A town best known for its airport, Vauxhall vans, and as the home of Bake Off winner Nadiya Hussain, was the UK’s property hotspot last year, according to the UK’s largest mortgage lender.
Luton saw house prices rise 19.4% in 2016, the Halifax said.
Annual house price inflation ticked up again last month across the UK, the lender said, with prices rising by 6.5% in the year to the end of December. Continue reading
Property prices have climbed to dangerous levels in several advanced economies, raising the risk of massive price falls if markets overheat, according to the Organisation for Economic Co-operation and Development (OECD).
Catherine Mann, the OECD’s chief economist, said the think-tank was monitoring “vulnerabilities in asset markets” closely amid predictions of higher inflation and the prospect of diverging monetary policies next year.
House price growth is a constant in many people’s minds. The idea that they could fall seems unlikely according to homeowners who have enjoyed a long period of profiting from bricks and mortar.
However, things could be about to change. Just as during the credit crunch there was a crisis of confidence in the UK economy that hurt house prices, 2017 could see fears surrounding Brexit negatively impact on them. Continue reading
New research has exposed the scale of the fall in buy-to-let purchases in the year that the Government hiked stamp duty by 3pc on such transactions.
The number of properties sold to buy-to-let investors has fallen 63.7pc in the year to November in England and Wales, according to the estate agency Haart, dropping 8.2pc last month alone. In London, the number of such properties sold fell by 40pc.
Property investors will face tough new mortgage affordability tests from next year which will herald the “beginning of the end of the middle-class buy-to-let dream”, experts have warned.
Business leaders have urged the government to tackle the housing shortage by expanding the rental sector and creating incentives for older homeowners to vacate large properties.
The CBI set out 10 recommendations to get more people into suitable housing ahead of the publication of a white paper by the Department for Communities and Local Government on tackling the housing crisis.
Read the full story here:
More than 120,000 children across Britain face spending this Christmas homeless and in temporary accommodation, according to analysis by Shelter.
The charity, which used government data to make the findings, said the estimated figure is the highest since 2007 when over 133,000 children were living in temporary accommodation by the end of March that year. Continue reading
Getting a foot on the property ladder has always been difficult, but there are some areas of the UK where it easier than others.
The average UK house now costs eight times the average national wage. But new research, carried out by online money-saving agent eMoov, shows that there are some places where you can buy a house for as little as three times the average salary in the area. Continue reading
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”.