Housing News
Renting as a student or young adult can be confusing; articles here clarify changes relating to housing. Useful for both renting and buying.
11 articles
Mortgage deals surge
Despite expectations of a slowdown, the mortgage market has seen a surprising increase in available deals, with hundreds more options now on the market compared to early May. This development could provide more choices for prospective homebuyers. According to Moneyfacts, the 'churn' of mortgage products has been calming down.
Key takeaway: The number of mortgage deals available has surged, offering more options for homebuyers.
Housing crisis drives surge in advice service demand
The demand for advice services is increasing due to housing and cost of living pressures. Citizens Advice Guernsey reports a surge in queries. This trend is expected to continue.
Key takeaway: The housing crisis is driving more people to seek advice on managing their finances and housing situations.
UK house prices fall for third month
UK house prices have fallen for the third consecutive month, with a 0.1% drop in May, to £298,806. This contradicts expectations of a return to growth, with a consensus of a 0.1% rise forecast for May. The monthly drop follows falls of 0.1% in April and 0.5% in March.
Key takeaway: The average UK house price has fallen to £298,806.
Cohousing on the rise as students seek affordable living
Cohousing, a model where individuals share a living space with strangers, is gaining popularity in the UK as a way to combat loneliness and find affordable housing. This trend is driven by the increasing unaffordability of traditional housing options and a growing awareness of the importance of community. Cohousing offers a unique solution, allowing individuals to live with like-minded people while sharing costs and responsibilities.
Key takeaway: Cohousing is emerging as a viable alternative to traditional housing options for students and young adults.
LISA savers withdraw more than they invest
The Lifetime ISA scheme, designed to help first-time buyers, is seeing more withdrawals than investments. This trend raises questions about its effectiveness in supporting homebuyers. The issue may impact those relying on LISAs for their first home purchase.
Key takeaway: The Lifetime ISA scheme is experiencing more withdrawals than investments, sparking concerns about its effectiveness.
Mortgage approvals surge to highest level in over a year
Despite expectations of further interest rate increases, UK mortgage approvals for house purchases have surged to their highest level in over a year. This could have indirect implications for students and young adults, particularly those planning to enter the housing market. Economists are anticipating further interest rate increases later this year.
Key takeaway: The surge in mortgage approvals doesn't directly affect most students, but it could impact those planning to buy a home in the near future.
UK Mortgage Approvals Soar to 1-Year High
Mortgage approvals for house purchases in the UK have reached their highest level in over a year. Economists are anticipating further interest rate increases later this year. This development may impact students and young adults planning to buy or rent a home.
Key takeaway: Mortgage approvals have reached a 1-year high, but rising interest rates may increase costs for homebuyers and renters.
Mortgage approvals hit 15-month high
The Bank of England has reported a significant increase in mortgage approvals for house purchases. In April, 65,945 mortgage approvals were recorded. This is the highest number of approvals in 15 months.
Key takeaway: Mortgage approvals have reached a 15-month high, which could have implications for the housing market and students and young adults looking to buy or rent a property.
One in three working parents quit jobs for lack of flexibility
A recent study found that a third of working parents have quit their jobs due to a lack of flexibility. This trend is harming businesses, which are missing out on talent. Companies are warned that rolling back flexible working arrangements is having negative consequences.
Key takeaway: Companies are losing talent due to inflexible working arrangements, with a third of working parents quitting their jobs for this reason.
New bill targets domestic abusers and overhauls right to buy in England
The bill will allow social housing landlords to evict perpetrators of domestic abuse. It will also increase the length of tenancy required before residents qualify for the right-to-buy scheme from 3 to 10 years in England.
Key takeaway: The UK government has introduced a new bill to help protect social housing tenants from domestic abuse and change the right-to-buy scheme.
Claim Child Trust Fund
The HMRC is encouraging young people to claim their Child Trust Fund savings. This savings scheme was set up for children born between 2002 and 2011. Claiming these funds can provide a financial boost to young adults
Key takeaway: You can claim your Child Trust Fund savings to get a financial head start