UK house prices fell unexpectedly in December, their first fall in six months, according to Halifax. The average price of a home fell by 0.6% to £225,021 in December, the mortgage lender said. The annual growth rate declined to 2.7% in the three months to December from 3.9% in the previous three months.
Over two years since the Government first consulted on the issue, Housing Minister Alok Sharma has now announced that the scope of mandatory HMO licensing will soon be extended. Following a technical discussion paper in November 2015, and a full consultation in October 2016, the Government has announced that it will soon be seeking Parliament’s approval on regulations to implement the following proposals.
Pension savers on average earnings face needing to build a pot of more than £300,000 typically to buy a retirement income big enough to maintain their current lifestyle, analysis suggests. The findings from Aegon assumed that people on an average annual salary of around £27,000 should be targeting an income equivalent to two-thirds (67%) of their working age income – £18,000 a year or £1,500 a month.
58% of millennials currently saving for a house deposit are more confident about achieving their goal following the Chancellor’s stamp duty changes, according to research. Around one in seven (17%) of this age group are "much more confident" following the announcement in November's budget. However the research also found that despite a strong awareness of the Lifetime ISA, with three quarters (75%) having heard of it, take-up sits at just 11% of those eligible.
First-time buyers could pay nearly 50% more than existing home owners for their property because typically they are spreading their mortgage repayments for longer periods of over 35 years.