Equity release market on course for record-breaking year
The UK’s equity release market is on track to break the £4 billion barrier as 2021 comes to a close, according to the Equity Release Council (ERC).
Homeowners reportedly took out £1.049bn in property wealth in the three months to 30 September 2021, the council said.
Savers exposed as lifetime allowance protection wanes
The number of people protecting themselves against breaching the lifetime allowance slowed in the last year.
Curtain comes down on stamp duty land tax holiday
The stamp duty holiday in England and Northern Ireland has ended, more than 14 months after it first came into effect.
The tax break saw buyers who purchased residential properties for £500,000 or less pay no stamp duty until 30 June 2021, although landlords still had to pay the 3% surcharge.
Stamp duty land tax holiday fuelled equity release spike
Homeowners released £1.17 billion of property wealth between April and June 2021, said the Equity Release Council (ERC).
Tax savings on offer from the stamp duty holiday are thought to have spurred on over-55s to help their children get onto the property ladder.
Lower stamp duty land tax threshold in place until October
The stamp duty land tax-free threshold in England and Northern Ireland reduced last month, as the tax holiday introduced in July 2020 began to be phased out.