Everyone's allowed a few life mulligans, but by the time you've hit the big 3-0, you should have sorted out most of the reckless habits we tend to fall into as young 20-somethings. This is especially true for money matters, considering you're close to entering your peak earning years with men's earnings peak at an average age of 48 and women's earnings peak at 39. To prepare for your peak earning years, here are 13 milestones to aim to achieve before hitting 40:
London School of Economics Britain’s leading housing academics has said the Government’s targeting of private landlords – through higher rates of income tax, stamp duty and capital gains tax – will result in a reduced supply of accommodation and in tenants paying higher rents.
Buy-to-let property is on the verge of becoming unaffordable as stricter lending rules mean they will soon need at least a 40% deposit to qualify for a mortgage. Under the new system borrowers are likely to have to find nearly twice as much money for a down payment on a property than at present, as around half of buy-to-let mortgages sold today only require a 25% deposit.
Well, not unless everyone suddenly gets a huge pay rise over the next year or so. That's the assumption in the latest figures from think tank Resolution Foundation, which show that lower- and middle-income households are spending 26% of their salaries on housing, compared to 18% back in 1995. In London, households spend 28% of their income on housing. The think tank said this is the equivalent to adding 10 percentage points onto income tax. Higher-income households spend 18% of their income on housing, compared to 14% in 1995.
People buying or selling properties should avoid communicating with their solicitors and conveyancers by email, experts warn, as the wave of “Friday afternoon fraud” – where criminals hack into email accounts and divert large payments – continues unabated. The ruse is dubbed “Friday afternoon fraud” because criminals typically target transactions being processed ahead of the weekend or bank holidays. This limits the chance of detection.