Consumer confidence in the housing market has dropped in September, the sixth consecutive quarter the BSA's tracker has recorded a negative score. Following the increase in Bank Rate from 0.5% to 0.75% in August, the cost of monthly mortgage repayments has become an increasing concern with 48% of consumers seeing it as a barrier to home ownership, up from 44% in June 2018.
As victims of yet another banking scandal speak out, what to do if you were taken in too. Barbara Morey can't remember exactly how much she paid for the will she took out with NatWest about ten years ago. The 78-year-old reckons it was roughly £140, including storage, and thought at the time that it seemed like a fairly good deal. But last month her daughter Debbie Folkes read an article in the Mail about how some of the wills sold by banks such as NatWest included onerous terms and conditions that leave grieving families thousands of pounds out of pocket.
Local authorities will collect a whopping £79million from 77,000 landlords this month as new licensing rules come into effect. HMO licensing - which stands for houses in multiple occupation - already applies to landlords who rent their properties to five or more tenants from two or more different households where the property is three or more storeys. But from 1 October, any property let to five or more tenants from two or more households will be caught by the rules - regardless of the number of floors.
CPI inflation rose at a "much faster pace than expected" to 2.7% in August, up from 2.5% in July, according to the latest ONS data. July's increase was the first in 2018, following three months of static inflation at 2.4%. CPIH, which the ONS uses as its headline measure and which includes owner occupiers’ housing costs, increased from 2.3% to 2.4%. Rising prices for a range of recreational and cultural goods and services, transport services and clothing produced the largest upward contributions to the change in the rate between July and August.
According to a new study of 16 UK mortgage lenders, the average homeowner is being hit with £222 extra a month for lapsing onto a lender’s Standard Variable Rate. The analysis found that as of August 28th, the average homeowner slipping onto their lenders’ SVR after the initial two-year fix faced an extra £2,664 a year in interest payments, equating to £222 a month.