Live updates

Govt: 'We're far from complacent' on rent rises

The Government has claimed it is "far from complacent" about the cost of rent, but argued the slowing in the rise of accommodation costs showed their long-term economic plan was working.

Housing Minister Kris Hopkins said:

Today's figures clearly show how our long-term economic plan is working, with more properties being made available to rent, meaning more choice for tenants and average rents down compared to last month.

But we're far from complacent and with millions of people renting privately we're working to expand the sector even further.

– Kris Hopkins

South West has 'strongest annual rise in rent'

Renters in the South West have seen their accommodation costs rise most in the last twelve months, according to data from a major lettings network.

LSL Property Services said there was 5.2% rise in the average rent in the South West of England.

They also found:

  • Average monthly rent in the South West was now £664.
  • The east of England has seen the sharpest fall, down by 3.6% over the course of twelve months and taking typical rents there to £713.
  • London rents rose by 1.3% over the last year to reach £1,121 on average.
  • Rent in Wales have fallen by 2.0% annually to around £556.

Read: Report: Rents rise by smallest amount in four years

Advertisement

Report: Rents rise by smallest amount in four years

Rent has risen by its smallest amount in four years, with more people jumping on the property ladder, a major lettings networks has reported.

Read: CAB: More homeowners at risk of losing property

For rent sign
The rise in rents have slowed to their lowest rate in four years, according to figures from LSL. Credit: PA

Read: Payday loans 'used to fund rent and mortgages'

The average rent across England and Wales has increased by just 0.9% over the last year, according to LSL Property Services.

However, this rise still pushes the average monthly rent up to £741.

The proportion of tenants' rent which is late or unpaid has dropped back from 8.5% a year ago to 7.8%, which LSL said was a further signs household finances were improving.

Read: Third of Brits 'worry they will never be able to buy a home'

Vince Cable to appear on The Agenda tonight

Business Secretary Vince Cable will appear on The Agenda tonight. Credit: Danny Lawson/PA Wire/Press Association Images

Vince Cable, the Secretary of State for Business, Innovation and Skills, will join ITV News Political Editor Tom Bradby on The Agenda tonight.

Also on the panel will be the children's author Michael Morpurgo, the novelist and columnist Allison Pearson and the actress and writer Emma Kennedy.

They will be discussing bad behaviour in schools, the housing crisis and ageism.

The Agenda with Tom Bradby is on ITV tonight at 10:35pm.

Get involved in the debate during the show using the hashtag #theagenda and following @agendaitv.

Govt 'ready and willing' for radical housing alternatives

Nick Clegg is expected to announce the Government is "ready and willing" to listen to radical alternatives in order to build three garden cities, as the Coalition try to end the housing crisis.

The Deputy Prime Minister will say the Government is open to ideas like "removing barriers to acquiring land or attracting private finance," at his monthly press conference held later today.

I also expect some areas will want to innovate in ways which we have not anticipated, so we are ready and willing to consider any other ways government can support the delivery of garden cities, for example by removing barriers to acquiring land or attracting private finance.

I'm clear that local communities developing new garden cities is an essential part of the solution to providing affordable homes to live in, building a stronger economy and a fairer society, where every person can get on in life.

– Nick Clegg

Read: Clegg to announce funds for 'three new garden cities'

Clegg to announce funds for 'three new garden cities'

Up to three new garden cities with at least 15,000 homes each will be built to tackle Britain's chronic housing shortage, Nick Clegg will say today.

Read: 'Major concern' over lack of homes as sales hit 6 year high

Nick Clegg
Any developments must have full backing from the local council, the Government said. Credit: PA

Read: At £7,000 is this Britain's cheapest house?

The Deputy Prime Minister will issue a "call to arms for visionaries" to put forward radical plans to help first time buyers onto the housing market as he announces the publication of a prospectus inviting bids from councils.

The Lib Dem leader is expected to announce £2.4bn in funding from an existing pot which will be made available for housing developments up until 2020.

Officials were keen to stress that the new cities would not be imposed on communities and must have local support and full backing from councils.

The winning locations will be commercially viable and have good transport links.

Read: Cable: Home ownership 'unaffordable' for families

Advertisement

'Major concern' over lack of homes despite rising demand

House sales have climbed to their highest levels in six years as the market shows increasing signs of life across the country, warn the Royal Institution of Chartered Surveyors.

The RICS also believes it will become much harder for people to get onto the property ladder unless more houses are built.

ITV News's Consumer Editor Chris Choi reports from Leicester.

More: Government: 'Housing market has turned a corner'

Scotiabank: RICS survey 'consistent' with 15% inflation

House sales have climbed to their highest levels in six years as the market shows increasing signs of life across the country.

ITV News Business Editor Joel Hills has tweeted:

8770f0d680420a759927c206792bba68_normal

Scotiabank has looked at RICS survey and calculates "consistent with 15% year on year house price inflation".

Read more: 'Major concern' over lack of homes as sales hit 6 year high

Government: 'Housing market has turned a corner'

A six-year high in house sales across Britain shows the "market has turned a corner", the Housing Minister said.

Today's figures from the Royal Institution of Chartered Surveyors clearly show that the housing market has turned a corner, and are another indication of the economic recovery.

– Housing Minister Kris Hopkins

He added: "Leading developers have pledged to build more as a direct result of this increased demand, and we've already delivered 420,000 new homes since 2010, including 170,000 new affordable homes."

Read: House sales across Britain hit six-year high

Lack of homes and increased demand a 'major concern'

The mismatch between the lack of homes and increasing demand from would-be-buyers remains a "major concern" and is continuing to push prices even higher, surveyors warned.

Surveyors have called for an increase in the amount of new houses. Credit: Rui Vieira/PA Wire

Simon Rubinsohn, chief economist at the Royal Institution for Chartered Surveyors, said the UK "desperately needs more homes" in a bid to satisfy the demand from buyers.

He said: "Now that the housing market recovery is well and truly under way and mortgage finance is more readily available, buyers seem to be looking to test the market right across the country, not just in the usual hotspots of the South East.

"That said, it is a major concern that we are not seeing enough houses coming on to the market. For the market to operate effectively, we desperately need more homes in areas where people want to buy and want to live.

"Until this happens we're likely to see prices continue to increase and it is going to be ever harder for many first-time buyers to conceive of ever owning their own home."

Read: House sales across Britain hit six-year high

Load more updates

Advertisement

Today's top stories