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CA urges Welsh Govt to speed up housing market reopening

By Michael Griffiths

10/07/2020

The Conveyancing Association (CA) has urged the Welsh Government to speed up the reopening of its housing market to match the recent changes to Stamp Duty Land Tax (SDLT) introduced with immediate effect in both England and Northern Ireland.

The trade body for the conveyancing industry pointed to the lack of any evidence in England to suggest the opening of the housing market has caused an increase in COVID-19 cases

The FCA has commenced proceedings in the High Court against London Property Investments (UK) Limited (LPI), NPI Holdings Limited (NPI), Daniel Stevens (the sole director and shareholder of both companies) and his father Anthony Kafetzis

Average house price in UK almost trebles in past 20 years

The average house price in the UK has almost trebled in the past 20 years, new research has revealed

UK’s economy grows just 1.8% in May

The UK's economy grew just 1.8% in May, rebounding more slowly than expected from the previous month

Housing market showing signs of recovery – RICS

The UK housing market is showing initial signs of recovery as new buyers and sellers come in to the market, according to the June 2020 RICS UK Residential Market Survey

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FCA commences civil proceedings in relation to alleged unauthorised regulated mortgage contracts

Mortgage brokers’ criteria searches up by over two-thirds

Mortgage brokers’ criteria searches are up by more than two-thirds (68%) as the market responds to COVID-19, according Knowledge Bank’s mortgage criteria activity tracker, and the increase was especially pronounced in the residential market, with searches up by nearly four-fifths (79%)

The Mortgage Lender tops £1bn in BTL applications

The Mortgage Lender has topped £1bn in buy-to-let (BTL) applications following a record £100m in applications during June

Property instructions and viewings rebound sharply in June

Property instructions in April and May 2020 were down 90% and 73% respectively on the equivalent months in 2019, but June saw a significant rebound, with instructions down just 26% on the corresponding month last year, and up 178% on May 2020

£11bn boost for taxpayers facing difficulty due to COVID-19

HMRC is today reminding Self Assessment taxpayers that they can automatically defer their July payment on account, providing up to a £11.8bn cash flow boost to taxpayers

HMRC confirms tax gap estimate is worth £31bn

The tax gap estimate for 2018/19 is 4.7% of all tax liabilities, a total worth £31bn, HMRC has confirmed

LITRG urges self-employed to double-check grant eligibility

The Low Incomes Tax Reform Group (LITRG) has encouraged self-employed people impacted by COVID-19 to double-check whether they are entitled to the first round of the Government’s Self-Employment Income Support Scheme (SEISS) grant, before the claim window closes on 13 July

Stamp duty relief not the way to fix property market, tax firm says

Stamp duty relief would be a “poor tool for managing market behaviour” to boost the housing market and help first-time buyers, according to Cornerstone Tax

FSCS compensates £527m in 2019/20

The Financial Services Compensation Scheme (FSCS) has revealed it paid a total of £527m in compensation to customers from levies raised on just over 49,000 regulated financial services firms during 2019/20

CMA reveals loan write-off from payday lender

The Competition and Markets Authority (CMA) has announced that payday lender, Shelby Finance, has written off loans and apologised to customers after not providing them with important information

FCA to extend support for high cost credit consumers

The FCA has announced new plans that would provide continued support for users of high cost credit products who continue to face payment difficulties due to coronavirus

FCA confirms extended consumer credit support

The FCA has confirmed the support that users of consumer credit products will receive if they are still experiencing temporary payment difficulties due to coronavirus

Warnings issued over credit card holidays

Industry reacts to Govt’s Job Retention Bonus

The Chancellor announced the launch of the ‘Job Retention Bonus’ yesterday as part of the Government’s emergency measures to tackle coronavirus

Bounce Back Loan Scheme tops £30bn

The Bounce Back Loan Scheme has now helped more than one million businesses to access £30.9bn worth of loans to help small and micro businesses absorb the financial shock of coronavirus, new Treasury figures have revealed

Advisers expecting rise in individual protection demand

Financial advisers believe that an increased demand for individual protection products will come from parents with young families, according to new HSBC Life UK research.

Women pensioners £135k worse off than men

Men accumulate £135,000 more than women for their pension by the time they are ready to access it, a new report from Fintuity has said

£10bn transferred out of DB pensions in Q4 2019

Almost £10bn was transferred out of defined benefit (DB) pensions in the final quarter of 2019, up from just over £5bn in the previous quarter, according to new data released by the Office for National Statistics (ONS)

PPI and ABI report calls for pension tax relief overhaul

A flat rate of tax relief on Defined Contribution (DC) pension contributions would increase the proportion of DC pension tax relief associated with basic rate taxpayers from 26% to 42%, according to a new report

Record number to reach pension freedom age in 2020

The number of new people reaching pension freedoms age will reach a peak in 2020, new analysis by Aegon has revealed

Older homeowners release £1.42bn of property wealth

Older homeowners released £1.47bn worth of property wealth in the first half of 2020 but this was driven by a buoyant Q1 as the impact of the coronavirus and resulting political and economic uncertainty hit the market in Q2, Key’s Market Monitor has showed

300 victims lose £4m in investment scams during lockdown

A spike in investment scams during lockdown has led to around 300 victims losing £4m of their savings in recent months, the Investment Association (IA) has said

Average house price in UK almost trebles in past 20 years

The average house price in the UK has almost trebled in the past 20 years, new research has revealed

UK’s economy grows just 1.8% in May

The UK's economy grew just 1.8% in May, rebounding more slowly than expected from the previous month

Iress integrates with more2life API

Iress has launched the first stage of an integration with the more2life application programming interface (API) which will streamline the product application process and save advisers time

PSR confirms implementation of name-checking ‘CoP’ system

The Payments System Regulator (PSR) has confirmed the widespread implementation of its new fraud-prevention tool, Confirmation of Payee (CoP)

PFS records surge in e-mentoring

The Personal Finance Society (PFS) has reported that its e-mentoring scheme saw a surge in interest as the Government’s coronavirus restrictions were introduced

Equity release market set for greater reliance on technology

Fifty-six per cent of later life lending advisers think there will be a greater reliance on technology compared to paper-based systems when the equity release market returns to more normal operating models, according to new more2life research

Hodge reduces rates on its RIO, 50+ and retirement mortgages

Hodge has reduced its rates on some of its later life mortgages for both new and existing customers

Crystal Specialist Finance launches semi-exclusive BTL products with West One

Crystal Specialist Finance (CSF) has launched a range of buy-to-let semi-exclusive products with West One

Masthaven appoints new non-executive director

Masthaven Bank has announced the appointment of Malcolm McCaig to its Board as an independent non-executive director, with the intention he will chair the Board's Risk and Conduct Committee

Stonebridge unveils updates for Revolution platform

Stonebridge has announced the completion of more updates and developments to its wholly-owned trading platform, Revolution

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