Top headlines of the week: Reiner resigned from the government after the stamp duty incident and the renter’s bill of rights as it prepares to become law, clearing the barriers to the House of Commons.
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Government calls on banks to tell them to make FTBS “most important”
Government ministers will use the Prime Minister’s recent Leeds reform to expand high loans to value and loan loans, urging them to urge them to prioritize first-time home buyers.
Housing Secretary Matthew Pennycook and economic secretary Lucy Rigby will impose lenders on lenders such as Barclays, HSBC and Santander to support more buyers with small deposits after earlier negotiations with the construction community.
The reforms are expected to help 36,000 additional first-time home buyers in the first year, part of Labor’s broader plan, which is a plan to increase home ownership and provide 1.5 million new homes before the next parliament.
Reiner resigns from government after stamp duty incident
Angela Rayner resigned as deputy prime minister, housing secretary and deputy labor leader after admitting her salary was about £40,000 low in Hove’s second house.
She introduced the Prime Minister’s Standard Advisor, and despite her claiming she relied on legal advice, she ruled that she had violated the minister’s code.
Reiner took full responsibility in his resignation letter, and Keir Starmer said she was the right finding. Her departure is expected to trigger the first major reshuffle since the Prime Minister took office.
Mortgage advances fall 24% due to change of stamp duty: BOE
Mortgages fell sharply in the second quarter, with advances down 24.2 per cent to £58.8 billion, the lowest of the year as buyers delayed their purchases after resetting the stamp duty threshold.
However, new mortgage commitments rose 14.6 per cent to £78.2 billion, indicating stronger activity. At the same time as the retreat, loans from first-time home buyers and loans from high-loan borrowings have declined, reflecting a more severe affordability.
Analysts say the recent basic reduction is a boost in confidence, but supply pressures on potential new housing taxes, supply shortages and uncertainties could aggravate the market in the coming months.
Housing Secretary vows to “built, baby, build” before the developer meeting
New Housing Secretary Steve Reed promises “Build, baby, build” as he prepares to meet major developers to advance program reforms and enhance the building.
With 1.4 million approved homes still not obtained, Reed vowed to achieve the goal of 1.5 million in four years, the biggest plan since the 1970s.
His push follows weak ONS data showing that while housing starts just increased, it is much lower than the pace needed to reach the goal and far lower than the pace to reach the goal. Reed succeeds Angela Rayner, who resigned last week.
Renters’ Bill of Rights Clears Barriers’ Barriers in Preparing to Be Law
Congress cleared the way for renters’ bill of rights after MPs rejected nearly 80 House of Lords amendments and expected royal consent before the party meeting season.
The bill introduces comprehensive reforms, including restrictions on rent increase, restrictions on ending fixed deadlines and Section 21 evictions, and bans on bidding wars. Ministers argue that the risk of change for peers undermines key safeguards, although they acknowledge the proposed requirement for renters to rent pet insurance.
While the government insists on legislation to reach a fair balance, critics warn that this could drive landlords from the market and reduce rental supply.
Aldermore appointed Makanjee as CEO as Cooper resigns
Aldermore Group CEO Steven Cooper will resign in three years to take up a position outside the bank, with Raj Makanjee being appointed successor.
Makanjee has worked at Firstrand for 17 years, leading its retail and digital strategy, and he consulted financial services clients at Accenture.
Aldermore Chairman Pat Butler said his experience makes him well suited to push the next stage of growth for the bank, and Makanjee promises to build development on lender momentum. Cooper said Aldermore was “in good shape and suitable for the future.”
Cleary takes on temporary Chetwood MD role after leaving retirement
Chetwood Bank has appointed Alan Cleary as interim managing director of Andrew Arwas.
Cleary is the co-founder of Charter Court Financial Services and the former head of several mortgage brands, retired in 2021, but has served as chairman of the Chetwood Mortgage Advisory Board since 2024. Chetwood founder Arwas led the launch of Modamortgages and oversaw the acquisition of CHL Mortgages.
Cleary said he was persuaded to return after retirement to support the bank’s growth in the purchase-to-sale market and a permanent replacement of ARWAS will be announced later.
Landlord tax revenue increased by 1 million units in the market: Research
A report from the Joseph Rowntree Foundation found that landlord tax reforms since 2016 have curbed purchases, promoted first-time home buyers and added more than one million owners – European families.
While the private rental sector has been flattened, the study says rent pressure can be managed through regulations and recommends pairing first-time buyer support with speculative real estate investment restrictions.
Landlords’ lobby warns that further tax hikes can push up rents and reduce rent investments.
Lloyds Banking Group adds £4 billion to FTB loans
Lloyds Banking Group will provide an additional £4 billion by increasing its first-time buyers from 4.5 times to 5.5 times, raising the maximum loan to around 22% by raising its first-time buyers.
The move could be used for families who earn £50,000 or more of deposits of £50,000 or more, following the reforms of the Financial Policy Committee that allow large lenders to extend more high-loan-to-income mortgages.
Other lenders, including the nationwide, Santander and the agreement, have also increased their loan ratios.
FCA consults 11,000 brokerage firms for simplified reports
Financial Conduct Authorities plan to further cut data reports from 11,000 retail brokerage firms and propose transfers certain retail mediation activities to quarterly or biennially.
These changes will affect the returns on professional indemnity insurance, training and competency, as well as pension transfer recommendations. The move focuses on basic information while reducing the regulatory burden on the company, said Jessica Rusu, chief data officer of FCA.
The consultation will end on October 15, after a report reduced the traditional tape festival aimed at simplifying the entire field.
