HOUSING NEWS

Reality Check: How does renting a home in the UK compare?

More young people are renting, as home ownership among people aged 25-34 has collapsed over the past two decades. As new figures¬†revealed the scale of the decline in young middle-earners joining the property ladder, Labour announced proposals for tenants in Britain to be allowed to keep pets. This got Reality Check thinking about private renting […]

Mid-earners ‘locked out of buying a home’…

The extent to which young people are locked out of the British housing market has been revealed in new figures from economists. The biggest decline in home ownership in the last 20 years has been among middle-income 25 to 34-year-olds, the Institute for Fiscal Studies said. In 1995-96, 65% of this group owned a home, […]

First-time buyers ‘at 11-year high’…

More first-time buyers took out mortgages in 2017 than in any year since the financial crisis. There were 365,000 first-time buyers in the UK, the highest number since 2006 and an increase of 7.4% compared with 2016, UK Finance said. Yet this growth is expected to cool in 2018, the lenders’ trade body said. The […]

Jump in landlords facing serious mortgage arrears…

The number of landlords who are seriously behind with their mortgage payments has jumped by 20%, according to UK Finance. There were 1,200 buy-to-let mortgages in “significant arrears” in the last quarter of 2017, a fifth higher than in the same quarter in 2016. Significant arrears means they owe more than 10% of the outstanding […]

House prices fall for two months in a row, says Halifax…

House prices have fallen for the last two months running, according to the UK’s largest lender. The Halifax said prices fell by 0.6% in January, following December’s fall of 0.8%. It is the first time since the summer of 2016 that prices have declined in two consecutive months. However, on an annual basis the Halifax […]

Ombudsman abandons ‘broken’ housing market…

One of several organisations that resolves disputes in the property market has announced it is going to withdraw from the sector. Ombudsman Services said it would no longer offer “a broken solution to a broken market”. It is one of at least four services that offers redress in arguments between property agents – including estate […]

Purplebricks estate agent defends business model…

Online estate agency Purplebricks has defended its business after critical comments by analysts. On Thursday, stockbrokers Jefferies issued a research note questioning its claim it sold more than three quarters of homes listed with it. Jefferies said Purplebricks’ sales success rate was just over 51% and near the middle of the pack of its study […]

Borrowers ignoring mortgage timebomb, says FCA…

Hundreds of thousands of homeowners could be at risk of losing their homes by ignoring how they will pay off their mortgage, a regulator has warned. Nearly one in five mortgage-holders has an interest-only home loan, meaning they would need savings or other funds to pay a final lump sum. The Financial Conduct Authority (FCA) […]

Chancellor’s plan to solve housing crisis will fail – MPs…

Chancellor Philip Hammond’s plans to tackle the housing crisis will fail without further reforms, MPs say. Abolishing stamp duty on homes under ¬£300,000 was the centre piece of Mr Hammond’s November budget. The government says it has already helped more than 16,000 people get on the property ladder. But the Treasury select committee said the […]

House prices: Midlands sees biggest rises…

The Midlands saw the fastest growth in house prices over the year to the end of November, official figures show. Property values grew by 7.2% in the West Midlands and 6.4% in the East Midlands, the Office for National Statistics (ONS) said. London saw the slowest growth (2.3%) among the English regions. Separate figures suggested […]