Homeowners offered “green mortgages”
Posted by The Oracle Group on 1st July 2019 -
MORTGAGES
Homeowners offered “green mortgages”
The government is offering discounted mortgage rates to homeowners who make their properties more eco-friendly, as part of a plan to improve the energy efficiency of homes. The new Green Finance Strategy will also see a £10m innovation fund set up to encourage companies to come up with ideas that will reduce the cost of retrofitting old housing stock. The scheme has been introduced in a bid to help Britain reach net zero emissions by 2050. "By rolling out more green mortgages and reducing the costs of retrofitting older homes, we're encouraging homeowners to improve the efficiency of their homes and save money on their energy bills, helping to ensure everyone has access to a warm and comfortable home,” said Chris Skidmore, energy and clean growth minister.
TAX
Shadow Chancellor on board with lifetime gifts tax plan
John McDonnell has admitted that the Labour party is actively considering radical changes to inheritance tax rules that would hit ten million homeowners. A report commissioned by Labour proposes cutting the inheritance tax threshold to £125,000 and making it a “lifetime gifts tax”, meaning each child would pay tax on everything their parents gave them – either during their lives or after their deaths – above £125,000. Tory Party chairman Brandon Lewis said Labour’s new tax grab would hammer families across the country.
RENTAL
Crown estate tenant sees rent soar by 7% in a year
The tenant of a former crown estate home claims the property was sold off to a private company that has since hiked the rent well above inflation. Jason Wright, from Swaton in Lincolnshire, said he initially faced eviction from his house in 2014 but was given a reprieve when the crown estate confirmed he had an “assured tenancy”, which meant he could stay on despite its sale. The property was sold to Dorrington Residential Ltd, which raised the rent by about 7% last year and 3% the year before that, according to Wright. In the last two years, inflation has not risen above 2.8%, and in March 2019 it was recorded as 1.8%. Mr Wright’s claims come as the Guardian reports that scores of complaints have been made about rented properties on royal land, and tenants have received more than 100 eviction notices in five years, prompting anger over how the Queen's £14bn portfolio is managed.
Highlands most expensive for rents in Scotland
New industry figures have revealed that the Highlands and Islands are once again the most expensive region in Scotland for property rents. Edinburgh and the Lothians had toppled the region in April, according to the Scotland Rental Tracker from Your Move, but the Highlands and Island region - traditionally the priciest place to rent – was back at the top in May.
FIRMS
Property slowdown hits Nexday Property
Nextday Property, which helps homeowners move property chain-free, has seen annual losses almost treble. The start-up, which is behind the Nested brand, saw pre-tax losses jump to £13.4m last year from £4.5m in 2017, according to accounts filed with Companies House. The loss was driven by a sharp increase in administrative expenses, which rose to £8.9m from £3.3m a year earlier. In March there were reports that Nested had cut more than 15 employees, equivalent to 20% of its workforce, amid the Brexit uncertainty.
How Purplebricks' ambition to rule the property market crumbled
With Purplebricks expected to post losses of £50m this week, the Telegraph’s Jack Torrance considers what might be next for the estate agent. “With new management at the helm, losses mounting, its shares down 80% on their peak and the housing market in the doldrums, Purplebricks’s future looks uncertain,” he writes. Mr Torrance then refers to comments from several industry insiders, who suggest that a tough housing market means the online agent’s pay-up-front model for listing property may prove less attractive than traditional agents’ pay-on-completion offers. “Because of the pay-up-front model, there was more of an incentive to focus on signing up sellers than on actually selling their home,” adds Mr Torrance.
HOUSING
Scottish Labour slammed over ‘ghetto’ housing estate offer
Labour councillors in West Lothian have faced criticism from homeowners in a “ghetto” housing estate after making a new financial offer in a bid to regenerate the area. “West Lothian Council wants our houses and land for next to nothing and cause more years of uncertainty and misery,” said Eleanor Jarvis, one of the homeowners. Ms Jarvis went on to say that, whilst the homeowners had received support from the SNP and Conservative councillors, those from Labour offered no input – at odds, she added, with their manifesto which claims housing is a social justice issue.
INFRASTRUCTURE
New scheme makes solar panels less lucrative
As the government prepares to introduce new plans for the way people will be paid for supplying renewable energy, the Guardian’s Jo Thornill considers whether it is still beneficial for homeowners to install solar panels. The new scheme will mean that large energy companies are required to buy any surplus renewable energy generated by customers, however, firms will now be able to set their own price for energy as opposed to it being fixed by the government. “Anyone hoping to make money under the smart export guarantee should think carefully. We don’t know what rates or contract terms will be offered and rates might vary widely between energy companies,” commented Natalie Hitchins, head of home products and services at Which?
RETAIL
Shopping centres take £2.7bn hit
Britain’s biggest shopping centre owners have taken a hit worth £2.7bn in the last year, according to new figures from Growthdeck Property. Major retail landlords have made £2.7bn in write-downs on their properties, compared with £232m the year before. Intu reported write-downs of £1.3bn last year, while British Land took a hit of £620m. Land Securities is another victim of the retail crisis, took a £422m hit. Companies such as Arcadia, New Look, and Debenhams have cut their store estates and asked for rent reductions to continue trading.Yorkshire Post, Page: 4 I, Page: 4
ECONOMY
Economic paralysis set to last all summer
The British Chambers of Commerce has warned that the UK economy is likely to remain “in stasis” until October as the lack of clarity over Brexit continues. The business lobby group’s latest quarterly survey found the underlying economic conditions were “stagnant” in the three months to June. Meanwhile, the Bank for International Settlements has warned that further cuts to already rock-bottom interest rates and quantitative easing cannot deliver genuine growth on their own. The resultant asset booms are becoming harder to justify and risk a cascade of fire sales in the next downturn, the world’s top financial watchdog said. said there are “clear signs of overheating in the corporate sector in a number of advanced countries”.
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