Tuesday 15th October 2019
Number of New Buy-to-Let Mortgages Completed Continues to Fall Says UK Finance
UK Finance has published the latest data on mortgage trends for August 2019. It can be accessed at here. Of note:
- There were 35,010 new first-time buyer mortgages completed in August 2019, 0.7% more than in the same month in 2018. This is the highest monthly total since August 2007 when there were 35,070 new first-time buyer mortgages. There were 35,380 home mover mortgages completed in August 2019, 5.5% fewer than in the same month a year earlier.
- There were 18,640 new remortgages with additional borrowing in August 2019, 2.9% fewer than in the same month in 2018. For these remortgages, the average additional amount borrowed in August was £55,000. There were 18,100 new pound-for-pound remortgages (with no additional borrowing) in August 2019, 2.3% fewer than in the same month a year earlier.
2.48 Million on Universal Credit, Say New Statistics
Government statistics show that the number of people on Universal Credit increased to 2.48 million in September 2019. This is an increase of 5.5% from the 2.35 million who were claiming the benefit in August 2019.
Payment timeliness statistics show that in March 2019, 94% of existing claimants were paid in full and on time, whilst 98% of existing claimants received some payment on time. For new claims, 84% of claimants received payments in full and on time, whilst 90% received some payment on time. Each metric increased by 1% on February 2019.
Government to Present Legislation on Internet Access in Blocks of Flats
The Secretary of State for Digital, Culture, Media and Sport will today present to Parliament for first reading the Telecommunications Infrastructure (Leasehold Property) Bill. Key elements of the Bill will include:
- Creating a cheaper and faster light-touch tribunal process for telecoms companies to obtain interim code rights (or access rights) for a period of up to 18 months. This will mean that they can install broadband connections where the landlord has failed to respond to repeated requests for access.
- Amending the Building Act 1984 so that Building Regulations require all new build developments to have the infrastructure to support gigabit-capable connections.
- Requiring for developers to work with broadband companies to install gigabit-capable connections in virtually all new build developments, up to a cost cap.