Top headlines of the week: Prime Minister believes new property taxes are replaced with stamp duty and taxes on luxury homes exceed £1.5m
Explore these major industries and other major industries updates:https://www.youtube.com/watch?v=9r_ffrarh_8
Prime Minister believes that new property tax is replaced by stamp duty: Report
Prime Minister Rachel Reeves is weighing plans for new property taxes on homes worth more than £500,000, which could eventually replace stamp duty and impose council taxes in the long run.
Proposals considered include national taxation, payment for sale of high-value homes, and potential local property taxes to support the Council’s finances.
Officials are exploring phased implementation, with about one-fifth of real estate sales likely to be affected. The ideas are based on recommendations from the think tank report, which argues that such reforms will make the system more equitable and easier to act on. The fiscal data stressed that their focus remains on economic growth rather than widespread tax increases.
The principal’s stamp duty reorganization plan divides industries
Prime Minister Rachel Reeves responded differently to the review of the municipal tax from the housing and mortgage sectors, with more than £500,000 in proposing property taxes on the home.
Supporters including PropertyMark and RIC said reforms could reduce barriers such as stamp duty, encourage mobility and make the system more equitable, although they stressed that changes must support first-time buyers and avoid penalties for disadvantaged homeowners.
Commentators, including asking partners and financial planners, warn that the plan has the potential to distort the market, create artificial price caps and increase complexity while failing to address long-term issues such as housing supply. Many believe that such tax reforms may only provide short-term restoration without more homes being built.
Barclays introduces 15 minutes of broker application
Barclays overhauled the broker’s mortgage application and introduced a faster, more intuitive system that can be completed in 15 minutes.
Upgrades shaped by brokerage feedback simplify affordability checks, basic certificates and overall application journeys, and feature features such as drag-and-drop document uploads, larger file limits, and real-time progress updates.
The bank said the renovation would reduce administrators, eliminate rekeys and reduce application time to two-thirds, reflecting its broader commitment to supporting intermediate partners.
Reeves taxes on luxury homes over £1.5m: Report
Prime Minister Rachel Reeves is reportedly considering ending capital gains tax exemption for major homes worth more than £1.5m, a move that could affect about 120,000 high-interest taxpayers with bills up to £200,000. The scheme, known as the “luxury house tax”, mainly affects London and the southeast, where property is most common.
Critics warn that this could prevent high-value sales, attack pensioners who rely on property wealth and prevent shrinking while increasing the burden on the proposed stamp duty reform. The measure aims to block a £20 billion shortfall in public finance and is expected to consider the fall budget.
TMG staking network accounts for Belton
To date, TMG Mortgage Network has appointed industry-experienced Danny Belton as the head of club and partner strategy, thus becoming the “maximum hiring”.
With over 35 years of experience, including senior positions in the Legal and General and Mortgage Advisory Bureau, Belton will focus on strengthening connections with lenders, providers and strategic partners while expanding collaboration in the network industry.
CEO Scott Thorpe said the appointment signal represents TMG’s innovation and growth ambitions, while Belton describes his role as an opportunity to build stronger relationships and create more opportunities for members.
NATWEST launches additional borrowing “Anytime” during mortgage period
NATWEST has launched new additional lending loans, allowing existing mortgage clients to apply for additional funds of £10,000 to £500,000 at any time of their term, not just in the four-month rolling window.
The lender also has features such as improved document uploads, upfront product selection, acceptance of foreign revenue, easier case tracking and clearer decision making, enhancing the broker hub.
Nadine Edwards, head of agency distribution, said the move aims to empower brokers and place it at the center of Natwest’s home ownership growth strategy.
Barclays lowered prices, starting at 3.75%
Barclays’ several residential fixed products have lowered interest rates, with two years of purchase fixed at 60% LTV, down 11bps at a rate of 3.75%, and at 75% LTV, it’s significantly lowered to 3.79%, down 22bps, all of which are £899. It also cut the two-year decisive loan fix by 3.96% at a 75% LTV price, at a cost of £999.
In addition to the reduction, the bank has launched two new deals: a free fee of 80% LTV with a two-year fixed amount of 4.05%, and a two-year uncharged double-year Cash currency of 80% LTV with a fixed amount of 4.46%.
The UK rent affordability gap widens in other parts of the UK: ONS
According to ONS data, private renters in England spend an average of 36.3% of their income on rent, well above the 30% affordability threshold, with Londoners hitting the highest at 41.6%.
In Wales and Northern Ireland, affordability is better, where families earn about 26% on rent and lower incomes in areas such as Hartlepool, at just 15.9%. By comparison, Kensington and Chelsea Swallows account for 74.3% of local revenue.
Analysts warn that fast rent rises within strong demand, high mortgage rates and limited rental supply have struggling for many tenants, while campaigners urge government action to curb costs and support investment in the private rental sector.
In July, inflation rose to 18-month high of 3.8%: ONS
Inflation in the UK rose to 3.8% in July, up from 3.6% in June, driven primarily by higher air fares, although housing costs helped offset some growth.
The figure still far exceeds the Bank of England’s 2% target, but Gov. Andrew Bailey warned that the target could reach 4% by September despite slowing wage growth. This rise is skeptical of the prospect of further lowering base rates this year after BOE’s narrow 5-4 votes to lower interest rates to 4%.
Analysts warn that ongoing inflation could make longer borrowing more expensive, affecting mortgage transactions while increasing pressure on households and complicating Prime Minister Rachel Reeves’ plans ahead of the fall budget.
Quantum mortgage employs two BDMs
Quantum Mortgages has strengthened its sales team by appointing Nik Sukara and Lichelle Samra as business development managers in the northern and central regions of England, respectively.
Sukara brings expertise in professional loans, while Samra will focus on overseas customers and complex purchase cases. Both will join the national account manager led by Chief Commercial Officer Harsha Dahyea, who welcomes their experience and energy to support lender growth in these regions.
