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Significant Drop in New UK Buy-to-Let Mortgages: Sector Experiences First Contraction in Decades
The UK buy-to-let mortgage market has experienced a sharp decline, with the number of new mortgages granted by lenders more than halving in just over a year. This marks the first contraction in the sector since its inception in 1996. Market Dynamics and Financial Pressures Recent data from UK Finance highlights the substantial impact of…
Read MorePhase Two of the Home Upgrade Grant (HUG2) in Kidderminster
The Home Upgrade Grant (HUG2) is a UK Government-funded scheme for properties in England not connected to the gas grid. Local Authorities have been allocated £630 million to provide energy-efficient upgrades and low carbon heating to eligible households from April 2023 to March 2025. Tackling Fuel Poverty The HUG2 scheme targets both owner-occupiers and landlords…
Read More99% Mortgages May Inflate House Prices in Kidderminster Unless Supply Increases
Reports from The Independent suggest the UK Government is considering a 1% deposit mortgage scheme in the March 2024 Budget. While this may help those struggling to buy homes, the housing sector warns of potential price increases if more stock is not made available. Housing Plan Needs Progress A July 2023 report by the Commons…
Read MoreThe new government must promptly address the housing crisis
Labour’s Landslide Victory and Housing Reforms for Kidderminster The UK General Election has brought the Labour Party to power with a landslide victory, ending 14 years of Conservative rule. Labour plans to address the housing crisis with a proactive approach. Their manifesto promises changes to planning rules, targets for new homes, private rented sector (PRS)…
Read MoreRenters Reform moves to Lords as sector calls for certainty
Section 21 and the Court System The ban on no-fault evictions is the most high-profile part of the Renters Reform Bill and continues to dominate media coverage. The Bill now mandates an assessment of court readiness before abolishing Section 21. Jacob Young MP stated that courts must be prepared, or tenants won’t benefit from the…
Read MoreLabour pledges fast action to make renters better off
On 20 June 2024, Angela Rayner MP, Labour’s Shadow Housing Secretary, will outline plans to improve renters’ lives if they win the General Election. Shadow Chancellor Rachel Reeves MP will pledge to reduce cost-of-living pressures on private sector tenants by cracking down on unscrupulous landlords, banning no-fault evictions, and capping upfront rent costs. Labour will…
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