UK residential transactions totalled 114,940 in May, 138.2% higher than May 2020 but 3.9% lower than in April, according to the latest HMRC statistics. On a non-seasonally adjusted basis, transactions totalled 103,100, 123.4% higher than May 2020 and 8.7% lower than April 2021. HMRC’s latest data shows further growth in housing transactions of 138.2% since May 2020, though transactions were 3.9% lower than April 2021. That transactions are booming relative to last year, and gradually slowing down seems unsurprising. What is interesting is the causes and implications for housing transactions and prices going forward.
UK borrowers who have been financially impacted by the Covid-19 crisis are likely to seek mortgage advice, according to Legal & General. Its latest research uncovered three in five borrowers (60%) whose financial circumstances have changed and 50% of borrowers who have not seen a change to earnings say that it will be important to seek advice when looking for their next mortgage.
People will face a retirement income lottery as providers are poised to put their pension pots into a hotchpotch of 'one-size-fits-all' investment funds as from the 1st of February 2021.New rules mean over-55s who dip into their pension for the first time without getting financial advice and who have not indicated a wish to manage their pension fund themselves could have the remainder of their pot funnelled into one of four funds offered by their provider.
Research shows that during 2020 there were a record number of new limited companies set up to hold buy-to-let properties. Last year there were a total of 41,700 buy-to-let incorporations, an increase of 23% on 2019. The numbers have more than doubled since 2016, rising 128%, when tax changes for landlords were introduced.
The Office for National Statistics (ONS) stated October’s borrowing reached £22.3bn - £10.8bn more than over the same time period last year. While borrowing in October was lower than economic forecasts and £12.1bn less than during the previous month, it still marks the highest October borrowing since records began and 6th highest monthly total overall.