Analysis1 suggests that almost seven in ten UK properties for sale, found a buyer in the year to June 2021, the highest rate in a decade. Regional differences Scotland led the way with 89% of homes finding a buyer, while Yorkshire & the Humber was the second most successful area at 77%. Property hotspots included […]
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Estate planning update
HM Revenue & Customs (HMRC) published its annual statistics on Inheritance Tax (IHT) in late July, revealing that IHT payments in the 2020-21 tax year totalled £5.4bn, up around £0.2bn (almost 4%) on the previous year, when receipts were slightly lower than 2018-19. Typically, more than 20,000 deceased estates a year are subject to an […]
News in Review
“Household saving fell particularly strongly in the latest quarter from the record highs seen during the pandemic” The easing of COVID restrictions has resulted in an economic rebound that has exceeded initial estimates, according to data from the Office for National Statistics (ONS). During Q2, the economy grew by 5.5%, up from the 4.8% forecast […]
LPA overhaul? – consultation launched
During the summer, the Ministry of Justice launched a 12-week consultation into the process of registering and creating a Lasting Power of Attorney (LPA). A handy component of intergenerational wealth planning, LPAs are legal documents, introduced in 2007 to replace the Enduring Power of Attorney, that allow one person (the ‘donor’) to appoint another (the […]
Autumn: a time of change and preparation
As the darker evenings and colder days of autumn approach, our thoughts often turn to hunkering down and preparing for the winter months. A season traditionally associated with change, preservation and preparation, autumn is a perfect time to get your finances organised before the rush of the festive season and the New Year. Getting prepared […]
Reasons for economic optimism in the autumn months
Over the summer months, forecasting agencies took turns to upgrade their growth projections for developed nations as a succession of strong economic data was released. For example, in its latest assessment, the International Monetary Fund (IMF) increased its combined 2021 growth forecast for advanced economies by half a percentage point, primarily due to the success […]
Robust recovery for housing and mortgage markets
Projections produced by the Intermediary Mortgage Lenders Association (IMLA) suggest gross mortgage lending will reach £285bn this year. This revision, upgraded from a previous forecast of £283bn, points to the housing and mortgage markets’ continued strength in the face of pandemic-related challenges. A strong housing market has caused a surge in mortgage lending. In the […]
Economic Review – September 2021
Upgrade to UK GDP growth The Office for National Statistics (ONS) has revised UK economic growth for Q2 2021 to 5.5% from an original estimate of 4.8%. The UK’s level of GDP is now 3.3% below where it was pre-pandemic in Q4 2019, revised from the previous estimate of 4.4% below. Other ONS data indicates […]
Pension savers enticed by ‘risky’ investments
At a time where it is becoming harder to save up adequate sums for retirement, a new study shows that the UK’s low interest rate environment is causing retirees to turn to riskier pension and investment products which could potentially lose them a significant sum. Risky business A poll from the Financial Services Compensation Scheme […]
News in Review
‘Against a backdrop of robust goods demand and continuing supply constraints, global inflationary pressures have remained strong’ In a unanimous decision, the Bank of England (BoE) Monetary Policy Committee (MPC) voted to maintain Bank Rate at its record low of 0.1% last week. The vote came as the supply chain crisis, largely driven by an […]