UK house prices fall at fastest rate since 2009, says Nationwide

August 5.3% drop comes as sales completions down by about 40% in first half of year compared with 2021

UK house prices fell 5.3% in August compared with the same month last year, the fastest annual drop in 14 years, according to Nationwide Building Society.

The lender said the fall, which was the biggest since July 2009, when the global economy was in the depths of the financial crisis, was driven by soaring mortgage costs, which are putting off potential buyers. Average house prices are more than £14,500 lower than they were a year ago and mortgage approvals have plummeted by a fifth compared with pre-pandemic levels.

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UK home sales in 2023 will be lowest in a decade, says Zoopla

Interest rate rises on mortgages are weakening demand, property website says

The number of UK homes sold this year is expected to fall to the lowest level in more than a decade, as the soaring cost of mortgages puts off homebuyers.

House sales reaching completion are expected to fall 21% year-on-year to about 1m in 2023, the lowest level since 2012, according to a report from the property website Zoopla.

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Homeowners left out of pocket after two-year delays at UK Land Registry

Administrative hold-ups leave buyers missing best mortgage deals and some owners unable to sell

Long delays in registering properties with the Land Registry across Great Britain are causing frustration among homeowners and buyers with some being left out of pocket as a result.

Latest figures from His Majesty’s Land Registry show that it is taking almost two years for some applications to make changes to the register to be completed.

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Drivers warned of copycat websites overcharging for Ulez fee

Which? advises drivers paying London ultra-low emission zone fee to make sure they’re using official TfL website

Drivers are being ripped off by copycat websites that add extra fees to the ultra low emissions zone charges in London, consumer champion Which? has warned.

As Ulez expands across all boroughs in the capital from Tuesday, Which? has found a series of identical, unofficial websites targeting people trying to pay the charge. This has led to drivers paying more than the £12.50 daily fee.

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France to spend €200m on destroying excess wine as demand falls

Fund aims to help struggling winemakers as they adjust to consumers’ changing habits

The French government has announced it is to set aside €200m to fund the destruction of surplus wine production in an attempt to support struggling producers and shore up prices.

Several major wine-producing regions in France, particularly the Bordeaux area, are struggling because of a cocktail of problems including changes in consumption habits, the cost of living crisis and the after-effects of Covid-19.

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Probation service pays undisclosed sum to ex-contractor after racial harassment

Lloyd Odain was subjected to discrimination, including monkey chants, in 2019 while working for the service

HM Prison and Probation Service has paid an undisclosed settlement to a former contractor who endured racial discrimination and harassment, including monkey chants.

Lloyd Odain, who worked for the probation service, was subject to incidents of racial discrimination by another contractor in 2019.

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Ofcom urged to investigate Virgin Media broadband contracts

Terms and conditions allow firm to raise bills at any time and by an unlimited amount, Which? claims

Virgin Media is facing calls for the telecoms watchdog to urgently investigate the legality of its broadband contracts, under which it can increase bills at any time and by unlimited amounts.

The consumer champion Which? has concluded that Virgin Media’s terms and conditions may amount to unfair contract terms and could be in breach of the Consumer Rights Act. It has written to Ofcom calling on it to intervene.

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Third of working tenants in England ‘lack savings to pay rent if they lose job’

Half have maximum of a month’s worth of rent put by as costs rise, Shelter survey finds

A third of working tenants in England do not have enough savings to pay rent if they lose their job, putting them at risk of losing their home, according to research by the housing charity Shelter.

Record rents and the rising cost of other household bills are putting tenants’ finances under pressure and mean many are unable to set money aside for emergencies.

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Customer data used for unwanted romantic contact, UK poll shows

Almost one in three people aged 18-34 have been messaged by staff after giving personal details to a business

Almost one in three people aged 18-34 have received unwanted romantic contact after giving their personal information to a business, a UK poll has shown.

The Information Commissioner’s Office (ICO) has called for recipients of such texts to come forward to help the regulator gather evidence of the impact of this phenomenon.

The ICO has an online form for people who want to report an experience of unwanted contact.

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UK’s LGBTQ+ community ‘more likely’ to face real hardship in retirement

Data shows 44% at risk of struggling to afford food and heating after leaving workplace

Close to half of individuals who identify as LGBTQ+ are heading for a retirement where they are at risk of struggling to afford such basics as food and heating, according to new UK data.

Looking across various measures including amounts saved and pension scheme membership, researchers concluded that members of the LGBTQ+ community were “far more likely than the general population” to struggle in retirement.

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Rail fare rises in England will not exceed 9% inflation figure in 2024

Government confirms ticket price rises will be delayed until March and will be below retail prices index

Rail fare rises in England will not exceed 9% next year and will be delayed until March, the government has said.

Ticket costs used to increase in January in line with inflation as measured by the retail prices index over the 12 months to the previous July. On Wednesday the Office for National Statistics revealed last month’s RPI rate was 9%.

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Bailiffs making record profits collecting debt for councils in cost of living crisis

Charities call for an end to the outsourcing of public debt as firms’ turnover rises nearly 50% in a year

Bailiffs hired by councils to recover unpaid debts have seen their profits rise to record levels during the cost of living crisis, company filings show.

Newlyn Group, which is hired by councils to recover unpaid traffic fines and council tax, saw its turnover from debt collection increase by 43.8% to £25.8m in the year to December 2022, while its gross profit rose to £15.5m. Company documents describe the figures as Newlyn’s “best ever results”.

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UK government urged to scrap 20% VAT on period pants

Campaigners say absorbent alternative to tampons and sanitary towels should not be classed as garments

MPs, retailers and charities have written to the government urging it to axe the 20% VAT on period pants, the absorbent underwear designed to be worn as an alternative to tampons and sanitary towels.

Period pants are classed as garments but campaigners are asking Victoria Atkins, who as financial secretary to the Treasury is the minister responsible for VAT, to get them reclassified as period products in the chancellor’s autumn statement later this year.

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Tuesday briefing: How the housing crisis is hitting tenants hardest

In today’s newsletter: No-fault evictions are rocketing, bills are ballooning and social housing lists are overloaded – what the statistics reveal about renting today and why urgent reform is needed

Sign up here for our daily newsletter, First Edition

Good morning. On average there are 20 people requesting to view each rental property that comes on the market in Britain, more than triple what it was in 2019. In some parts of the north-west, that number inches closer to 30 per property. Moving house has always been stressful, but it has become an all-consuming battle for many people as rents rise and demand outstrips supply.

A chronic housing shortage is the primary reason, however campaigners and tenants have said they cannot wait for the government to build more homes. Rough sleeping increased by 34% in London between 2021 and 2022, while the number of people consistently struggling to pay their rent has increased by 45% since last April to more than 2.5 million, according to the housing charity Shelter.

Global health | Air pollution is helping to drive a rise in antibiotic resistance that poses a significant threat to human health worldwide, a study published in the Lancet Planetary Health journal suggests. Antibiotic resistance is one of the fastest-growing threats to global health, killing an estimated 1.3 million people a year.

Asylum | People seeking refuge who were ordered to live on a giant barge have been reprieved after legal challenges claimed the vessel was unsafe and unsuitable for traumatised people. As the first tranche of 15 people were moved on to the Bibby Stockholm in Portland, Dorset, lawyers said they were intervening to halt the transfer of dozens more on to the 220-bedroom vessel.

Retail | Britain’s stores are being forced to slash their prices to drum up business after dismal summer weather and ever-higher interest rates combined to depress consumer spending in July.

South Korea | The £1m cost of relocating the 4,500-strong UK contingent at the World Scout Jamboree in South Korea will affect the work of the Scout Association for as much as five years, the organisation’s boss has said. Meanwhile South Korea is having to move the thousands remaining out of the way of a typhoon.

Lobbying | The tech firm Palantir, which grew out of a US spy organisation, lobbied the UK disabilities minister to adopt new technology to crack down on benefits fraud, emails released to the Guardian have revealed. The correspondence provides the latest insight into how the firm – co-founded by Peter Thiel, the Donald Trump-supporting libertarian billionaire – is seeking to expand its influence and role within British government.

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‘One step at a time’: entrepreneur buys stairwell in London to help startups

Simon Squibb plans to provide small businesses with rent-free space after bidding £25,000 for disused stairs

An entrepreneur who woke up homeless in a stairwell at the age of 15 with his first business idea has spent £25,000 on a disused stairwell to provide a rent-free space in London for small businesses to fulfil their dreams.

Simon Squibb, who retired at 40 after selling Fluid, his marketing agency, to PricewaterhouseCoopers, hopes the stairwell in Twickenham, south-west London, will provide a showcase for owners of small businesses.

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Asda publishes daily petrol prices online after pressure from watchdog

Other retailers say they are working with government on implementing industry-wide comparison service

Asda has begun publishing local fuel prices at its forecourts online, becoming the first retailer to launch the service following pressure from the competition watchdog and MPs over widened profit margins at the pump.

The Competition and Markets Authority (CMA) has called on the government to introduce legislation to ensure fuel retailers provide up-to-date pricing for a new industry-wide comparison service.

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UK shop prices in first monthly fall for two years amid big discounts

Clothing and footwear among items reduced most in July as retailers try to counter bad weather

The UK’s biggest retailers have reported the first monthly fall in shop prices for two years, as stores tried to tempt in customers with big discounts during July’s unseasonably wet weather.

The British Retail Consortium (BRC) said its annual shop price inflation rate, compiled with the help of NielsenIQ, had declined to its lowest level of the year, sliding to 7.6% last month from 8.4% in June.

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Step to riches? Disused stairwell in London could be yours for just £20,000

Estate agents selling Twickenham ‘property’ believe it could have development potential

If climbing the property ladder seems stressful to you, why not consider taking the stairs?

A disused four-storey stairwell at the back of a branch of Starbucks in south-west London has become the latest peculiar piece of property to go on sale in London’s feverish housing market.

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Make nurseries exempt from VAT and business rates to boost wages, say MPs

Committee also says government has more work to do to tackle structural problems in early years childcare

Ministers should remove business rates and VAT from nurseries so that they are able to pay their staff more, a group of MPs have recommended.

In the spring budget, Jeremy Hunt pledged to reform the childcare system, including by offering parents of children aged nine months to three years 30 hours a week of free childcare in term-time, which was expected to cost £4bn. The government claimed that it would reduce childcare costs for a family by almost 60%.

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Tax relief system needs overhaul to prevent abuse, say MPs

Treasury committee report says tax system is too complicated and finds two-thirds of relief policies are uncosted

Almost £200bn of tax reliefs handed to businesses and individuals each year should come under greater government scrutiny to prevent fraud and abuse, according to an all-party group of MPs.

The Treasury committee said in a report published on Wednesday that “a systematic review” into more than 1,000 tax reliefs was needed after MPs found HM Revenue and Customs did not have the resources to monitor how tax breaks and deductions were used.

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