The Mail on Sunday is concerned that ruthless house buyers are slashing offers and using the pandemic as a justification.
One couple put their Victorian four-bedroom home in South London on the market and received an offer, which they accepted a few weeks later. This meant they could make an offer on a home in Margate. But days before they were due to exchange, the buyer dropped their offer by another £100,000, claiming coronavirus meant the value of the property had fallen.
The paper also reports Britain’s plan for a £25bn sovereign wealth fund: apparently, Whitehall chiefs are considering using taxpayer money to buy stakes in family firms all over the country.
They pose the question “Who’ll clean up after the pandemic?” Experts who can see into the future reveal all – and how you can invest in it.
Readers are urged to snap up profits by the tanker load with Braemar (although the headline reads ‘Breamar’ – tsk) in ships that store the world’s surplus oil.
The Sunday Times writes the obituary for income funds, reporting that with dividends collapsing, investors are increasingly trying to find regular returns – so what are income investors to do in these dramatically changed circumstances?
Bankers and tech workers seem to be the new mortgage prisoners; mortgage borrowers who rely on bonuses from their employer for part of their income are in danger of becoming stuck on expensive rates when their existing deals come to an end.
If any of your clients are lap dancers or dog breeders, beware – the taxman’s specialist investigators have collected £540m in extra revenue from cash-in-hand industries such as adult entertainment, dog breeders and the Lake District holiday industry.
The Sunday Telegraph notes that insurers are under pressure to refund ‘worthless’ policies during the pandemic; the Government advised against all but essential journeys, yet many people are still paying for travel insurance.
There’s the prospect of a perfect storm of coronavirus and tax hikes combining to push landlords to breaking point; buy-to-let investors in the North are the most highly leveraged, and it’s here where unemployment has risen the fastest so far.
Very worryingly, it seems that tens of thousands of women have been underpaid state pension to the tune of £100m. Despite missing decades of pension income, it turns out claims can only be backdated 12 months.
Thought for this Bank Holiday weekend (and boy, haven’t we been lucky with the weather during lockdown?) – “Investing should be more like watching paint dry or watching grass grow. If you want excitement, take $800 and go to Las Vegas.” – Paul Samuelson, winner of the Nobel Memorial Prize in Economic Sciences.
Let’s not get over-confident, health wins over wealth – stay cautious.
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