The 'one size fits all' approach to state pension access could be replaced by a system more tailored to the demands of individual professions in future. The idea is one that has been thrown open for discussion by John Cridland, the former director general of the CBI, who is leading a Government review. While his interim report makes no recommendations, it suggests there is a case for a greater balance between the need to take account of the fact people are living longer - and fairness. It points out that the UK is already on course to have the highest retirement age within the OECD group of advanced economies by 2060 but, at the same time, says the pensioners of the future do not deserve to get a raw deal compared to older generations.
According to new data from the Royal Institution of Chartered Surveyors (RICS), there has been a "significant turnaround in new buyer enquiries compared to June "when the EU referendum took place, but there is a slump in people actually putting houses on the market. This only means one thing — there are too many people looking to buy a home and not enough to go around. Considering this is a key problem for Britain's housing market anyway, because there is a dearth in supply and homes are not being built fast enough, this will elevate prices for some time to come. "The market does now appear to be settling down following the significant headwinds encountered through the spring and summer. Buyers do appear to be returning, albeit relatively slowly, but the big issue that continues to be highlighted by respondents is the lack of fresh stock on the market," said Simon Rubinsohn, chief economist at RICS.
One in six families say they have been denied mortgages or offered smaller loans because of their childcare costs. Of those, 68% have attempted to conceal their true monthly expenditure on childcare in an attempt to secure a better deal from lenders. Some relied on friends and family to look after their children temporarily, artificially reducing their outgoings to deceive banks during affordability checks.
House prices in the three months to September were 0.1% lower than in the previous three months (April-June). This compared with a 0.7% rise in August and is the lowest quarterly rate since November 2012 (-0.3%). The quarterly rate of change has been on a downward trend since reaching 3.0% in February. Prices in the three months to September were 5.8% higher than in the same three months a year earlier. This compared to 6.9% in August and continues the downward trend seen over the past six months after the annual rate reached 10.0% in March. September’s 5.8% is the lowest yearly growth rate since August 2013 (5.4%). House prices increased by 0.1% between August and September. This small increase followed two consecutive monthly falls. The quarter on quarter change is a more reliable indicator of the underlying trend.
12% of self-employed customers are still being rejected for mortgages, despite often earning more than in their previous full-time employed job, according to research. Nearly half (48%) of the self-employed workers questioned earned about the same or more than in their previous job. Around 26% said they were earning more and the overwhelming majority had previously been in full-time employment.