This week, the chief economist of the Organisation for Economic Co-operation and Development has suggested that Britain implements a property tax based on market values, replacing the likes of stamp duty and bringing in more money. However, although considered revolutionary by leading accountants, they expect it would prove unpopular due to the negative effects on house prices.
In other news, first time buyers have a better chance of climbing the property ladder thanks to the high number of mortgage products available in the market for those with a ten per cent deposit. Elsewhere, news for renters is not so rosy, as figures released by LSL Property Services' Buy-to-Let Index show that the average monthly rental property in England and Wales exceeded the £700 barrier for the first time.
And finally, Barclays may have just started a price war between lenders, as it has launched its cheapest mortgage deal in 15 years. The reduction in rates is the bank's sixth consecutive cut, which experts believe will lead to competitors doing the same.
To read more, click here.
22 July 2011
Subscribe to:
Posts (Atom)
