Read this morning’s papers: Stamp duty cut urged/Homebuilders charging help-to-buy premium

News

Helen Ozolins

09 August 2017

Hammond urged to cut stamp duty in budget (The Telegraph/FREE)
Chancellor Philip Hammond is being urged to use his budget this autumn to cut stamp duty, described by critics as a tax on moving.

Homebuilders charging help-to-buy premium (FT/£)
Homebuilders have been charging an up to 5% premium on help-to-buy properties, according to analysis by Stockdale Securities.

Bellway’s housing revenue likely 13% higher (FT/£)
Bellway’s housing revenue is estimated to have risen by more than 13% in the year ended 31 July, to £2.5bn.

IWG’s expansion weighs on profit (The Times/£)
Serviced office operator IWG saw pretax profit fall 4% to £80.8m in the first half of the year as capital expenditure doubled to £180m.

IHG focuses on expansion (The Telegraph/FREE)
Intercontinental Hotels Group will turn its focus to expanding the business more quickly, by buying and launching new brands, chief executive Keith Barr said.

Sales rise at Pets at Home (The Telegraph/FREE)
Pets at Home reported a 5% rise in sales to £257m in the three months to the end of July, as the number of dog visits to its Groom Rooms rose by 18%.

Future of small family farms under threat (The Times/£)
Small family farms could soon become a thing of the past, according to a report by the Campaign to Protect Rural England.

New Look reports lower sales, profit (The Telegraph/FREE)
Sales at New Look fell 4.4% on the year to £338.7m in the three months ended 24 June, while like-for-like sales dropped 7.5%.

Blackstone takes 51% stake in Banco Popular’s property portfolio (FT/£)
Blackstone has agreed the purchase of a majority stake in rescued Spanish lender Banco Popular’s property portfolio.

In the news this morning, stamp duty is making the housing crisis worse, holding back older homeowners who might otherwise downsize and preventing younger people from moving into larger accommodation. Philip Hammond is being urged to cut the tax in his autumn budget. Housebuilders have been charging an up to 5% premium on help-to-buy homes, as prices on such properties outpace other new-builds due to the incentives on offer for the latter. Bellway benefited from strong demand with percentage growth in housing revenue and completions both in double digits. Hammond urged to cut stamp duty in budget (The Telegraph/FREE) Chancellor Philip Hammond is being urged to use his budget this autumn to cut stamp duty, described by critics as a tax on moving. Homebuilders charging help-to-buy premium (FT/£) Homebuilders have been charging an up to 5% premium on help-to-buy properties, according to analysis by Stockdale Securities. Bellway’s housing revenue likely 13% higher (FT/£) Bellway’s housing revenue is estimated to have risen by more than 13% in the year ended 31 July, to £2.5bn. IWG’s expansion weighs on profit (The Times/£) Serviced office operator IWG saw pretax profit fall 4% to £80.8m in the first half of the year as capital expenditure doubled to £180m. IHG focuses on expansion (The Telegraph/FREE) Intercontinental Hotels Group will turn its focus to expanding the business more quickly, by buying and launching new brands, chief executive Keith Barr said. Sales rise at Pets at Home (The Telegraph/FREE) Pets at Home reported a 5% rise in sales to £257m in the three months to the end of July, as the number of dog visits to its Groom Rooms rose by 18%. Future of small family farms under threat (The Times/£) Small family farms could soon become a thing of the past, according to a report by the Campaign to Protect Rural England. New Look reports lower sales, profit (The Telegraph/FREE) Sales at New Look fell 4.4% on the year to £338.7m in the three months ended 24 June, while like-for-like sales dropped 7.5%. Blackstone takes 51% stake in Banco Popular’s property portfolio (FT/£) Blackstone has agreed the purchase of a majority stake in rescued Spanish lender Banco Popular’s property portfolio.