Over-50s now hold three quarters of all UK housing equity, according to a new study by global property adviser Savills. This generational divide is most notable in the South West, where 80pc of housing equity is owned by the over-50 age group. It suggests that many affluent London dwellers have moved to the country.
Theresa May has criticised the UK home building sector for not supplying enough properties to meet national demand. “The gap between permissions granted and homes built is still too large,” Ms May said. But is she right to blame developers?
Housing secretary Sajid Javid wants developers to "upfill" existing buildings by adding new levels of accommodation. Will the idea address the housing crisis? Or will it just create "some very fancy penthouses", as one architect has claimed?
Most authorities across England are planning to increase council tax and service charges, a new survey suggests. The 2018 State of Local Government Finance research suggests 80 per cent of authorities will hike taxes by the maximum amount permitted before a referendum is triggered.
UK household spending rose to £554.20 per week between April 2016 and March 2017, according to data compiled by the ONS. Households spent most money on transport, followed by recreation and culture, a category which was ranked second for the first time. The ONS said inflation may have encouraged households to bring forward ‘big ticket’ purchases.
Housing Secretary Sajid Javid has launched "Homes England", replacing the Homes and Community Agency, during a visit to a new housing development in Cambridge.
The Secretary of State for Housing, Communities & Local Government wants the number of new homes built in England to rise from 217,000 to 300,000 per year by the mid 2020s.
Mr Javid said this ambition is a "big ask", but believes his department, in conjunction with developers, can achieve it.