The Bank of England has reiterated its earlier claims of a 30% fall in house prices under a 'disorderly' Brexit scenario. The Bank published its analysis of the Withdrawal agreement yesterday, which included estimates for GDP, house prices, unemployment and inflation in both a 'disorderly' and a 'disruptive' Brexit scenario. In the 'disorderly' Brexit scenario, there is no deal and no transition period which leads to a severe economic shock. The UK loses existing trade arrangements that it currently has with non-EU countries through membership of the EU and there is a pronounced increase in the return investors demand for holding sterling assets.
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The "Lifetime Isa", which has been available since April 2017, is an option for those who want to save up to buy their first home or build a retirement savings pot. For would-be homebuyers, the Lifetime Isa is an alternative to the Help to Buy Isa, which was introduced in December 2015. This helps those who want to buy their first property by paying a 25pc government boost on contributions of up to £200 a month.
The National Housing Federation and charity Shelter examined 86,000 online adverts for rental properties. They found that one in 10 of those adverts requested "No DSS" or "No Housing Benefit". While it is not unlawful to refuse people on benefits, Shelter said it was likely to contravene the Equality Act. The Act protects disabled people and women - who make up the majority of private sector tenants on benefits in England.
A recent softening in new buyer demand is now causing house prices to fall nationally, according to the latest RICS residential market survey. However the regional picture remains highly varied, with some parts of the UK still seeing fairly strong price growth and much of the weakness continuing to stem from London and the South East. East Anglia, the South West and the North East also returned negative readings. Respondents said a sustained softening in demand over recent months has likely driven the weaker price trends in parts of the country.