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Little movement in lending for August

The Council of Mortgage Lenders says total gross lending was broadly flat month on month in August at £34bn compared with £34.1bn in July. However, lending for house purchase is down by 11 per cent compared with last August.

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Gross lending in August sees little change from July says CML

Total gross lending in August reached £34 bn, little movement from July’s total of £34.1bn, says the Council of Mortgage Lenders.However, the CML says that the make up of lending has changed significantly since a year ago. Both lending for house purchase and remortgage have declined by 11 per cent and 12 per cent respectively […]

IMLA says house price slowdown does not mean housing crash

IMLA says recent slow down in house prices should not be interpreted as an early indication of a housing market crash.Executive director Peter Williams says: “It was inevitable that the housing market would experience a slowdown in activity and pricing levels following the disruption in the financial markets which led to a temporary reduction in […]

Blow for smaller IFAs as taper relief is scrapped

Chancellor Alistair Darling’s announcement that he will scrap taper relief and introduce an 18 per cent flat rate of capital gains tax could seriously harm IFAs and other small businesses, warns tax consultant Chiltern.In his first pre-Budget report, Darling said that from April 2008 he will remove the 10 per cent accelerated taper relief on […]

Northern Rock may have borrowed almost £13bn from Bank of England

Northern Rock may have borrowed almost £13bn from the Bank of England, says New Star economist Simon Ward.“Other assets” on the BofE’s balance sheet rose by a further £2.3 billion in the week to October 10, bringing the total increase since the run on Northern Rock started to £12.9 billion. Ward says that this is […]

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]

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