UK House Prices Rise Most in Six Months, Halifax Says
The average value of a home rose 0.4% to £298,237 ($398,730), after prices gained just 0.1% the previous month, Halifax said Thursday. It was the biggest increase since January and left values 2.4% higher than a year earlier.
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Residents of NYC co-op facing 450% rent hike could lose homes amid market 'craziness' — how an ownership quirk hurt them
Richard Hirsch lives in Carnegie House, a 1960s brick co-op building nestled within New York City's glitzy Midtown Manhattan. He used to joke that he lived on 'Thousandaires' Row' — a play on the 'Billionaires' Row' nickname given to the neighborhood, now crowded with supertall skyscrapers and condos trading for tens of millions of dollars. Shop Top Mortgage Rates Personalized rates in minutes Your Path to Homeownership A quicker path to financial freedom But Hirsch and his wife Jill Strauss aren't laughing anymore. After the couple paid around $400,000 for their two-bedroom co-op in the 1990s, The Wall Street Journal reports they now face a crushing rent hike that could push their monthly costs from about $5,000 to $13,000. The shock stems from a little-known feature of their ownership structure: a long-term ground lease. And it's a time bomb that could explode under thousands of other New Yorkers. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now A 450% increase — and a fight for survival In most real estate deals, you own your home and the land beneath it. But some co-op buildings sit on land leased from another party, and tenants can build on and improve the property. This was originally a way to make housing affordable in pricey areas. Buyers paid less upfront but covered the cost of the land over time through rent. Many of these leases last for decades, and terms are renegotiated at regular intervals. If a lease expires, a landlord may be able to take ownership of any structures. Several Carnegie House residents told The Journal they were aware of the ground lease when purchasing their apartments, but were advised by attorneys costs were unlikely to jump significantly. However, values in the surrounding area have since spiked, and in 2014 the land was sold for $261 million to an entity tied to real estate tycoons Rubin Schron and David Werner. Residents hoped for a manageable rent increase when the lease reset in 2025. But after negotiations broke down, an independent arbitration panel announced a ruling on July 18 that would raise the co-op's annual ground rent from $4.36 million to around $24 million — a 450% increase. Hirsch, who serves as co-op board president, called the ruling 'basically death,' per The Journal. He and the board are exploring their legal options. If the lease tenants — which include the owners of the building's retail and garage spaces — can't pay the new rent, the building could go into default and residents would lose all equity in their homes, the co-op board told The Journal. If the ground lease is terminated, those with mortgages may also be stuck owing the bank, despite no longer owning their units. The human cost Lou and Barb Grumet, both in their 80s and living on fixed pensions, bought their Carnegie House apartment in 2011 for around $780,000. They chose the building for its accessibility and proximity to hospitals. Now, their monthly costs are expected to leap from $3,700 to $9,000. 'We were going to live here till we die,' Lou told The Journal. 'No one dreamed of the craziness that's happened here.' Some residents believe the landowners want exactly that: to push them out and make way for a new supertall skyscraper. A spokesperson for the landowners told The Journal there were no redevelopment plans, saying residents knew the risks and got a discount when they bought in. Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Still, warning signs have been flashing for years. After the 2014 sale, major banks stopped issuing mortgages in the building. Prices have tanked. One unit that sold for $535,000 in 2015 is now listed for $189,000, reports The Journal. Carnegie House isn't alone. According to the Ground Lease Coop Coalition, more than 25,000 New Yorkers live in co-ops with similar land arrangements. Many of those leases are nearing expiration or scheduled resets, meaning other buildings could soon face similar rent spikes and financial chaos. 'These co-ops are time bombs,' attorney Geoffrey Mazel, who's worked on ground lease negotiations across the city, told The Journal. Can lawmakers help? State lawmakers introduced a bill in 2024 to cap rent increases after ground leases expire, among other protections, but the bill didn't advance. A narrower version passed some committees in 2025 but stalled. The Real Estate Board of New York (REBNY) opposed the legislation, arguing that 'meddling in longstanding contracts for the benefit of a small handful of largely wealthy homeowners and real-estate speculators in Manhattan is bad public policy,' according to a statement obtained by The Journal. Supporters say laws should adapt to the needs of the public. 'It hasn't been a problem until now,' State Sen. Liz Krueger told The Journal. 'So now we have to intervene.' What buyers should know If you're shopping for a co-op in NYC, ask whether the building sits on a ground lease and how much time is left on it. If the lease expires within 20 years or includes major rent reset clauses, that may be cause for concern — for both you and mortgage lenders. Have a real estate attorney review the lease terms before you sign anything. If you already own a home in a ground-lease building, stay informed. Talk to your co-op board, follow any arbitration updates and stay up to date with advocacy groups fighting for legal protections. And if you're facing a huge hike in costs like Carnegie House residents, consult a financial planner to weigh your options, including whether to stay or sell. But selling may not offer much relief. When values plummet and buyers can't get loans, you might be stuck. What to read next Want an extra $1,300,000 when you retire? Dave Ramsey says this 7-step plan 'works every single time' to kill debt, get rich in America — and that 'anyone' can do it Here are 5 simple ways to grow rich with real estate if you don't want to play landlord. And you can even start with as little as $10 Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23 minutes ago
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The little-known risks of using a free VPN to get around the Online Safety Act
Many internet users have turned to VPN software to visit sites containing blocked content in the wake of the UK's Online Safety Act coming into force. The Online Safety Act sets tough new requirements on social media platforms as well as sites hosting pornography, to protect children and remove illegal content. These include requirements for age checks, some of which require personal data to be uploaded to access sites that show pornography. The site Top10VPN, which monitors VPN traffic around the world, reported that British VPN traffic rose by 1,327% on 25 July, the day the act came into force, and had risen almost almost 2,000% by 27 July. But cybersecurity experts have said that there is a danger that users will rely on free VPNs, some of which are notorious for privacy risks. What are free VPNs? Virtual private networks, or VPNs, refer to software that routes a user's internet connection through a server in another location, making it seem as if the user is in another country, and thus bypassing the requirements for age checks. Most VPNs charge a monthly fee for use, but there are free versions – ranging from trial versions of paid software to services that are always free. It's some of the always-free versions that users should be wary of, explains Jamie Akhtar, CEO and Co-founder at cybersecurity company CyberSmart. "Unfortunately, free VPNs can come with risks. Although it must be said, not always; if you're using a free trial version of a reputable product, you're likely fine. However, totally free VPNs do raise concerns," he warned. What are the risks of free VPNs? Paid VPNs are highly protective of user privacy, because their financial models rely on paying subscribers. For some free VPN services, user data can be a way to earn money - such as by selling information on the sites people visit to advertisers. Akhtar warned: 'Most free products still need some way to monetise their service, so if you aren't paying in cash, you're probably paying with your data." On less reputable free services, it's also not clear who has access to your data, and how they might use it. 'Some free VPN providers don't disclose their data policies or company ownership, making it unclear who is handling your data or what they're planning to do with it. It'll also be more difficult for you to access legal recourse if your data is abused," said Akhtar. 'If the VPN doesn't adhere to privacy laws or keeps logs that can be handed over to authorities, your identity and online activities could be exposed.' With 'free VPN' a popular search term, cybercriminals have also 'cashed in' by creating apps that look like VPNs but are in fact malware that can infect devices. 'There have been instances of cybercriminals disguising free downloadable VPNs as malware, spyware, and ransomware, so be very careful where you source yours from," added Akhtar. How can I be sure a VPN is safe? There are free VPNs which are perfectly safe to use, such as trial versions offered by major VPN companies such as NordVPN, PrivadoVPN, Surfshark, Proton and Norton. But as a general rule, these come with limitations such as slower speeds or a cap on data. It's generally worth paying the small monthly fee for a paid VPN service just for peace of mind, says Akhtar. 'Many free VPNs have weaker encryption standards or outdated protocols, which can leave your data vulnerable to interception and your device open to attack. There's also the likelihood that it just won't work as well as a paid service. Many free VPNs have unstable connections and high latency, making using them a pretty frustrating experience. 'All in all, it's worth stumping up the extra cash for a paid service. Excellent VPN services can be found for very little cost, and it's worth it for the peace of mind you'll gain."
Yahoo
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Doner delight: German kebab workers savour historic pay deal
Doner kebab meat workers in Germany were Friday savouring the industry's first ever union-backed pay deal that ended a long dispute at a major supplier of the hugely popular snack. Workers at the factory run by the Birtat company -- one of Germany's biggest in the sector, supplying some 13 million businesses a month -- had been pushing for improved salaries and had staged several walkouts. They complained that they were not paid enough for the hard work, which involves marinating veal, chicken and turkey and putting it on skewers in cold temperatures, according to a report in financial weekly WirftschaftsWoche. The long-running dispute at the plant in Murr, southwest Germany, was finally settled Friday when a deal was agreed with management, according to the NGG food, beverages and catering union. The union hailed the pay deal as the "first collective bargaining agreement in the kebab meat industry," adding that it "marks the beginning of an important chapter in labour relations". "We are convinced that this collective agreement sends an important signal to our employees, expressing our appreciation for their hard work and dedication," added Cihan Karaman, a spokesman for Meat World SE, the parent company of Birtat. The agreement sets the starting monthly salary at 2,600 euros ($3,300), with increases to be implemented by the end of 2026, the NGG said. It covers about 120 workers, according to news outlet Der Spiegel. The humble doner, made with thinly sliced meat cooked on a vertical rotisserie, has its origins in Turkey but is beloved in Germany after being introduced there by Turkish migrants. sr/jsk/gv
