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In the news, the latest round up this week

In the news this week we look at how removing stamp duty would help last time buyers, the new taxes hitting accidental landlords and how a no-deal Brexit will impact homeowners.

over 50s in the news

Average 50 something homeowner has £57k of unused space in their homes – The Express

The Express revealed this week that the average 50-plus homeowner is sitting on the equivalent of £56,574 worth of unused space in their house and claimed they would be quids in if they down sized or turned to equity release. A study of 2,000 adults found that the older generation are left with 34 square metres of empty space in their homes after the offspring have flown the nest.

With a typical house size of 165.6 square metres and the average house price coming in at £276,393, each square metre equates to the value of £1,669. As a result of having this vast space with typically two unoccupied rooms, two fifths said their house feels emptier now their grown-up children have moved on.

Mark Gregory, the founder and CEO of Equity Release Supermarket, said: “Our survey found there is plenty of space in the family homes of empty nesters which is going to waste, and it’s not just space – but possible financial wastage.

Click here for the full article

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in the news removing stamp duty would help last time buyers

Removing stamp duty would boost last time buyers – Property Wire

Nearly half of over 55s would consider moving if they didn’t face stamp duty, with a change therefore boosting sales to so-called last time buyers, new research suggests in the news this week.

The nationwide study from independent equity release adviser Key found widespread support for scrapping stamp duty for last time buyers to encourage older home owners to downsize.

Around 15% of home owners aged 55 and over, the equivalent of 1.2 million people, say they would definitely consider moving if stamp duty was abolished for last time buyers while another 30% say not having to pay stamp duty would influence their decision to move.

‘While downsizing is an emotive issue, increasingly people are looking at how they find a suitable property to support their later life living needs. Whether it is adapting their current property or downsizing to something smaller and more convenience for family and services, all of these choices have financial implications,’ said Will Hale, Key’s chief executive officer.

Whether you’re a last time buyer or a first time buyer find out how it affects you in our guide to stamp duty

Read the full story

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accidental landlords fall

Accidental landlords fall for the first time in five years as tax changes hit those letting homes they can’t sell – This is Money

The proportion of homes let by accidental landlords has fallen for the first time in five years, according to a report released in the news this week.

So-called accidental landlords are those who didn’t buy a property with the intention of letting it out, but who have since ended up doing so – often either because they cannot sell and need to move, or decide to buy a new home and hold on to a property as an investment.

Currently around one in every 14 landlords falls into this category, but they have been squeezed by tax changes, including extra stamp duty on buying a new home and losing full mortgage interest relief against rental income.

Traditionally, accidental landlords have had access to extra relief from capital gains tax when they sell a property that isn’t their home, but from April next year this is due to be scaled back further, potentially costing accidental landlords thousands when they sell up.

The new research from estate agents Hamptons International suggests that this has added weight to the decline in new accidental landlords, along with bigger potential stamp duty bills for buying another property and losing more rental income to tax.

If you’ve found yourself in this position, then check out our guide to becoming an accidental landlord

Read the full article here.

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Brexit might stop people purchasing a house

Brexit property market chaos: Britons less likely to buy property in case of a no-deal – The Express

BREXIT rumbles on in the news as Britain counts down to the deadline for negotiations, when the UK must drop out of the EU without a deal. A survey has revealed how Britons will act when it comes to big purchases after Brexit and in the case of a no deal.

A new survey by independent mortgage expert John Charcol found a majority of Britons would be put off making a large purchase such as a property, or buying a new car.

It asked those who took part: “Would leaving the EU with no deal affect your decision to complete a large transaction, e.g. a house or car purchase?”

Half of those who answered said a no-deal Brexit would affect the likelihood of making a big purchase.

Read more about the impact of Brexit in our article on What does Brexit mean for your house move – now and after 31st October?

Click here to read the full story

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The UK cities where rent is rising the fastest – BBC

The cost of renting a home rose fastest in Nottingham, Leeds and Bristol in the past year, research indicates in the news this week, while Aberdeen recorded the biggest fall.

The survey, from property website Zoopla, said tenants moving into a Nottingham home this summer paid 5.4% more in rent than a year earlier.

Leeds and Bristol (up 4.5%) were the only other UK cities where rents rose faster than UK average wage growth.

On average, renting a UK home has become more affordable, Zoopla said.

Part of the reason lies in an increase in the number of people buying their first own home, relieving some of the pressure on the rental sector.

Read the full story.

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