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Kate Hughes looks at the gender inequality in home ownership. For instance, the gender pay gap, which remains stuck at just under 12%, means there's a knock-on gap in the number of women able to rent or buy a home on their single salary alone. And new research from Aldermore shows that 64% of women find the house buying process difficult compared with only 46% of men. And barely 30% of women first time buying hopefuls think they'll ever achieve their goal. Sue Hayes from Aldermore says: "We need to address financial inequality in our society to help tackle gender disparities so that becoming a homeowner is achievable for all" .
The Independent (01/11/2019)
Research from Churchill Home Insurance reveals the areas of Britain where it is easiest, and hardest, to get planning permission. Since 2017, almost two million have complained about a planning proposal, which equates to 2.2 objections per application. London accounts for a quarter of all complaints (55 for every 1,000 people), followed by the southeast of England (49), the southwest (39) and the east (28). The most common concern cited is private right of access (51%), while loss of views and land and boundary disputes tied for second place (both 50%). Negative impact on property value (43%) and the impact of construction works (39%) completed the top five.
The Sunday Times (03/11/2019)
Homeowners can now fix a mortgage for five years for less than 1.5%. Santander has launched a 1.5% five-year fix for borrowers with a 40% deposit, while Skipton Building Society has unveiled a 1.45% deal with the same deposit. Both deals are open to new buyers and remortgagers alike. "These latest reductions make a huge statement in the interest-rate war”, said Andrew Montlake, director of mortgage broker Coreco.
The Sunday Times (03/11/2019)
Proportunity,a lender which offers first-time buyers loans to help them top up their deposits and access better mortgage rates, has used its data to rank every London borough in terms of its potential Brexit resilience. East London tops the chart, with Tower Hamlets coming out on top. The characteristics that put these locations in pole position included having a below average percentage of new-builds; a large millennial population; proximity to well-used transport links and higher than average flat prices. The locations deemed most vulnerable to a house price crash were all in outer London, and tended to have larger homes and lower house prices.
City AM (31/10/2019)
Property chiefs upset amid the continuing political and economic uncertainty have urged whichever party wins the general election on December 12th to make a swift Brexit decision to save the housing market. Weston Homes' boss Bob Weston said he hopes the election “puts uncertainty to an end one way or the other”. Geoffrey Lander, chairman of property law firm Davitt Jones Bould, urged: “The dinner-party chat I hear is whether we remain in or leave the EU is less important than a decision being taken so we can all move on.”
Evening Standard (30/10/2019)
The Government should abolish or reform “eye-watering” stamp duty to stimulate house building and encourage people to buy their own homes, a think tank has said. Stamp duty is the second most unpopular tax in the UK, after inheritance tax, and sees the average buyer in England pay £2,300 in duty when they purchase a property. A report from the Centre for Policy Studies (CPS) has called on the Conservatives to reform the levy by either abolishing it or reducing it under a new system that would charge 4% on a property valued above £500,000 and 5% on one with a value above £1m. Robert Colvile, director of the CPS, said: “Stamp duty rates are not just punishing people for moving home, but actively deterring them.”
The Sunday Telegraph (27/10/2019) The Sunday Times (27/10/2019)