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☆ UK housing index at 11-year low on rate-hike fears
▼ + stars: | 2022-09-26 | by ( Yadarisa Shabong | ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterEstate agent signs are seen outside a residential housing in south London, Britain, August 6, 2021. Register now for FREE unlimited access to Reuters.com RegisterThe housebuilders index fell 6% to hit its lowest level since March 2013. "The weak pound is driving expectations for further rate increases, which means lower house prices," Peel Hunt analyst Sam Cullen said. Shares of Taylor Wimpey hit their lowest since 2014, Persimmon since 2016, and Barratt and Berkeley stocks since March 2020. Register now for FREE unlimited access to Reuters.com RegisterReporting by Yadarisa Shabong in Bengaluru; Editing by Anil D'Silva and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Britain cuts stamp duty tax on property purchases
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +2 min

Register now for FREE unlimited access to Reuters.com RegisterNew British Chancellor of the Exchequer Kwasi Kwarteng walks outside Number 10 Downing Street, in London, Britain September 6, 2022. "The steps we've taken today mean 200,000 more people will be taken out of paying stamp duty altogether," he said in a tax-cutting mini-budget designed to spur economic growth. Register now for FREE unlimited access to Reuters.com RegisterStamp duty, payable in England and Northern Ireland, is a graduated tax, which rises in steps to 12% on the portion of the property price above 1.5 million pounds. There was a stamp duty holiday during the COVID-19 pandemic, which initially increased the nil band to 500,000 pounds, stimulating a market which rose to record levels. ($1 = 0.8937 pounds)Register now for FREE unlimited access to Reuters.com RegisterReporting by Paul Sandle, David Milliken and Kylie MacLellan; editing by Alistair SmoutOur Standards: The Thomson Reuters Trust Principles.

☆ Reactions: Britain's finance minister unveils "mini budget"
▼ + stars: | 2022-09-23 | by ( ) www.reuters.com time to read: +5 min

Britain's blue-chip stocks (.FTSE)remained mired in the red, in line with a broader equity-market decline. FOREX: Sterling extended losses, falling 1.9% on the day to around $1.1047, having hit a new 37-year low earlier on. British homebuilders and household goods makers hit session highs, buoyed by the prospect of consumers getting tax breaks. The tax-cutting budget and ‘go for broke’ growth aims are unlikely to change the longer-term bearish GBP trend." If you get more fiscal stimulus and less monetary stimulus, that’s something that’s buoyant for the currency.

REUTERS/Andrew BoyersSept 21 (Reuters) - Shares in British homebuilders rose sharply on Wednesday morning after a media report said the government would cut stamp duty - a tax on property purchases - in a mini-budget on Friday. Peel Hunt analyst Sam Cullen said any stamp duty cut could help housebuilders better offset inflation in building costs, which has been largely cushioned by higher house prices. The Times said the plan to cut stamp duty would be part of new Prime Minister Liz Truss's drive to boost economic growth. A temporary stamp duty cut was used to support the market by previous finance minister Rishi Sunak during the COVID-19 pandemic. Currently, no stamp duty is paid on the first 125,000 pounds ($141,650) of any property purchase.

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