The Bank of England is ending one of its policies which has helped lower mortgage rates. However, Help to Buy is unaffected.
A clutch of major high street banks have plunged back into the 95% mortgage market as part of the latest phase of the Help to Buy scheme.
A guide to the £12 billion Help to Buy scheme aimed at enabling homebuyers to obtain mortgages worth up to 95% of property values.
Developers have been told they must start building homes or lose planning permission, under moves to speed up to Coalition’s controversial house-building programme.
Builders will not be able to easily “roll over” planning permission on plots of land without starting building projects, the planning minister Nick Boles announced.
According to a report in The Telegraph, the move would stop “land banking” developers hoarding plots for years and waiting for house prices
The YMCA has turned to shipping containers as a novel solution to housing young people who are struggling to pay London's exorbitant rental prices.
The Christian charity is converting 30 of the containers into studio flats at a cost of £20,000 each.
Timothy Pain, the CEO of Forest YMCA, said: "I don't pretend it's a solution for the long term, but for young people it's a way forward and it buys time".
Louise Stephenson, a former resident, said: "When you're inside here you don't feel like you're in a shipping container, you feel like you're inside a nice hotel room somewhere."
The Labour-controlled London councuk Southwark plans to use the millions raised from the sale to help meet the large costs of building and refurbishing council homes in the area.
– Head of auctions at Savills Chris Coleman-Smith
We think this will be the most expensive council home ever sold, and we're delighted that the proceeds of sale will contribute to creating more housing in the borough. It could go for much more than its reserve, it will go up from there in price, it just depends where.
We have had all sorts look at it - foreign buyers including a gentleman from China, local people, owner occupiers and developers.
There is interest in it because it is unique - we don't get many historic buildings coming up like this, but what it goes for remains to be seen
The 5,500sq ft property covers numbers 21 and 23 Park Street in Borough and could make two family homes or be divided up into flats.
A London house believed to be the most expensive council home ever sold will be go under the auctioneer's hammer tomorrow.
The 200-year-old building, which is around the corner from the fashionable Borough Market and is on the south bank of the River Thames, is being sold by Southwark Council and comes with a reserve of £2.3 million.
The Grade II-listed building needs extensive repairs and refurbishment, but despite this experts said it could fetch far more than its asking price because of soaring demand from private buyers and developers keen to purchase a rare family home in the heart of the capital.
– David Newnes, director of LSL Property Services
Higher rents in almost every region show that, despite Government schemes, buying a first home is still a difficult aspiration.
This is not only down to low salary growth, but also a general shortage of supply - which is the underlying reason why homes are getting more expensive.
Shelter has described the latest figures on rent prices as "devastating news" for renters.
– Roger Harding, Shelter's director of campaigns, policy and communications
As more people are priced out of home ownership and waiting lists grow longer, too many families are being left trapped in the unstable and expensive private rental market.
Every day Shelter hears from people who are having to cut back on essentials as they struggle to pay their rent each month. With wages flat-lining, the fact that rents have reached record highs means that even more people will find it harder and harder to make ends meet.
We need the Government to fix our rental market to provide more security and get on with building many more genuinely affordable homes.
- Rents have reached new peaks in Wales, London, the South East, the West Midlands, the East Midlands, the North West, Yorkshire and the Humber.
- Average rents in September ranged from £533 a month in the North East to more than double this amount - £1,141 - in London.
- Rents have risen by 2.1% over the last year across the country, which is below the rate of Consumer Prices Index inflation at 2.7%.
- London rents have soared by 4.4% typically in the space of a year.
- Wales saw the next biggest annual rise, with a 3.1% hike pushing average rents to £573.
- The East of England was the only region to see rents drop, either on the year-on-year or the monthly measures, falling by 1.4% annually.
Source: Lettings network LSL Property Services.
Private rents have reached a new high, according to research by lettings network LSL Property Services.
Rents across England and Wales reached a record £757 a month on average in September after jumping by 1.8% month-on-month, according to LSL, which owns chains Your Move and Reeds Rains.
The announcement comes despite moves by the Government to ease first time buyers’ jump onto the housing ladder.
The Government should ditch its new Help to Buy scheme because two-thirds of Britons do not want house prices to rise, housing charity Shelter said.
Some 66% of 4,500 people surveyed this month want prices to fall or remain stable rather than another period of "boom and bust", the charity said.
Despite some recent surveys suggesting that rising house prices are improving the mood of consumer confidence, Shelter's findings show that Britons are finding the idea of escalating prices a turn-off.
In June, 58% ofpeople wanted to see prices remain stable or fall when surveyed, meaning there has been an 8% increase in those wary over prices, Shelter's figures suggest.
Shelter argued that the Help to Buy mortgage scheme, which allows those with a deposit as low as 5% to get on the property ladder, is the "wrong solution" to the country's housing problems as it will only encourage people to take on more debt with bigger mortgages.
The Government has denied that the number of repossession claims across England have increased, insisting the numbers have fallen over the past 12 months.
The charity Shelter, who released the figures, warned that families were "living on a knife-edge".
However, a Government spokesman denied the claims saying:
Latest figures from the Council of Mortgage Lenders show the numbers of home repossessions haven fallen 8% over the past 12 months and are at their lowest level for six years.
But we are not complacent. Our welfare reforms are ensuring that clear protection is in place, we've maintained the Support for Mortgage Interest scheme and our £470 million funding to councils means we continue to have a strong safety net against homelessness.