Measures aimed at fixing Britain’s “broken housing market” are being unveiled by ministers.
Communities Secretary Sajid Javid is saying the proposals will help people currently priced out of buying a home, and bring more stability to renters across England.
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
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.
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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
New parents should consider selling up and moving to Hertfordshire, according a new study which has just named the county the UK’s best place to raise a family.
Top exam results, good pay prospects and plenty of sunshine, combined with lots of GPs and fast broadband, place Hertfordshire firmly at the top of the uSwitch Better Family Life index, published on Wednesday.
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