Philip Hammond, the Chancellor of the Exchequer, announced two multi-billion pound housing funds on Monday in an attempt to deal with Britain’s growing property affordability crisis. Continue reading
Philip Hammond has confirmed that the government’s help-to-buy mortgage guarantee scheme will be closed by the end of the year, another of former chancellor George Osborne’s flagships now abandoned by the Treasury.
In a letter to Bank of England governor Mark Carney, the chancellor said the scheme had a “specific purpose that has now been successfully achieved”.
The Bank of England has held the UK’s main interest rate at 0.5% despite speculation that it would cut rates.
The Monetary Policy Committee voted 8-1 to leave rates unchanged, but minutes of the meeting showed most members think the Bank will take some action next month. Continue reading
The supply of homes on the UK market fell at its sharpest rate to date and buyer demand hit an eight-year low as Brexit was confirmed, surveyors say.
House prices are expected to fall across the UK in the next three months, the Royal Institution of Chartered Surveyors (Rics) survey suggested.
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Fewer tenants are falling into serious rent arrears thanks to the improving employment market, according to letting agents Your Move and Reeds Rains.
In absolute terms, just 86,200 tenants across the UK are more than two months behind in their rent. This compares to 89,300 in the previous quarter. This represents a 4% fall and means that 3,100 households in homes to let have moved out of serious rent arrears since the end of 2015. Continue reading
The cost of renting a one-bedroom property in the UK has risen to swallow almost half of the average young worker’s take-home pay, according to figures, while those living in London are typically handing over 57% of their monthly wages.
The average cost of a new tenancy on a one-bedroom home hit £746 a month in May, taking up 48% of the take-home pay of a worker aged under 30, data from property firm Countrywide showed. Continue reading