Sir Alex Ferguson announced yesterday that he would retire as manager of Manchester United, which has caused share prices in the football club to fall. Under the law the announcement had to More »
The Royal Institution for Chartered Surveyors (Rics) believe the lack of homes currently being put on sale is a “major concer”.
The demand to buy properties is currently outweighing the amount which are on on sale according to RICS latest report, this is causing the housing bubble they say.
It’s the 11th consecutive month there has been a rise in house prices and the expectation from experts is the rise will continue for some time.
Simon Rubinsohn, chief economist at Rics said,
“It is a major concern that we are not seeing enough houses coming on to the market,”
“For the market to operate effectively, we desperately need more homes in areas where people want to buy and want to live.
“Until this happens, we are likely to see prices continue to increase and it is going to be ever harder for many first-time buyers to conceive of ever owning their own home.”
Demand has increased since government launched the Help to Buy scheme which has helped people buy new homes by offering financial support.
Some experts have blamed government schemes such as the Help to Buy scheme for causing a housing bubble, Economist Howard Archer said,
“While I think it is premature to talk about a housing bubble outside of London, there is substantial upward momentum in the housing market that is spreading and needs to be closely watched by policymakers. Once the housing market gains appreciable momentum, it can be hard to rein in.”
In the 2014 budget George Osborne announced plans to inject at least £650m to encourage new homes to be built, including right to build scheme.
The right to build scheme will mean people can get financial support from the government to build their home property, helping to increase housing stock.
While many expected a bold budget, few expected one which would range from increasing personal tax allowance to a radical change to pension.
Budget 2013 Points
- Personal tax allowance will rise to £10,500
- Emergency service workers will be exempt from pay inheritance tax
- Bingo duty cut from 20% to 10%
- Taxation on fixed-odds betting terminals increased 25%
- Married couple transferable tax allowance will rise to £1,050
- ISA Allowance increased to £15,000 annually
- Junior ISA allowance rises to £4000 per year
- Premium bond cap will increase to £40k June, then £50k in 2015
- New pensioner bonds which offers the best rates on the market
- Money taken from pension as lump sum on retirement to be reduced to 20% from 55%
- Lump some pension amount increased to £30,000
- Government lending to companies exporting will be increased to £3bn
- Business rates reduced for companies in enterprise zones for a further 3 years.
- A £119 billion cap will be placed on welfare for 2015/2016 (state pension & cyclical unemployment benefits are excluded)
Borrowing will fall year on year and in 2018/2019 there will be a £5bn surplus, according the estimates.
- 2013/14: £108bn
- 2014/15: £95bn
- 2015/16: £75bn
- 2016/17: £44bn
- 2017/18: £17bn
- 2018/19: -£5bn
- Help to Buy scheme will be extended until 2020
- Right to build will inject
- An addition 200k homes will be built with the support of the government
This was possibly the most far reaching budget the UK has been witnessed, with corporations, pensions, savers and workers all directly affected by it.
Whether you work full time, plan to move house or simply want to start saving, the 2014 budget will have had an impact on your future.
The law of England and Wales recognises a person’s right to live. But what about his right to die? Can a living will play a part in helping an individual end his life?
What is a living will?
A living will is unlike an ordinary will insofar as it does not outline the distribution of property or financial assets. It does, however, aim to assert the rights of an individual when he is unable to do so himself. More specifically, a living will establishes what kind of medical treatment a person can receive when, by reason of illness or injury, he lacks mental capacity to make his own choices.
Mental capacity is defined in detail in the Mental Capacity Act 2005. An individual could be said to lack mental capacity if he suffers a brain injury, slips into a prolonged state of unconsciousness or experiences symptoms of a sudden or degenerative condition that causes some kind of emotional, physical or cognitive impairment. Common causes of incapacity include dementia, stroke and serious head injury.