Middle England to see £40,000 house price fall
Homeowners in Middle England could see house prices fall by as much as £40,000 before the end of the year, new research suggests.According to figures from Axa, property in Middle England may drop by 18.3 per cent before Christmas as a result of the current economic downturn.Across all demographics, the company predicts a house price fall of 12.9 per cent by 2009, with negative equity a possibility for some homeowners.Increases in the cost of living and higher mortgage rates will make it difficult for consumers to meet repayments. Nine per cent of homeowners are expected to miss mortgage payments over the next 12 months.Steve Folkard from the AXA Financial Taskforce, explained: "We expect a very tough 18 months for Middle Britain's housing market. "Middle Britain may have managed to weather the storm before now, but that resilience is being seriously tested by the ongoing effects of the credit crunch."
The great pension debate goes on
The release of Lord Hutton's public sector pension review has certainly caught the eye of the financial press over the last few days. Despite the fact that unions are adamant that pensions in the public sector should remain as they are the truth is that as they stand at the moment they are untenable going forward. There is no way that UK taxpayers can afford to fund in excess of £10 billion a yea...Read More
Ministers Again Call For High Taxes For The Rich
As the support for the Labour Party continues to haemorrhage it is no surprise to see the latest call for higher taxes for the rich. In a move of breath taking nerve, health minister Ivan Lewis has repeated the recent call for higher taxes for the rich in order to support those at the lower end of the income scale. It seems that Labour is looking to return to its core supporters and ditch the mi...Read More
Do we need a reorganisation of HM Revenue and Customs?
As the taxation debacle in the UK continues to grow legs and arms amid signs there may be more issues behind the scenes, a number of prominent experts in the taxation fields are now concerned about the reputation of HM Revenue and Customs. Despite the fact that billions of pounds of taxpayer's money had been invested in various computer systems over the last decade it seems that we are no better o...Read More
Public sector pension schemes are growing
It has been revealed that the U.K.'s four largest public sector pension schemes saw a 56% increase in employee contributions between 1999/2000 and 2008/09. While this would appear to be a good move on behalf of taxpayers, in reality the vast majority of the extra income was created by a large number of new members, although there was an increase in contribution rates. On the other side of the c...Read More
Property downturn starts to hit the middle classes
While there has been no hiding place for any homeowners across the UK the middle class professionals markers is one which appeared to be less affected in the early months of the economic slowdown. However a poll today reveals that 2 out of 5 middle-class professionals are seriously concerned that they will fall behind on their mortgage payments in 2009. The fact that many of these high earners hav...Read More