This year may have been record-breaking for the FTSE 100 so far - but the year is yet young, and with Brexit negotiations and Donald Trump's presidency still to come, a lot could go wrong. So what could happen to UK house prices if there is a 2008-style market apocalypse? Modelled data on the 21 months between the end of 2007 and the beginning of 2009, when the previous financial crisis was at its worst. If apply the same percentage decrease to the current average house price - and found £36,393, or 16.7%, could be wiped off the average UK house price.
The Bank of England looks set to upgrade its forecasts for the UK economy after admitting that some of the risks posed by the Brexit vote last June have now receded. Giving evidence to the Treasury select committee, governor Mark Carney said the Bank’s actions to avoid a market meltdown after the referendum were a key reason why Threadneedle Street might be raising its forecasts for a second time.
What if there was a way to get hundreds of pounds back from the taxman to help out? Actually 7 Millions of pounds of entitlement goes unclaimed each year. You need to make sure you are receiving everything you are entitled to.
The remortgaging rush is expected to continue in 2017, with almost a third (31%) of eligible homeowners planning to cash in on low interest rates and 25% of those preparing to remortgage in January, according to research. However the potential savings they could be making are being underestimated by nearly half. According to the survey of 2,000 homeowners, the average saving they expected to make from remortgaging their property was estimated at £49 a month. This compares with an actual average of £96 per month, or £2,300 across the life of a two-year fixed term on a £100,000 mortgage. Despite these potential savings, some homeowners remain unaware of the opportunity altogether. More than half (54%) aren’t able to correctly identify the Bank of England base rate as 0.25% and 15% of homeowners who aren’t considering remortgaging say they won’t be doing so because it’s too much effort or it hasn’t crossed their mind.
As we reach the end of 2016, many landlords are breathing a sigh of relief! But what does 2017 have in store for the BTL industry, and are you prepared? Tax changes: In a nutshell, the changes mean that the amount of income tax relief landlords can get on residential property finance costs will be restricted to the basic rate of tax. The changes are likely to flip how many landlords in the UK receive relief for interest and other finance costs. Although the changes are to be gradually introduced over the course of four years, April 2017 sees the first round of amendments, which are likely to take many by surprise.