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.
Continue reading...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.
Continue reading...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.
Continue reading...News of death of Anne and David Spencer confirmed by co-presenter of long-running Channel 4 series, Kirsty Allsopp
The parents of TV presenter Phil Spencer have been killed in a car accident near their home, his co-star, Kirstie Allsopp, has confirmed.
Location, Location, Location presenter Allsopp told fans to join her in “sending so much love” to costar Spencer, following the death of his mother, Anne, and father, David, on Friday.
Continue reading...When Britain’s wonkiest pub was destroyed in a fire and the ruins demolished, it sparked protests and made headlines around the world – but why?
Thanks to a bad case of subsidence the Crooked House in the Black Country, had become a landmark. Punters talked about how its alarming lean made you feel drunk before you got to your pint, while badly made shelves were said to be ‘as straight as the Crooked House’.
But then it was bought by developers, caught fire and was immediately demolished. For many people it seemed like a symptom of how loved, local pubs were disappearing, while the nature of the pub’s destruction also raised interest across the country – and beyond.
Continue reading...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
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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.
Continue reading...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.
Continue reading...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.
Continue reading...Government survey finds that fewer than 30% of holiday homes are on continent – compared with 40% a decade ago
They used to go wild for villas by the Med and ski chalets in the Alps; now they are forking out for views of the Channel and hilly walks in Shropshire.
According to figures released this week by the English Housing Survey, the proportion of English owners of second homes who have properties in Europe has fallen again, with 60% of holiday homes located in the UK rather than outside it.
Continue reading...Rightmove says average advertised rent in Great Britain is at all-time high of £1,231 a month outside the capital
Private rents in Great Britain have soared to fresh all-time highs and the average amount being asked for outside London is now a third higher than four years ago, figures from Rightmove show.
Despite rental growth running well ahead of inflation, the property website said homes were continuing to be let quickly, with many landlords “still being met with long queues of prospective tenants wanting to view and rent their property”.
Continue reading...UK capital as ‘huge generator of wealth’ under threat as a third of visual artists struggle to pay for studios
What makes Britain’s capital city so magnetic? Familiar landmarks? The nightlife? Or its financial, fashion and art trades? Maybe. But behind the glamour and money a network of artists is giving London the crucial appeal of a place where new things happen, while working on the edge of poverty.
A survey released on 13 July is to reveal just how close many of London’s visual artists are to giving up on a career that has pushed them to the bottom of the pile. Close to a third of those asked said lack of funds might force them out within five years. And just under half said they cannot afford to build savings or pay into a pension plan.
Continue reading...Average price of property drops by 2.6% year on year in June as mortgage rates climb
UK house prices experienced their biggest annual fall in 12 years, according to Halifax, the latest sign that soaring interest rates on mortgages is bringing a halt to the housing boom.
The average price of a UK home tumbled 2.6% year on year last month, the largest annual decrease the lender has reported since June 2011, a significant acceleration from the 1.1% decline record in May.
Continue reading...Anguished families talk about how the Bank of England’s 13th consecutive interest hike is affecting them – and their fears for the future
Liam, 36, a senior IT manager and married father-of-one from Newcastle upon Tyne, is one of millions of homeowners whose mortgage payments will rise even higher after the Bank of England on Thursday put up the base interest rate to 5% – a 15-year high.
Together with his husband, Liam bought his four-bedroom house in 2019 for £269k, and the couple’s three-year mortgage deal, refixed at 1.64% in 2020 just before the first lockdown, expired in March.
Continue reading...More than 2.4m deals are ending in 2024, raising fears of financial timebomb
More than a quarter of UK homeowners on a fixed-rate mortgage are heading for sharp increase in monthly payments before the next election, in a financial timebomb that will rock the Conservatives just as voters prepare to choose the next government.
With the Bank of England expected to increase its key interest rate next week for the 13th time, figures shared with the Guardian by UK Finance, the banking industry trade body, show more than 2.4m fixed-rate homeowner deals will expire between now and the end of 2024.
Continue reading...Opposition finds fallout of Liz Truss mini-budget has raised average mortgage interest payments by £150 a week in two years
Homeowners are being hit with a “Tory mortgage penalty” of £7,000 a year with interest rates triple what they were two years ago, according to Labour.
Pat McFadden, shadow chief secretary to the Treasury, blamed what he called the “reckless economic gamble” taken by the Conservatives during September’s mini-budget when Liz Truss was prime minister.
Continue reading...Work on residential building sites slips in May to weakest level since 2009
Britain’s housebuilders are cutting back on the construction of new homes amid signs that potential buyers are being spooked by the prospect of increases in mortgage rates over the coming months.
The latest report on the construction sector found that work on residential building sites slipped in May to the weakest level since 2009, apart from when sites were locked down during the Covid pandemic.
Continue reading...Campaigners say second homes and holiday lets are taking homes away from residents in hotspots such as Devon and Cumbria
The supply of new homes in some tourist hotspots is being almost completely negated by the rise of second homes and holiday lets, analysis has revealed.
In the Copeland area of the Lake District, which includes the beauty spot of Scafell Pike, there were 426 new homes created in the last three years. Over the same period, 407 existing homes were converted to commercial holiday lets or second homes.
Continue reading...But property website warns that rebound in activity could be hit by rising mortgage rates
More prospective house sellers are returning to the UK’s property market, pushing agreed home sales to their highest point of the year in May, according to Zoopla, although it warned that the rebound in activity could be knocked by rising mortgage rates.
House prices have fallen by 1.3% nationally over the past six months, the property website found, but the speed of price falls has been decreasing as buyer confidence slowly improves.
Continue reading...Lenders forced to raise fixed-term deals after latest inflation figure pushed swap rates upwards
Households looking for a new mortgage deal have been warned to expect 5%-plus fixed-rate deals in the coming weeks, after Wednesday’s inflation figures sent the money markets back into turmoil.
Nick Mendes, the mortgage technical manager at the broker John Charcol, said on Thursday that he doubts that there will be any two-year fixed-rate mortgages and probably few five-year deals priced at less than 5% in the coming weeks, as lenders are forced to reprice their mortgages upwards.
Continue reading...Labour leader accuses Conservative government of killing the dream of home ownership
House prices need to fall in relation to people’s incomes, Keir Starmer has said, in a sign the Labour leader is willing to take on the objections of existing homeowners to get more people onto the property ladder.
Starmer told the British Chambers of Commerce annual conference on Wednesday that he believed prices should come down to make homes more affordable as he accused the Conservatives of killing the dream of home ownership.
Continue reading...