The Financial Services Authority (FSA) is set to announce tough new rules for mortgage providers tomorrow, according to The Telegraph.
The rules, which are intended to stop irresponsible lending, will reportedly affect first-time buyers and those over 50.
The number of tenants complaining about their landlords has increased by 27% since 2008, according to housing charity Shelter.
A report by the BBC says that the charity sent freedom of information requests to 326 local authorities in July, and received responses from 310.
The activity of squatting, or taking possession of an unoccupied building and living there without paying anything to the property owner, has long been a topic that divides opinion.
Some see it as a positive action, where the homeless make good use of unused living spaces. Others see it as a parasitic act that is akin to stealing.
There are fears that the Government is planning to repeal rules which make developers set-aside an amount of new-build properties to be used for affordable housing, according to The Independent.
A review of the private rental market by Sir Adrian Montague, which is due to be released this week, is expected to suggest that authorities should have the ability to waive the rules.
With land in short supply in our towns and cities, property developers and town planners are acutely aware of the need to construct high rise buildings – often on small, overlooked plots of land to make a development profitable. Notwithstanding the struggle to secure development funding and all necessary planning consents which increases overall costs, developers are also being stung by claims that the construction of these high rise buildings are blocking out the natural light reaching neighbouring properties.
Given the on-going recession, tenants are increasingly looking to exercise break clauses in their leases to get out of occupying expensive premises. Understandably, landlords are making it increasingly difficult for tenants to exercise these rights knowing too well that it could take many months to get a new tenant for their premises, probably at much lower rents.
The French President, Francois Hollande, met with Prime Minister Cameron yesterday and has “reassured” Mr Cameron that British owners of holiday homes in France won’t be subjected to punitive taxes, according to The Telegraph.
Mr Hollande’s leftist party released plans to increase taxes on second homes owned by foreigners in France – tax on rental income was to increase to 35.5% from 20%, and capital gains tax on property sales to 34.5% from 19%.
The tourist industry is benefiting from the Olympics coming to town as non-Londoners are looking for accommodation and many will be visiting the capital’s many sites and restaurants. The Games are expected to give a much-needed boost to several London businesses.
However, many tenants renting accommodation in London are less pleased with the coming sporting event as their landlords are looking to evict them and let the properties during the busy summer weeks for a high sum of money. (more…)
Living in London has always been expensive but with the Olympics round the corner prices have soared. This has not only attracted homeowners in the capital to temporarily let their property for the summer weeks and earn some extra money, but it is also leaving councils struggling with finding affordable accommodation for individuals on housing benefit.
Newham Council is finding it financially unviable to house tenants on its waiting list in private accommodation because the housing benefit is not high enough to cover private rents. The council is now looking for outside help. (more…)
A 17-year-old girl in Devon may be Britain’s youngest shop owner after she saved up money from her part-time job and bought a gift shop.
Lucie Balchin has left her A-levels to become the owner of the Crazy Cow Gift Shop. Although Lucie is not old enough to buy the property legally she has used her mother’s bank account to complete the transaction. However, Lucie will be the one looking after and running the shop. (more…)