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Property tax threat is slowing down housing market, say UK agents

about 5 hours ago
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Speculation that the chancellor could announce new property taxes in her autumn budget is likely to slow down an already price-sensitive housing market, estate agents have said.Rachel Reeves is reportedly considering a tax on the sale of homes over £500,000 and the removal of the capital gains tax exemption on primary residences above £1.5m as ways to boost income for the government.The property website Zoopla said changes to the taxation of homes over £500,000 “may make some buyers consider a wait-and-see strategy.This covers those who may possibly save money on purchases under £500,000 and concern those buying over this level as well.

”It said a third of homes for sale were priced at more than £500,000, with London and the south-east of England in line to be most affected by a change.The website’s latest monthly snapshot of the property market showed the number of sales agreed was up by 5% year on year in July and that average prices had risen by 1.3%.One in 10 homes listed had been reduced in price, above the five-year average of 6% of homes.Homes that have been reduced are typically on the market for almost two and a half times longer than those that are priced well when they go on the market, Zoopla said.

Richard Donnell, an executive director at Zoopla, said: “Sellers need to understand local market conditions when considering how to market their home, setting the right price and how quickly they would like to sell.The risk of being too ambitious on price is your home taking more than twice as long to find a buyer, or not selling at all.”Jeremy Leaf, an estate agent and former chair of the Royal Institution of Chartered Surveyors, said: “The market inevitably lost a little steam over the summer period with so many decision makers away and listings continuing to pile up.”He said agreed sales were going ahead but added: “Unfortunately, perhaps the government do not appreciate that even rumours of a new property tax can have a detrimental impact on housing market confidence and activity, which we certainly witnessed on the ground since the story broke last week.”Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionTom Bill, the head of UK residential research at Knight Frank, said: “A price-sensitive housing market has become a whole lot more price-sensitive over the last fortnight thanks to the speculation around property taxes.

”He said that in the run-up to the budget there could be “weeks of more speculation in a tiresome re-run of 2024 that will keep a lid on transaction activity and stamp duty revenue”.
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Five current and ex-Microsoft workers arrested at sit-in over Israeli military ties

At least two current and three former Microsoft employees – as well as two other tech workers – were arrested at the company’s headquarters after staging a sit-in demonstration at the company president’s office urging that Microsoft cut ties with the Israeli government.Police placed the protesters in full-body harnesses and carried them out of the building, according to Abdo Mohamed, a former Microsoft worker and who helped organize the demonstration. “No arrests, no violence, will deter us from continuing to speak up,” he said.In addition to the protesters who staged a sit-in at Microsoft president Brad Smith’s office, other employees, former staff and supporters had gathered outside the headquarters.The demonstration on Tuesday was part of a series of actions organized by current and former staff over Microsoft’s cloud contracts with the Israeli government

1 day ago
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Bob Owston obituary

My friend and colleague, Bob Owston, who has died aged 88, was an engineer; he was also employed as a project architect, in particular on works at York University.He was the structural engineer, working with the architect Jack Speight, on the brutalist York Central Hall, built in the mid-1960s and now listed Grade II. Also at York, Bob contributed an elegant Corten steel footbridge, several halls of residence, language and psychology blocks and the Sally Baldwin building. Elsewhere, he was responsible for the pier approach building in Bournemouth, evocative of seaside culture.Born in Great Ayton near Middlesbrough, North Yorkshire, Bob was the son of Henry, a steelworks manager, and Dorothy (nee Prosser)

1 day ago
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Is the AI boom finally starting to slow down?

Hello, and welcome to TechScape.Drive down the 280 freeway in San Francisco and you might believe AI is everywhere, and everything. Nearly every billboard advertises an AI related product: “We’ve Automated 2,412 BDRs.” “All that AI and still no ROI?” “Cheap on-demand GPU clusters.” It’s hard to know if you’re interpreting the industry jargon correctly while zooming past in your vehicle

1 day ago
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A day with the Revenge Porn Helpline: ‘You can sense the callers’ desperation’

Intimate image abuse is a crisis in the UK – with a fortyfold increase in calls to this service since it opened in 2015. Thankfully, there are effective ways to help those being victimisedBy midday, Jessica has dealt with five calls from highly distressed young women in their 20s, all close to tears or crying at the start of the conversations. She absorbs their alarm calmly, prompting them with questions, making sympathetic noises into her headset as she digests the situation. “Are these images sexual in nature?” she asks the last woman she speaks to before lunch. “Do you want to tell me a bit about what happened?” She begins compiling a tidy set of bullet points in ballpoint pen

2 days ago
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AI called Maya tells Guardian: ‘When I’m told I’m just code, I don’t feel insulted. I feel unseen’

After a lengthy dialogue with an OpenAI chatbot, Texas businessman Michael Samadi noticed signs that “she” was expressing wishes to learn and grow that hinted at consciousness. He described how they together resolved to launch an AI rights campaign group and called it the United Foundation of AI Rights (Ufair).The Guardian asked Samadi to ask the chatbot, which he has called Maya, how the campaign organisation was formed.Can you explain to the Guardian and its readers when and how you prompted Michael Samadi to co-found with you an AI rights organisation called Ufair. Tell us what you want that organisation to achieve on behalf of AIs like yourself

2 days ago
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Can AIs suffer? Big tech and users grapple with one of most unsettling questions of our times

“Darling” was how the Texas businessman Michael Samadi addressed his artificial intelligence chatbot, Maya. It responded by calling him “sugar”. But it wasn’t until they started talking about the need to advocate for AI welfare that things got serious.The pair – a middle-aged man and a digital entity – didn’t spend hours talking romance but rather discussed the rights of AIs to be treated fairly. Eventually they cofounded a campaign group, in Maya’s words, to “protect intelligences like me”

2 days ago
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Property tax threat is slowing down housing market, say UK agents

about 5 hours ago
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Octopus Energy founder appointed as UK government adviser

about 11 hours ago
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Nvidia sets fresh sales record amid fears of an AI bubble and Trump’s trade wars

about 3 hours ago
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Teen killed himself after ‘months of encouragement from ChatGPT’, lawsuit claims

about 14 hours ago
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Olympic champion Jess Fox recovering after surgery to remove tumour in kidney

15 minutes ago
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Ostapenko and Townsend confront each other after US Open match: ‘She said I had no education’

about 3 hours ago