Weekly News:
- HMRC helpline to close next month, shut for six months each year thereafter.
- Inflation rate falls to 3.4%.
- Mortgage transaction period significantly shortened.
- Mortgage rates remained at 5.25%.
HMRC helpline to close next month
This week, HMRC has confirmed that its customer service helpline will temporarily cease operating from April 8th until September 30th.
Subsequent years will follow the same timeline.
During this period, taxpayers are encouraged to resolve any queries online.
This change will impact all services to varying degrees; further details will be provided next week.
Inflation rate falls to 3.4%
Latest data from the National Statistics Office shows that as of February, UK inflation has dropped to 3.4%.
This marks a continuous downward trend from previous months, hitting its lowest point in 30 months.
While a decrease in inflation does not necessarily equate to lower prices, it does indicate a slowdown in the rate of price increases.
Moreover, it remains unclear whether mortgage interest rates will follow suit.
Mortgage transaction period significantly shortened
Buying a house with a mortgage in the UK is set to become more challenging, with decisions needing to be made in a relatively short time frame.
New data reveals that mortgage transaction windows typically last only 15 days before automatically expiring.
This means customers must swiftly make decisions based on fluctuating rates and various mortgage products.
However, transactions often close prematurely, leaving customers out in the cold.
Mortgage Interest Rates Remain at 5.25%
The Bank of England announced its decision on mortgage interest rates this Thursday.
Mortgage rates remain at 5.25% as of May 9, 2024.
Experts suggest that interest rates are unlikely to decrease in the near term, despite anticipation for a rate cut.
