With the majority of their wealth tied up in property, therefore one question is can your executors sell your rental property if you were a landlord? This needs to address their own demise unless they want to leave their loved ones in a right financial pickle. I only discovered recently, following the sudden death of a relative, how cruel the UK taxation system is when someone dies.
The mortgage market got off to a strong start to the year in January, with the number of first-time buyers and home movers up on a year earlier. 25,100 new first-time buyer mortgages were handed out that month, 4.6% more than in the same month in 2018. The average first-time buyer is aged 30 and puts down a 17.8% deposit. Some 25,300 home mover mortgages were completed in the month, 2.8% more year-on-year. This suggests that the residential mortgage market has had a strong start to the year, despite ongoing economic uncertainty.
The Bank of England’s Monetary Policy Committee have voted unanimously to maintain Bank Rate at 0.75%. The Committee said shifting expectations relating to the UK's withdrawal from the EU have "continued to generate volatility", with ongoing uncertainty affecting confidence and short-term economic activity, notably business investment. In its minutes, the Committee said that the outlook will "continue to depend significantly on the nature and timing of EU withdrawal".
The government has confirmed the launch of Collective Defined Contribution pension schemes in a new consultation. CDC schemes, which are already popular in Denmark and the Netherlands, pay out a regular income from a collective fund rather than producing an individual 'pension pot'.
77% of respondents to the latest RICS residential market survey cited Brexit uncertainty as the biggest challenge in the market at present. Just 8% believe Brexit is having no affect on buyers and sellers and 71% believe the current political situation is impacting both.