Stamp Duty change whips up a storm

first_imgREPORT HEADLINESRightmove: “Buy-to-let ignites chain reaction, driving prices to record high.”NAEA: “Glimpse of light at end of the tunnel for first time buyers.”RICS: “Buyer demand contracts as April Stamp Duty deadline passes.”Nationwide: “Annual pace of house price growth moderates in April.”Halifax: “Annual house price growth eases to 9.2 per cent.”LSL Acadata HPI: “London house prices break through the £600k barrier.”Hometrack: “City level house price inflation accelerates as investors rush to beat stamp duty deadline.”Land Registry: “The annual price change now stands at 6.7 per cent.”LATEST NATIONAL MARKET MOVEMENTSKate says: Well Mr Osborne and Mr Carney… that didn’t go quite according to plan! The rationale for the introduction of the new 3 per cent Stamp Duty for second home owners, especially aimed at buy-to-let investors, was to reduce the impact of a potential ‘bubble’ in house prices, which would worsen the effect of a recession on house prices in general. Instead, what appears to have happened to date is succinctly put by the CML, “The distortion caused by this stamp duty change appears to be larger than any previous stamp duty change we’ve seen.” Oops! As we can see the price growth (bar Halifax) pretty much caused, albeit in the short term, exactly what it was supposed to have prevented!The distortion caused by this stamp duty change appears to be larger than any previous stamp duty change that we have seen.However, it was all pretty good news for the industry with transactions being more of a driver of performance than property prices. According to Nationwide, “There were 165,400 transactions in March, an all-time high, some 11 per cent higher than the previous peak of c149,000, recorded in January 2007.”And it doesn’t seem to be having a tremendously bad effect on April’s sales, in fact in some regions landlords are now coming to them, moving away from London/South to invest, as stamp duty bills are lower, while others are using the 3 per cent stamp duty hike as an opportunity to negotiate money off the purchase. So far, so good for the industry, although the treasury will benefit from extra funds to invest in first time buyer initiatives, it doesn’t appear to have dampened investors’ enthusiasm to purchase more property.However, a slowdown may just not have filtered through the figures yet, as the Halifax reports that confidence in the UK housing market “is at its lowest level in over a year.” (Halifax Housing Market Confidence Tracker).REGIONAL PRICE DIFFERENCESRICS: “Most parts of the UK report price increases with London and the North of England the only exceptions. London reported a second, albeit modest monthly decline, while prices in the North of England remained broadly unchanged.”LSL Acadata HPI: “London led the way this April, with the value of the average home in the capital breaking through the £600,000 barrier. The average house price in London has almost doubled over the past seven years, up from £321,917 in April 2009.“This is the first time nine regions have broken records in the same month since October 2007 at the height of the boom – as the market has now fully recovered from the crash.”Hometrack: “The highest increase in house prices in the last quarter was recorded in Liverpool as prices rise off a low base, closing the gap to other major cities such as Manchester and Leeds where house price growth is running at over 7 per cent per annum – the highest year on year growth since 2007.”Land Registry: “The region with the most significant annual price increase is London with a movement of 13.9 per cent. The North East saw the only annual price fall with a movement of -0.7 per cent. Yorkshire & the Humber saw the most significant monthly price decrease with a movement of -2.6 per cent.”Kate says: Never before have I seen a time when the agent is crucial in determining the value of a property, for me, their local expertise is essential. This is good news for the agents that can market this knowledge to their advantage.”LSL ACADATA HPIHeat Map of the annual change in the average house price, by region, March 2016DEMAND FOR PROPERTYNAEA: “Sales to first time buyers (FTBs) increased in March, with 28 per cent of total sales made to the group; an increase from February, when 24 per cent of sales were to FTBs. The number of sales agreed on average per branch increased in March, rising from nine last month to 10 this month.”RICS: “New buyer enquiries declined during the month, with the fall widespread across the UK and only Scotland and East Anglia seeing some modest growth. While reduced demand from buy to let and second homes appears to have been the main cause of this fall, it may also reflect some uncertainly beginning to enter the market in the run up to the UK’s referendum on its EU membership.”Nationwide: “There was a surge in the number of residential property transactions in March ahead of the introduction of the additional stamp duty levy. There were 165,400 transactions in March, an all-time high, c11 per cent higher than the previous peak of c149,000 in January 2007.”Agency Express: “National data recorded by the Property Activity Index revealed a decline in properties ‘sold’ with figures falling by -1.5 per cent. Across the UK the regions recording the largest month on month increases included the South East +4.6 per cent, East Anglia +3.5 per cent, Wales +3.1 per cent, Yorkshire & Humber +2.3 per cent and North West +1.7 per cent.”Bank of England: “The number of loan approvals for house purchase was 71,357 in March, broadly in line with the previous six months.”BBA: “Gross mortgage borrowing of £17.1 billion in March was 64 per cent higher than a year ago and the highest borrowing since April 2008 following a reported sharp increase in purchase of buy-to-let and second homes, ahead of the increase in stamp duty. The number of mortgage approvals in March was 20 per cent higher than a year ago; remortgaging up 25 per cent and house purchase up 14 per cent.”Land Registry: “In October 2015 to January 2016, sales volumes averaged 74,374 transactions per month, an increase from the same period a year earlier, when sales volumes averaged 73,744 per month.”Kate says: Most of the indices this month point to a change in demand in the market place following one of the biggest transaction months for some time in March. Rightmove talks about far more people ‘trading up’ and there is an expectation and some evidence from the NAEA that first time buyers are seizing on the idea that less buy to let investors are buying, and coming back to see what the competition to buy is like. However, so far there doesn’t seem to be a substantial fall in buy to let investors and in some cheaper areas some agents are reporting more enquiries.SUPPLY OF PROPERTYNAEA: “The number of properties available soared by 54 per cent in March to 54 per branch – up from 35 in February.”RICS: “Supply conditions remain tight with 8 per cent more surveyors reporting a fall in new instructions to sell rather than a rise. This decline was quite widespread with the majority of areas seeing a decrease in the number of new properties coming onto agents’ books.”Agency Express: “After a slowdown during March, April’s property market bounced back with national new listings ‘for sale’ figures rising by 8.2 per cent. Across the rest of the UK, nine of the twelve regions recorded reported increases in new listings ‘for sale’ with the South East reporting their largest increase in new listings up by 25.3 per cent. The other regions recording the largest month on month increases include London +16.1 per cent, Yorkshire & Humber +12.4 per cent, South West +10.8 per cent and Wales +10.7 per cent.”Kate says: Mixed indices feedback this month, with the NAEA suggesting a surge in March of 54 per cent for stock per branch and Agency Express seeing huge growth in London and the South East, although sold numbers were down a bit. The RICS however, reports the opposite, with a rise in the number of surveyors saying new instructions have fallen, although this could be due to the huge rises experienced in March/early April, and supply has fallen back since.The good news too is that the HBF are working more transparently with the government and local authorities to help reach the target of one million more homes by 2020. Now, therefore, new build has to be a core part of any agent’s strategy.”Kate Faulkner, Property Market Analyst and Commentator www.propertychecklists.co.uk Email: [email protected] Telephone: 01652 641722market movements property taxation kate faulkner property indices regional price differences stamp duty supply of property taxes demand for property June 27, 2016The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Stamp Duty change whips up a storm previous nextRegulation & LawStamp Duty change whips up a stormDesigns on Property tracks and summarises the monthly property indices. Kate Faulkner says, “Even the higher taxes haven’t dampened investors’ enthusiasm.”Kate Faulkner27th June 20160666 Viewslast_img read more

NG contracted for new all-electronic bomb fuze deliveries

first_img View post tag: FMU-139D/B View post tag: Bomb fuze Photo: Illustration: US Navy photo of an F/A-18F Super Hornet fully loaded with 10 GBU-32 1,000 pound bombs aboard the aircraft carrier USS George H.W. Bush (CVN 77). Share this article View post tag: Northrop Grumman The US Navy has awarded Northrop Grumman a contract to deliver the first serial FMU-139D/B, a new all-electronic bomb fuze suitable for many general purpose bombs.With the US Navy’s decision this January to authorize full rate production, the improved FMU-139D/B bomb fuze will increase performance and reliability.The FMU-139D/B replaces three legacy bomb fuzes – FMU-139C/B, FMU-152 and most FMU-143s – which were manufactured with technology that relied on mechanical mechanisms to safe and arm each fuze. In contrast, the FMU-139D/B relies on electronics to safe and arm the device.“The FMU-139D/B’s all-electronic nature improves affordability. It is easier to manufacture, assemble and test than other legacy fuzes,” Pat Nolan, vice president, missile products, Northrop Grumman, said.FMU-139D/B production orders have the potential to exceed $400 million over the next four years under the production contract. FMU-139D/B will be used by both the US Navy and the US Air Force, and the Navy Program Office will manage the requirements.The FMU-139D/B will be produced at Northrop Grumman’s Allegany Ballistics Laboratory (ABL) facility in Rocket Center, West Virginia. The FMU-139D/B is designed to be a multi-purpose fuze equipped with general purpose characteristics and also serves as a highly survivable fuze for penetrator weapons. View post tag: US Navylast_img read more

Business parks

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Coronavirus Quick Test Becomes Available This Week in South Florida

first_imgSouth Florida hospitals and long-term-care facilities this week will begin to receive coronavirus tests that will provide results in just five to 13 minutes.The tests, which health officials are referring to as a “game-changer,” will be available at some hospitals in our region on Monday. As more of the tests are made, they should also become available at drive-thru testing sites.Cleveland Clinic Florida, Memorial Healthcare and Broward Health are among the South Florida hospital systems to have the tests already.“Those tests will be prioritized to caregivers, to inpatients and to nursing home patients to ensure they are virus-free before they go back to a nursing home,” says Cleveland Clinic CEO Wael Barsoum.Meanwhile, Cleveland Clinic will continue to conduct traditional testing at its four drive-thru sites, where it will still take an average of two or three days to get results.The hospitals bought the tests directly from Abbott Laboratories, a global health care manufacturer.On Friday, Florida Gov. Ron DeSantis said he has asked that some of the rapid tests Abbot is producing also be sold to nursing homes and adult living facilities throughout the state.“They could be used on staff and at least to do some spot checks of residents to see if this virus is penetrating any of their facilities,” DeSantis said. “Many of you know there is a crush on medical supplies and these tests are in demand. We will get whatever we can get for the state. We are working to see if some of those can be applied in a way that can directly protect senior citizens.”Abbott says it is producing 50,000 tests a day and will them ship daily to more customers in more places, with plans to increase manufacturing to eventually produce 2 million tests a month by June.In addition, Baptist Health South Florida has has developed a test in house to get results in 24 hours. “Rapid turnaround time for testing is particularly important with cancer patients,” said Dr. Guenther Koehne, deputy director at Baptist Health’s Miami Cancer Institute.last_img read more

SPSCC Welcomes 16 New Full-Time Faculty Members

first_imgFacebook21Tweet0Pin0Submitted by South Puget Sound Community CollegeThis year, South Puget Sound Community College (SPSCC) is delighted to welcome 16 additional members across four divisions to the ranks of its full-time faculty. While some faces may be familiar and others brand new, they all bring a valuable diversity of backgrounds, education, and life experience to the college community.Applied Technology DivisionAdam WatersArchitecture, Engineering & Construction ProfessorAdam received his Associate of Science in Mechanical Design and Drafting Technology from Green River Community College and his Bachelor of Science in Mathematics from University of Massachusetts.Andrew LeirenCybersecurity Networking ProfessorAndy received his Associate in Applied Science degrees in IT- Desktop Support and Computer Network Administration from South Puget Sound Community College and his Bachelor of Arts in Education and Mathematics from The Evergreen State College.Andrew has worked part-time for the college since September 2013.Brian EriksenAutomotive ProfessorBrian received his Associate of Applied Science degree and Automotive Certificate from South Puget Sound Community College.Brian has worked for the College since April 2017.Gordon Gül CIS Programming ProfessorGordon received his Associate of Arts and Sciences in Pre-Medicine from Lower Columbia College, his Bachelor of Science in Computer Science and Game Development from Malmo University and his Master of Science in Software Engineering from Lund University, Lund Institute of Technology.Humanities and Communication DivisionCameron May Music Professor – InstrumentalCameron received his Bachelor of Music Education from University of Colorado and his Masters of Music in Conducting from University of Illinois.John GuarenteMusic Professor – ChoralJohn received his Bachelor of Arts in Music and Master of Music in Choral Conducting from Rutgers University and his Doctor of Musical Arts in Choral Conducting from University of Miami.Jolynn Amrine GoertzEnglish Professor – Composition & Multicultural StudiesJolynn received her Bachelor of Arts in English from John Brown University, her Master of Arts in English from The Queen’s University Belfast and her Master of Arts in Anthropology from University of Alabama.Kiffen DoschEnglish Professor – CompositionKiffen received her Associate of Arts from Wenatchee Valley College and her Bachelor of Arts and Master of Arts in English from Central Washington University.Kiffen has worked part-time for the college since January 2014.Natural and Applied Sciences DivisionAnnette Hill-OnstottNursing ProfessorAnnette received her Associate Degree in Nursing from Grays Harbor College and her Bachelor of Science and Master of Science in Nursing from Western Governors University.Emily BoyceMathematics ProfessorEmily received her Associate of Arts from South Puget Sound Community College, her Bachelor of Science in Mathematics from Saint Martin’s University, and her Master of Science in Mathematics and Mathematics Education from Montana State University.Jessie HubbardNursing ProfessorJessie received her Bachelor of Arts in Psychology and her Master of Science in Nursing from Pacific Lutheran University.Rembrandt HaftBiology ProfessorRembrandt received his Bachelor of Arts in Biology from Pomona College and his Doctor of Philosophy in Microbiology from University of Washington.Rembrandt has worked for the college since January 2015.Sailaja ArungundramChemistry ProfessorSailaja received her Master of Science in Chemistry from University of Madras, her Master of Science in Organic Chemistry from New Mexico State University and her Doctor of Philosophy in Organic Chemistry from University of Georgia.Social Science and Business DivisionAdam TenenbaumParalegal ProfessorAdam received his Bachelor of Arts in English Literature from Northwestern University and his Juris Doctor from University of California, Berkeley School of Law.Elena GarrisonBusiness ProfessorElena received her Bachelor of Science and Master of Science in Economics, Business and Accounting from The Urals State University of Economics and her Master of Business Administration and Doctor of Education from The University of Montana.Emily WallaceCulinary Arts ProfessorEmily received her ACF Certified Culinary Certificate from Renton Technical College.Emily has worked for the College since September 2016.last_img read more