House sales peak in July as energy bills set to rise by
80% in October
UK regulator, OFCOM, has hiked the energy cap which means average
UK household energy bills are set to rise by up to 80% from 1 October.
The Government has announced that all households in England,
Scotland and Wales will receive £400 to help with rising fuel bills this
autumn. The payment will appear as a credit on your energy bill. Landlords who
include utility bills in houses in multiple occupation will still be eligible
for these payments.
See also: 100,000
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The increased outgoings could also affect how much you will
be able borrow to buy your home.
Here are some changes to mortgage affordability calculations
made by lenders that you need to be aware of if you are applying for a mortgage
home loan in the UK.
Recent changes mean lenders will add another layer to
mortgage affordability checks used to calculate how much they can lend to
borrowers. In future, they will not just look at your income but will also take
into account at all of your outgoings, which means you may not be able to
borrow as much as you need.
Lenders are expected to amend the rules for benefit
claimants to allow them to have their benefit payments assessed as part of the
mortgage application.
House sales peak in July HMRC figures show but buyers are
cautious
Following the recent Halifax report, official figures show
that more homes were sold in the UK in July than in any other month this year,
but agents report that buyers are showing more caution.
Due to cost-of-living pressures and lower mortgage advances,
buyers are increasingly negotiating for a lower price.
HM Revenue and Customs data showed that 110,970 properties
were sold in the UK during the month - the highest since September.
Consistent monthly sales of around 100,000 this year show
that demand remains comparatively strong, but there are signs that the squeeze
on budgets caused by rising prices and bills were having an effect.
Sales in July were still 33% higher than the same month last
year and 7.2% higher than June, HMRC said.
Nathan Emerson, chief executive of the estate agents' trade
body Propertymark, told the BBC: "These figures show the housing market
remains stable with transactions up month-on-month, year-on-year and well above
pre-pandemic levels.
"The cost of living is still rising and we are seeing
evidence of buyers negotiating harder, bringing price increases down. But our
data from member agents shows the demand remains strong and that there with not
enough stock to go round with the number of new potential buyers seven times
higher than new homes coming to the market."
US President Joe Biden is cancelling billions of dollars
of federal student loans.
Mr Biden has just announced he will cancel up to $10,000
(£8,500) in federal student loans for millions of Americans who earn less than
$125,000 each year. The cost is expected to exceed $300 billion and further add
to the multi-trillion dollar US debt mountain.
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