Archive for December, 2009

House prices to rise by around 2% early next year

Tuesday, December 22nd, 2009

House prices will edge up only slightly in 2010 amid continued economic uncertainty, the Royal Institution of Chartered Surveyors (RICS) predicts.

The average cost of a new home will be up by just 1% to 2% by the end of the year, RICS said. House prices to rise 1% to 2% in 2010, RICS says

However RICS also thinks that monthly home sales in the final quarter of the year will rise to around 70,000 from the current level of 55,000 to 60,000. It predicts that a shortage of homes available for sale will squeeze prices higher in the early part of 2010 so if you’re looking to buy, it might be worth calling the removals company sooner rather than later.

‘However, the combination of more available property and the beginning of the exit strategy from the big stimulus programs that have helped support the economy will gradually exert a greater influence,’ said Simon Rubinsohn, RICS chief economist.

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City brokerage helping staff move overseas

Friday, December 18th, 2009

In light of the latest UK Budget tax amendments, which include a 50% tax on bank bonuses of more than £25,000 and a new 50% income tax rate from April 2010, a City of London brokerage has said it will help staff who wish to reduce their tax burden relocate overseas.

Tullet Prebon said it would assist staff in moving to countries “which have more certain taxation regimes”, which is likely to trigger a spike in international movers.

“The board has concluded that it is in the best interests of shareholders to respond to requests from desks to relocate out of the UK and will seek to facilitate, where possible and appropriate, relocation to the company’s other offices around the world which have more certain taxation regimes,” a Tullett spokesman said.

Tullett, which employs 700 brokers in the UK, has offices in 21 countries outside of the UK.

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Britain’s bankers leave the UK in droves

Tuesday, December 15th, 2009

The number of Britons moving abroad has risen as high-earners look for ways to protect their money from tax increases.

Chancellor Alistair Darling’s announcement that bankers’ bonuses over £25,000 would be hit by a 50 per cent tax rate has seen the nation’s wealthy leaving at a rate of ten a week, according to research into overseas removals from the Sunday Times newspaper.

By escaping the government’s windfall tax these soon to be expatriates could find that their pay goes further abroad than in the UK.

So far, Asia has been a popular choice, with high profile workers such as HSBC’s chief executive Michael Geoghegan recently making the move to Hong Kong.

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