Money
Barratt and Redrow complete £2.5bn merger after CMA approval
The CMA has accepted the housebuilders’ offer to address local competition concerns.
The post Barratt and Redrow complete £2.5bn merger after CMA approval appeared first on Property Week.
Corbridge will oversee the group’s digital and technology strategy, reporting to chief financial officer Soumen Das.
The post SEGRO appoints former government official Corbridge as CIO appeared first on Property Week.
Adviser investment platform Transact has announced a new integration with fintech provider Moneyinfo to help streamline adviser-client communication.
The collaboration is part of Transact’s plan to integrate with technology providers to enhance efficiency and client engagement for the 2,000 adviser firms using the platform.
The integration with Moneyinfo simplifies document delivery, which is often a time-consuming process.
Through the integrated Moneyinfo portal and app, advisers can automatically deliver key client communication, including valuation reports and statements.
Removing this previously manual process will improve the operational efficiency of advisers, providing more time to focus on providing advice.
Plannr and Transact team up to ‘supercharge’ efficiency of advisers
Transact chief development officer Tom Dunbar said the platform’s overall strategy is to “make financial planning easier”.
“A key priority in doing this is to improve the technology ecosystem available to our adviser firms,” he added.
“By integrating with client portals like Moneyinfo we help advisers operate more efficiently and improve the client experience.”
Moneyinfo managing director Tessa Lee said the firm is “passionate about pushing the boundaries of technology” to benefit the wealth-management industry.
“Our collaboration with Transact is a direct response to what advisers have been asking for – greater efficiency and peace of mind,” she added.
“Through simplifying document delivery, this integration allows advisers to focus on their core business, knowing the technology is working behind the scenes to support them.”
In a statement, the companies said that, for adviser firms, the benefits of this integration go beyond time savings as the automation of documentation also provides a “seamless client experience”.
Advisers now have a choice in how they manage document distribution, with an option for Moneyinfo’s platform to handle everything from encrypted delivery to audit trails.
Chris Riley, MD at Seventy Financial Planning – a firm participating in the pilot – said: “It has transformed our processes and vastly improved the client experience. We no longer worry about chasing documents – it’s taken care of.”
Dunbar added: “We’re committed to empowering our clients with the tools they need to succeed in a competitive, fast-changing industry and working with like-minded firms like Moneyinfo helps us stay ahead of the curve, ensuring our adviser firms benefit from the latest innovations.”
Money
High street fashion chain launches closing down sale as shopping centre branch to shut for final time in weeks
HIGH street shoppers have been left at a loss as a major clothing store will close the doors of one of its stores for the final time.
The fashion chain with 345 branches across the UK has confirmed the closure in Kent.
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Locals of Dockside Outlet Centre in Catham have already spotted huge yellow sale posters in the windows of the Peacocks store, reported by Kent Online.
With 30 percent off “absolutely everything”, those planning on making their way to the clothing chain may want to move quickly as the site is set to shut soon.
The closing down sale will end on October 26 when the shop shuts.
Fans of the fashion retailer can still head to their nearest store which is under a mile away in Gillingham followed by Walderslade Co-Op in Medway.
Frequent visitors to Dockside Shopping Centre could turn to the neighbouring M&S Outlet, Roman Originals or Moss Bross that will continue to trade in the surrounding area.
Previously, the chain has been promoted by Louise Redknapp and Michael Owen acting as brand ambassadors.
Earlier this year, Peacocks announced it would close other high street stores in Hyde, Bury St Edmunds, Cornwall, Winchester amongst others.
The high street brand collapsed into administration in 2020.
After a spate of closures, the chain was rescued in April 2021 saving the remaining stores and 2,000 jobs.
The latest closures are not thought to be a result of financial decline or a precursor for further trouble.
Over the years, Catham buyers have taken to review the store on Google with many complementing the staff, service and product quality.
One user wrote: “Brought some good quality clothes for my daughter today at very good prices.
“Had a really good experience all round.”
Another said: “Very good and a excellent selection of clothes.”
Someone else put: “Friendly staff. Got what I needed. Even used my blue light NHS card and received a discount.”
A fourth wrote: “Lovely staff and great purchase.”
Why are retailers closing stores?
RETAILERS have been feeling the squeeze since the pandemic, while shoppers are cutting back on spending due to the soaring cost of living crisis.
High energy costs and a move to shopping online after the pandemic are also taking a toll, and many high street shops have struggled to keep going.
The high street has seen a whole raft of closures over the past year, and more are coming.
The number of jobs lost in British retail dropped last year, but 120,000 people still lost their employment, figures have suggested.
Figures from the Centre for Retail Research revealed that 10,494 shops closed for the last time during 2023, and 119,405 jobs were lost in the sector.
It was fewer shops than had been lost for several years, and a reduction from 151,641 jobs lost in 2022.
The centre’s director, Professor Joshua Bamfield, said the improvement is “less bad” than good.
Although there were some big-name losses from the high street, including Wilko, many large companies had already gone bust before 2022, the centre said, such as Topshop owner Arcadia, Jessops and Debenhams.
“The cost-of-living crisis, inflation and increases in interest rates have led many consumers to tighten their belts, reducing retail spend,” Prof Bamfield said.
“Retailers themselves have suffered increasing energy and occupancy costs, staff shortages and falling demand that have made rebuilding profits after extensive store closures during the pandemic exceptionally difficult.”
Alongside Wilko, which employed around 12,000 people when it collapsed, 2023’s biggest failures included Paperchase, Cath Kidston, Planet Organic and Tile Giant.
The Centre for Retail Research said most stores were closed because companies were trying to reorganise and cut costs rather than the business failing.
However, experts have warned there will likely be more failures this year as consumers keep their belts tight and borrowing costs soar for businesses.
The Body Shop and Ted Baker are the biggest names to have already collapsed into administration this year.
The typical property value last month was £293,399, just £108 below a record high of £293,507 set in June 2022, Halifax said.
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Vitality has announced several changes to its income protection product to cover more occupations.
The provider said that from today (7 October), it will expand its range of deferral periods for a further 280 occupations including manual occupations and skilled trades such as plumbers, mechanics and warehouse workers.
The changes will see even more individuals become eligible for shorter one and two-month deferred periods.
Additionally, it has extended the maximum retirement age to 70 for 22 occupations including teachers, nurses and care workers.
This has been changed to reflect the different ways people are working, many retiring much later in life.
Vitality also announced that it will be moving 349 manual roles and skilled trade occupations to an Own Occupation definition of incapacity, replacing their Special Definition that was previously used.
This change means these occupations will now be assessed on an Own Occupation basis for the entirety of their claim.
These changes build on the provider’s previous enhancements made in 2023, which included the introduction of access to private healthcare for claimants through their Recovery Benefit and the Vitality Income Boost.
The latter boosts claims by up to 20% for the first six monthswhen members engage with the Vitality programme.
It also introduced enhanced Guaranteed Insurability Options, allowing members to increase their term and shorten their deferred periods after a change in occupation.
Justin Taurog, managing director, Vitality Life said: “Income protection provides people with support during an incredibly difficult time, and we are pleased to be able to update our product in this way, and expand access to our cover.
“Vitality has a core purpose to make people healthier and to enhance and protect lives.
“Today’s announcement is the latest in the evolution of our income protection product, and when combined with our unique access to our UK-wide network of physiotherapists and mental health support that help people get back to work as part of their cover, and the Vitality Programme, we can both protect our members and support them to live a healthier life for even longer.”
Money
First-time buyers must act NOW to save £15k on property purchase – cheapest places to get on the ladder
THOUSANDS of first-time buyers have been warned to act now to save up to £15,000 in Stamp Duty.
The amount you can spend on a property before incurring Stamp Duty will fall on March 31 2025, penalising thousands of would-be homeowners.
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Stamp Duty is a tax you may have to pay if you buy a home in England or Northern Ireland that is worth more than a certain price.
For most homeowners this is above £250,000.
But the amount that a first-time buyer could spend was increased to £425,000 in the September 2022 mini-budget.
First-time buyers also benefit from a further discounted rate on property purchases of up to £625,000.
From April these thresholds will plummet.
Properties with a value of up to £300,000 will not incur a Stamp Duty charge, while the reduced rate will only apply to homes worth up to £500,000.
The changes will mean that someone buying a property worth £425,000 would currently pay no Stamp Duty but from April will owe the taxman £6,250.
But in some areas of London first-time buyers could be slapped with tax bills which are £15,000 higher than before once the thresholds are slashed.
Should I act now?
It usually takes around 25 weeks from listing a property to completing a sale, according to property website Zoopla, which means buyers have limited time to beat the deadline.
David Hollingworth, of mortgage broker L&C, said first-time buyers should act now to avoid being penalised.
“First time buyers wanting to be sure that they can take advantage of the elevated Stamp Duty relief before it reverts to the lower levels in March will want to be in the process as soon as possible.”
Although a first-time buyer may be able to move quickly, the person they are buying the property from may be in a transaction chain, he explains.
This is when you want to buy a house but need to wait until your seller buys their next property.
How to get the best deal on your mortgage
IF you’re looking for a traditional type of mortgage, getting the best rates depends entirely on what’s available at any given time.
There are several ways to land the best deal.
Usually the larger the deposit you have the lower the rate you can get.
If you’re remortgaging and your loan-to-value ratio (LTV) has changed, you’ll get access to better rates than before.
Your LTV will go down if your outstanding mortgage is lower and/or your home’s value is higher.
A change to your credit score or a better salary could also help you access better rates.
And if you’re nearing the end of a fixed deal soon it’s worth looking for new deals now.
You can lock in current deals sometimes up to six months before your current deal ends.
Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost.
But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal – but compare the costs first.
To find the best deal use a mortgage comparison tool to see what’s available.
You can also go to a mortgage broker who can compare a much larger range of deals for you.
Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender.
You’ll also need to factor in fees for the mortgage, though some have no fees at all.
You can add the fee – sometimes more than £1,000 – to the cost of the mortgage, but be aware that means you’ll pay interest on it and so will cost more in the long term.
You can use a mortgage calculator to see how much you could borrow.
Remember you’ll have to pass the lender’s strict eligibility criteria too, which will include affordability checks and looking at your credit file.
You may also need to provide documents such as utility bills, proof of benefits, your last three month’s payslips, passports and bank statements.
Buying a property can also take longer than people think as it may take time for an offer to be accepted because of practical issues or completing legal paperwork.
He adds: “Having as long as possible to keep things on track for a March deadline will be important, especially with Christmas on the horizon.”
The festive season frequently brings the property market to a standstill which can slow the process of buying a house and push completion dates into the New Year.
Incentives such as Stamp Duty “holidays” can also create a cliff edge deadline, which can create a busier period in the property market as buyers rush to complete their purchases.
But there may be hope for buyers who have not yet started the process.
The Chancellor could unveil plans to extend the policy in the Budget on October 31, which would give buyers more chance to complete their purchase.
The last Stamp Duty holiday was extended for three months in order to allow buyers to complete on their purchase if they were stuck in a housing chain.
The holiday had been introduced to help keep the property market afloat during the pandemic after thousands of property transactions fell through.
It was extended after calls from home buyers and experts to allow more time to finalise property sales.
Where are the cheapest areas to buy?
The average price of a first-time buyer property can vary substantially depending on where you live.
Hull is the cheapest area in the UK to purchase a home for the first-time.
A typical first property in the area is worth £114,300, more than half of the average sold price of a home in the UK, which is £328,457 according to Zoopla.
Sunderland comes in second place at £122,600 for an average first home.
Meanwhile, Burnley and Dundee were also ranked as affordable areas, coming in third and fourth place respectively at £128,800 and £131,700.
Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.
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