Economic Review of July 2020

UK Economy Recovering Although recent data has confirmed that the UK economy is recovering from its coronavirus lockdown slump, the longer-term outlook (unsurprisingly) remains decidedly unclear. Official data released by the Office for National Statistics (ONS) showed that the UK economy grew by 1.8% in May, following April’s record 20.3% contraction. While this modest rebound … Continue reading “Economic Review of July 2020”

House prices spike as property market reshapes

The UK housing market has defied predictions of a crash and instead has entered a mini-boom. However, there are still question marks over how long this will last, and whether the slump has simply been postponed until later. Several factors are behind the surge in property prices. The biggest is undoubtedly the rush to take … Continue reading “House prices spike as property market reshapes”

Thousands of homebuyers lost deposits in property freeze

The property market shutdown earlier this year proved especially painful for buyers nearing completion. In a recent survey by Butterfield Mortgages of over 1,300 homeowners and would-be homebuyers, three in 10 buyers said they had lost their exchange deposit as a consequence, due to the shutdown taking place after contracts had been exchanged. If this … Continue reading “Thousands of homebuyers lost deposits in property freeze”

Chancellor to call time on the state pension triple lock?

Chancellor Rishi Sunak may be ready to row back on the Tories’ manifesto pledge to keep the state pension triple lock, due to the coronavirus crisis. Not only has the crisis already cost the UK tens of billions of pounds, but the nature of the triple lock means that it could become even more expensive … Continue reading “Chancellor to call time on the state pension triple lock?”

Surge in demand for pension advice amid COVID confusion

The UK has seen a rapid rise in the number of people accessing their pension pots or enquiring about doing so, according to separate findings by Unbiased.co.uk and HMRC.  A combination of pressures triggered by the COVID-19 crisis is driving more Brits to raid their pensions for one reason or another. And although many are … Continue reading “Surge in demand for pension advice amid COVID confusion”

Property market health check: how will house prices move?

With the reopening of the housing market in the UK, all eyes are watching to see how it responds. If you’re hoping to buy, sell, remortgage or just get on the property ladder, here’s why the coming six months could be crucial. The government has opened the starting gate on the UK housing market, and … Continue reading “Property market health check: how will house prices move?”

Adapting to the new normal (and what to do if you’re not)

Our lives changed on 23 March 2020 when government measures were introduced to help prevent the spread of COVID-19 (coronavirus). A few weeks into this new regime and many of us will be adapting to life in lockdown having introduced new routines to replace those we knew before. Some people will be urging us all … Continue reading “Adapting to the new normal (and what to do if you’re not)”

So can I move home now?

The government has announced that the housing market in England can reopen this week, with some restrictions still in place. Here’s what buyers, sellers, renters and remortgagers need to know. Having been put on hold since the beginning of April, the property market has been given the green light – in England, anyway. People will … Continue reading “So can I move home now?”

The property market fightback begins

Home-buying has virtually ground to a halt due to the lockdown – but efforts are already underway to get the market moving again. Remote valuation and viewings, and the return of low-deposit mortgages, are among the encouraging signs. Positive signs are emerging that the UK property market may soon restart some activities in a limited … Continue reading “The property market fightback begins”

Why it’s time to stand by your workplace pension

The coronavirus lockdown is forcing millions of us to reduce our spending and economise. But one thing you shouldn’t cut back on, if possible, is contributing to your workplace pension. When minimum workplace pension contributions were raised to 5 per cent (for employees) last year, some commentators raised concerns that this would hurt the take-home … Continue reading “Why it’s time to stand by your workplace pension”