (March). It was 3% in February. The increased price of petrol and diesel, and the knock-on effects of this on other sectors, is blamed for the increase. Also, the bad weather in January forced the price of certain produce up, as some vegetables became more scarce as a result.
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Source: Office for National Statistics 20/4/10
The monthly property market survey fact file from the Propertysurveying.co.uk team collating survey data from the building and property market. To read click here.
So the election has been called and some uncertainty for the economy and the property market may soon be over. We will know which collection of politicians forms the next government after May 06th. How will their individual policies affect the property market?
Confidence in property house prices, property sales volumes, property valuations, building surveys and the legal changes proposed could all be affected by the outcome.
A detailed analysis will be made on a party by party approach over the coming weeks and posted in the propertysurveying.co.uk newsletter archive.
06th April, 2010
With effect from 6 April 2010, as announced last year, the tax advantages of FHL businesses will be withdrawn. Income from FHL will be then treated in the same way as income from other property rents.
The Chancellor’s last budget before the election has indicated that the Finance Bill will affect few areas of the property market.
The property headline grabber is that First Time Buyers will be relieved of paying stamp duty at levels up to £250,000.
This appears to only benefit First Time buyers. How does the Chancellor define a First Time Buyer ?
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The Inflation rate had fallen back to 3% from 3.5% in February, the government has announced. This will no doubt help the Chancellor in his last minute pre-budget tweakings.
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David Cameron, Conservative party leader, and George Osborne, the Shadow Chancellor, have pledged to reverse a £20m tax raid on holiday homes proposed by the Treasury if they win the forthcoming election. The plans, which were announced in last year’s Budget by the Treasury, are set to bring in approximately £20m in taxes in the next year and are due to take effect next month. To read more click here.
The price of gas delivered to people’s homes and buildings in the UK are likely to either fall or consolidate at a lower cost to the home occupier, following the news of Npower’s announcement that it is lowering the charges it is levying to its main domestic household customer base by 7%. For the rest of this article, click here.