Zara Tunnicliffe

Editor at Pension Times

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Articles

Housing Demand Sky-Rockets After Lockdown Ending

Oct 18, 2023 | pensiontimes.co.uk | Zara Tunnicliffe

Since the end of lockdown, Zoopla has reported that larger, more rural properties are in higher demand and are selling much faster than in previous years. Many buyers are now prioritising space over commuter convenience. Work from home space is becoming increasingly popular. With more people not returning to the office, and working from home becoming more of a reality for the foreseeable future, the behavioural shift is another factor to consider for this increase.
First Time Buyers May Struggle as HSBC Restrict Sales

Oct 18, 2023 | pensiontimes.co.uk | Zara Tunnicliffe

HSBC is the latest bank to restrict sales of its low-deposit 90% mortgages in a move that will leave many first-time buyers struggling to find a loan. The lenders have said that they have temporarily put a stop to approving mortgages worth more than 85% of the value of a home. The purpose of this is to assist with processing a backlog of low-deposit mortgage applications.
Leasehold Scandal Under Investigation

Oct 18, 2023 | pensiontimes.co.uk | Zara Tunnicliffe

Four of the UK’s major housebuilding firms, Barratt Developments, Countryside Properties, Persimmon Homes, and Taylor Wimpey, are facing an investigation surrounding the way leasehold properties are sold. There was some “troubling evidence” uncovered recently suggesting there is a scandal at hand. Owning a lease, or leasehold, which gives the person the right to use the property. However, leasehold owners still have to get their landlord's permission for any work or changes to their homes.
Mortgage Demand Increases to Near Pre-Covid Level

Oct 18, 2023 | pensiontimes.co.uk | Zara Tunnicliffe

The Bank of England has reported a sharp increase in the demand for mortgages as the UK came out of its lockdown in July. Consumer borrowing in general has also increased, with a demand for credit in the form or overdrafts, unsecured loans and credit card spending. The Bank of England has reported that the number of new home loan approvals jumped from 39,900 in June to 66,300 in July. The stamp duty holiday is seen as a major contributor to the upturn in borrowing.
Corporate Defaults Wave Could Put Pension Protection Fund at Risk

Oct 18, 2023 | pensiontimes.co.uk | Zara Tunnicliffe

The Pension Protection Fund (PPF), known as the government’s ‘lifeboats scheme’ for company pensions, is reported to be at risk following a wave of company defaults. In the worst cases, the defaults could result in a 10% cut to pensioner incomes.
Nationwide Reports Housing Prices at All-time High

Oct 18, 2023 | pensiontimes.co.uk | Zara Tunnicliffe

Nationwide has reported that housing prices are recovering post-lockdown, resulting their highest monthly rise in more than 16 years. Nationwide’s chief economist, Robert Gardner, told the BBC that the prices have risen so much, that the losses recorded in May and June have been reversed. The average price for housing rose to £224,123 thanks to an increase of 2% last month. Nationwide said the increase in August was the highest since February 2004, when house prices rose by 2.7%.
Eating Out Scheme Causes Decrease in Inflation

Oct 18, 2023 | pensiontimes.co.uk | Zara Tunnicliffe

As the eat out to help out scheme pushed down restaurant prices, it caused the UK’s inflation rate to fall sharply. Currently, the inflation rate is sitting at a five-year low. Inflation is the rate prices for goods and services grow, affecting everything the cost of shopping to the price of train tickets. In short, it affects how far your money goes. Higher inflation means higher prices, and if your wages aren't growing in line with inflation, in "real terms" you'll be worse off.
Call for Emergency Cash to Aid UK Renters

Oct 18, 2023 | pensiontimes.co.uk | Zara Tunnicliffe

Housing aid organisations have come together to call for aid for renters who have fallen into arrears during the COVID-19 pandemic. The call also aims to help landlords.
Ministers Extend Eviction Ban by 4 Weeks

Oct 18, 2023 | pensiontimes.co.uk | Zara Tunnicliffe

This past weekend, the COVID-19 eviction ban was extended by four weeks in the UK, following ministers' concerns that thousands could lose their homes. The eviction ban has now been extended until 20th September, meaning courts will continue the pause on possession hearings.
Government Borrowing Sky Rockets Due To Covid-19 Costs

Oct 18, 2023 | pensiontimes.co.uk | Zara Tunnicliffe

The UK government has borrowed £30.9 billion in August in an attempt to compensate for the economic strains on public finances. Official figures show that the amount borrowed was £30.5 billion more than it borrowed last year. The amount borrowed is defined as the difference between what the government spent and the income they got from tax. This figure is the highest amount borrowed in August since 1993.