Property Sipps are likely to boost regional hotspots but will have little impact on most of the market, claims a report from the Royal Institution of Chartered Surveyors.It forecasts a steady flow rather than a rush of property into Sipps. Up to 160,000 extra residential property purchases may be made over three years after A-Day, representing only a small fraction of the 4,500,000 total transactions across all asset classes forecast for that time. By analysing pension and savings assets of UK house- holds, the report identifies who will be in a position to take advantage of the tax breaks on offer. Many potential prop- erty pensioners share the profile of existing second homeowners – male, higher-rate taxpayers aged between 45 and 64 and likely to be already exposed to the property market through buy to let. Around 250 chartered surveyor estate agents were polled in the survey. Forty-two per cent have already received enquiries about Sipps, with 2 per cent reporting a lot of interest. Fifty-one per cent believe house prices will rise after A-Day but under 1 per cent think there will be a big rise. The report sounds a caut-ionary note over the risk of possible misselling of “property pensions” and recommends all potential investors see an independent financial adviser before making any decisions. RICS chief executive Louis Armstrong says: “Reports of a mad rush of property to Sipps are exaggerated. The size of the housing market means that demand can be readily absorbed in most areas. However, investors should be selective, watch out for get-rich-quick schemes and take proper professional adv- ice – preferably from a chartered surveyor.”
F&C will not be outsourcing former Isis operations to Mellon despite agreeing in principle a year ago. The firms failed to agree on contracts.
The Association of Mortgage Intermediaries has pitched into the debate on the cost of mortgage regulation, demanding that the FSA carries out a thorough assessment of the regulatory impact on the market. Director Chris Cummings makes his comments in a Council of Mortgage Lenders’ report which puts the one- off cost of mortgage regulation at […]
I have said this before but I yield to no one in my admiration for Ros Altmann. Not only is she one of the most original thinkers around when it comes to analysing the future of retirement provision in the UK but she is also a dedicated campaigner – along with some journalists – on behalf of people left in the lurch by the wind-up of their occupational pension schemes over the past decade.
One year on from the regulation of the mortgage market, the FSA warns it will be getting tough by cracking down on those firms which have not yet come to terms with the new regime. In an interview with Money Marketing, looking back on the 12 months since M-Day, FSA head of mortgages and credit […]
A major feature of our articles is looking into the Jelf Employee Benefits crystal ball to predict changes and trends that may influence the short and medium term shape of UK employee benefits. By flagging such changes early we aim to provide our followers with the tools to make sensible and informed decisions on their benefits offerings.
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