The Chancellor George Osborne announced a raft of changes in his budget last month, but the most eye-catching revolved around a National Insurance cut designed to aid job creation. Many UK companies will have to pay considerably less in their National Insurance Contributions – perhaps up to £2,000.
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The Council of mortgage Lenders says that lending for house purchase in January was at its highest for that month since 2008. There was a seasonal monthly fall but despite that, house purchase lending still achieved an 11% increase over the figure for January 2012. The CML say that there was more activity than last year in the first time buyer and home mover markets. However, re-mortgaging was 23% lower than in the same period last year.
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An analysis by Castle Trust has revealed that commercial property funds in the United Kingdom have lost 11.4% of their value over the last five years. The analysis looked at 42 IMA Property Sector funds, of which 14 were entirely UK focused. Of those 14, the best performing fund yielded just a 1% return, while the very worst handed investors a 26.6% loss.
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The traditional pattern of home buying in this country is that you start off small and gradually work your way up the ladder. This depends on everyone being able to move along at the same pace; trading up until the day arrives when you trade down again.
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Prices will rise over the next two years.
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