Property Pensions 03 10 2007 - News Archive

Property Pensions

Recent research from Barings indicates that 3.2 million people in the UK are buying property rather than a pension to fund their retirement. This research revealed that 10% of 35–44 year olds and 8% of 45–54 year old are looking to retire on the profits of property investments.

Move or Improve

A recent survey by Halifax has found that over half the UK population in the last 12 months have spent money improving their home. Due to the steady rise in house prices over the last few years it has had a knock on effect in the associated costs with moving such as estate agents and legal fees. With these increases more homes are now liable to pay stamp duty fees which can be in the thousands. The number of home owners in the 3% stamp duty bracket rose by 9% last year.

Banks are looking to the government to adjust the stamp duty thresholds in line with today’s house prices as they have not been reviewed since being set back in the mid 90’s.
 
:: Added on: 03:10:2007 ::

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