Debate continues over the impact of self invested personal pensions (SIPPs) on the housing market, since the scheme will provide tax breaks for those investing in second homes, which is likely to further exclude first time buyers from the market. RICS has warned that the proposed new pension rules could see investors embarking on a £24 billion spending spree, since they will be enabled to buy residential property tax free. RICS predicts that the new rules could see 50,000 more property purchase a year. According to RICS calculations, a higher rate tax payer would be able to buy a £150,000 house with just £60,000 in cash. This would be topped up by £40,000 in tax relief, and they would also be able to borrow up to 50% of the value of the pension fund, in this case up to £50,000. (Guardian)