Home buyers are engaged in a last minute race to beat the stamp duty deadline – with some facing a potential double false economy.
House prices have bounced 10 per cent over the past year meaning that the £15,000 maximum saving of a year ago on a £500,000 home would now come on a property that potentially costs £50,000 more.
That has led to claims of a false economy, but it would be doubly so for any buyer who then missed the deadline too and ended up with an extra £12,500 tax bill as they only get the tapered bit of the stamp duty holiday not the whole thing.
On this week’s podcast, Georgie Frost, Lee Boyce and Simon Lambert look at the last minute stamp duty rush and what might happen next to the property market, with Simon outlining that it’s not just a tax cut driving the pandemic boom.
At the other end of the property ladder, the team look at how to make sure you don’t end up paying off a mortgage in retirement and what you can do if you are approaching your pension years or in them with a home loan still to clear.
It’s likely that those borrowers could face higher rates than the rock bottom mortgage ones now too, but will rising inflation send interest rates up sooner than people think?
Meanwhile, what can a new £50 note and what happened to the value of the last one introduced in 1981 tell us about inflation? And why is continental Europe so much happier about taking big notes.
And finally, if you wanted to beat inflation you wouldn’t usually buy a nearly new car, but there are some now six-year-old motors out there that have held their value better than others and amazingly some that are worth more now than they were in 2018. We reveal which.
