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Wednesday 26 January 2011
Cut NHS compensation payments for clinical negligence by encouraging the delivery of an early apology
Tuesday 25 January 2011
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Stamp Duty ‘Hike’ in April causes rush for higher value property
The rate of stamp duty is set to rise from four to five per cent on April 6, meaning that a day could make a difference on high value properties of over £10,000 in tax. It is reported today that this has brought about an increase in buyers looking to purchase homes worth in excess of 1 million. The figures published show 'properties for sale in the £1 million-plus bracket has already undergone a 39 per cent boom this month - and there are 46 per cent more in the above-£5 million category'. The expectation however is that could following April create a vacuum in the market.
At MJP Solicitors we are able to put purchasers in touch with Tax Planners to explore options on possible Stamp Duty reductions. Email Davidpett@m-j-p.co.uk for further details.
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Doom and Gloom remains within the Housing Market
We are still witnessing a continuation of the trend of falling house prices, although the fall in supply of housing stock did go some way towards supporting prices in December. The biggest problem at present is a fall in transaction levels made worse before Christmas due to poor weather conditions. The increase in some areas of the country of demand over supply has helped to raise levels of optimism amongst certain professionals. The biggest rise in confidence levels has been in London and the South East whereas prices continue to fall within Scotland, Northern Ireland and North of England.
The lack of credit and rising unemployment seem to be the main cause of a fall in demand. Although the unemployment rate remained at 7.9%, the number of people out of work rose by 49K to almost 2.5m over the three months to the end of November. Job insecurity and with the announcement today of a fall in growth suggests that unless we see a sudden change in Government Policy it is unlikely that this snapshot of the Housing Market is unlikely to change in the immediate future.
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