Communities Secretary Sajid Javid has called on the property industry to provide evidence on how the home buying process can be made cheaper, faster and less stressful for buyers and sellers. The government says it will collaborate with estate agents, solicitors and mortgage lenders to look at ways of tackling gazumping and reducing time wasting to increase commitment to a sale. Discussing the quarter of sales that fall through each year, the call for evidence said that "mistrust between parties is one of the biggest issues faced" and therefore will look at schemes including ‘lock-in agreements’.
Borrowers on variable rate mortgages could pay an extra £82.8 million in mortgage payments in December if the Bank of England chooses to raise the base rate by 0.25%, according to research. If the Monetary Policy Committee announces a 0.25% rate rise on 2nd November, most UK lenders will pass the full increase onto their customers within a month.
The Government to raise people's state pension by around £250 a year, to £8,545.50. Official inflation figures show prices rose faster in September, at 3%, than at anytime in the last five years. Prices are rising in part because of the pound's fall in value since the vote to leave the EU last summer. September inflation rates are used by the Department for Work and Pensions to set how much pensioners receive from the start of the new tax year, April 2018.
31% of working homeowners aged 55 or over are still paying off a mortgage, compared to 8% of retired over-55 homeowners, according to Aviva research. The average amount spent on housing by over-55 mortgage holders has decreased from £315 per month in 2016 to £295 in 2017, which Aviva has attributed to low interest rates.
A Conservative minister has suggested that the elderly should sell their homes to pay for care and houses should not be seen as "an asset to give to their offspring," sparking new fears of a "dementia tax." Social care minister Jackie Doyle-Price said: "The taxpayer shouldn’t be propping up people to keep their property and hand it on to their children when they’re generating massive care needs."