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Chancellor Kwasi Kwarteng has announced a flurry of new stamp duty thresholds on a permanent basis. Alongside this, stamp duty will be eradicated for purchases of land and buildings for commercial or new residential development. These announcements come as part of the new government’s mini-budget, in which a host of
The number of residential transactions in August grew 9.7% on an annual basis, government data shows. In total, on a non-seasonally adjusted basis, there were 114,440 transactions counted, which as well as being significantly more compared to last year, is a 4.4% jump on July 2022. The data also counts 9,930
The economy slowed in June as inflation and an uncertain outlook fuel recession fears. The Office for National Statistics (ONS) released its monthly estimate of GDP growth today (12 August). It shows the economy contracted by 0.6% in June with services being the main driver in the drop as they fell by 0.5% over the
The total number of customers in arrears with their mortgages totalled 74,540 at the end of June, according to the latest data from UK Finance. The data found that the number of homeowner mortgages in arrears continues to fall, with a reduction of approximately 200 compared to the previous quarter and 10% fewer than
Net mortgage borrowing rose from £4.2bn to £7.4bn on a monthly basis in May, shows new data from the Bank of England (BoE). This, says the BoE, puts the borrowing figure above the pre-pandemic average of £4.3bn in the 12 months to February 2020. Meanwhile, gross lending rose from £21.6bn to £21.8bn from April to May.