News: Jeremy's building ideas.
It shouldn't really have come as a shock: the pollsters had been predicting it for ages. But when Jeremy Corbyn was named as the new leader of the Labour Party a few weeks ago, everyone looked surprised — even the man himself.
So now his policies will be scrutinised like never before. According to his website, Corbyn's housing manifesto proposes to allow councils the right and means to commission new homes, in order to meet the demand for affordable housing in their own areas. “Under my ‘Vision for Britain 2020’ Labour will promote major council-funded, desirable energy efficient building projects to provide our young people with a good start in life, to stop paying exorbitant rents and the opportunity of a home they can at least call their own,” he writes.
NEWS: Rates up, finances down?
Do you believe the results of surveys and polls? After the chaos at the General Election, you'd be forgiven if you didn't. Still, one new survey, released at the end of August, showed that 78 per cent of UK households expect interest rates to rise within 12 months, which is economic food for thought. That said, the dramatic falls of the FTSE in late August — as stock markets across the US and Europe plunged due to fears of a Chinese economic slowdown — should delay any interest rate rises.
Yet another survey, from Markit, found that UK households have suffered their sharpest deterioration in finances so far this year in August. Even so, Tim Moore, senior economist at Markit, thought that the “improving economic fundamentals and gradually rising income from employment should continue to support household finances through the remainder of this year.”
In other news, the Government has now given details about how it would (controversially) force landlords to evict known illegal migrants from privately rented properties — or face jail if they don't...
NEWS: George's summer surprise
Before the general election in April, potential house buyers were taking a cautious 'wait and see' attitude and the property market stagnated as a result. Yet post-election figures show that property is back on track once again, with sales up by 4.7%. Confidence has returned, it seems.
The really big news of the last few weeks, however, has been George Osborne's summer budget. There was no ignoring it, particularly if you're a landlord (more of which below) — although property owners also got a surprise, too: from April 2017, married couples and civil partners will be able to pass on family homes worth up to £1million to children or grandchildren without being hit by inheritance tax. Just two days later, Osborne followed this up with a series of sweeping planning proposals, including automatic planning permissions for brownfield sites in order to kickstart “an urban planning revolution.”
It was a busy week for Her Majesty's Government...