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Morning Briefing: mortgage lending demand lowest since recession, says Bank of England
The latest warnings of a Brexit-related softening in the market, and the rest of the morning’s housing news
In the news
Further evidence arrives of a softening housing market today. On the back of figures yesterday showing the fastest price drops in six years, the Bank of England reports today that demand for mortgages is at its lowest level since 2010.
According to The Guardian, economists believe the drop in mortgage lending reflects banks reining in their lending in response to the risk of a no-deal Brexit.
In The Financial Times this morning there is a comment piece pouring cold water on the idea that a Brexit-related price drop would help young buyers.
“Ultimately the spoils will go to the rich, who can afford to buy cut-price houses without borrowing, and the shareholders of global property management companies, which buy up distressed flats, then rent them out to ordinary working people at high cost. No one wrote that on the side of a bus,” writes Nathan Brooker.
The Crown Prosecution Service has released an announcement of the conviction of former council officers for benefit fraud totalling more than £1m after a three-month trial at Southwark Crown Court. The defendants worked for Lambeth, Kingston, and Barking and Dagenham and used their positions to create fake benefit claims and send the money to accounts they controlled.
Essex newspaper the Daily Gazette reports on a row between London boroughs and Essex councils over homeless families from the capital being “dumped” in the counties. Mayor Sadiq Khan has intervened to promise to remind local authorities of their responsibility to notify other councils about out-of-London placements.
In another local story about homelessness, Leeds Live runs a story about the cost of temporary accommodation in the city – which has hit more than £2m a year.
In south London, Wandsworth Times reports on plans to invest a further £93m into improving the borough’s council housing stock.
In The Guardian there is a follow up to our report on the fire safety assessment of the Grenfell Tower refurbishment work – which did not even consider the plans to add cladding to the outside of the tower. You can read the original here.
The Conversation runs a piece about the rising number of 20-somethings living with parents. Written by social policy professor Donald Hirsch, it says parents worry they are subsidising lifestyle choices and tension over a reasonable level of ‘board’ payment.
And in less serious news, website Tree Hugger has a report on plans to convert Buckingham Palace into social housing. They are, of course, unlikely to be actioned.
On social media
The inaugural Women’s Housing Forum takes place today in London, with attendees due to tweet with the hashtag #WHFJan19
Today’s the day! #WHFJan19 t.co/8diqFDbLyd
— Clare Powell (@ClarePHousing)Today's the day! #WHFJan19 https://t.co/8diqFDbLyd
— Clare Powell (@ClarePHousing) January 18, 2019
