Is this the best town in Britain for landlords?
Her experiences, however, do not reflect the general state of the buy-to-let market, suggesting that her North Yorkshire town is bucking the trend.
Tighter regulations, stamp duty rises, the removal of tax breaks and new energy efficiency rules have increased costs for buy-to-let owners, making it harder for them to make a profit — driving landlords out of the market rather. HM Revenue & Customs research in May found that one in five were looking to sell up in the next 12 months.
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The Independent
3 minutes ago
- The Independent
Rachel Reeves admits Labour has ‘disappointed' people while in government
Rachel Reeves admits Labour has 'disappointed' people while in government. The politician said she understood that being Chancellor meant making unpopular decisions. She told an audience at the Edinburgh Fringe Festival that Labour had got the balance right between tax, spending and borrowing. But she said that balancing the books meant making tough decisions, even if the are unpopular. Appearing on the Iain Dale All Talk fringe show, she said: 'The reason people voted Labour at the last election is they want to change and they were unhappy with the way that the country was being governed. 'They know that we inherited a mess. They know it's not easy to put it right, but people are impatient for change. 'I'm impatient for change as well, but I've also got the job of making sure the sums always add up – and it doesn't always make you popular because you can't do anything you might want to do. You certainly can't do everything straight away, all at once.' Ms Reeves pointed to Labour's £200 million investment in carbon capture in the north east of Scotland, which she said was welcomed by the industry. At the same time, Labour's windfall tax, she said, was not liked by the sector. 'I can understand that that's extra tax that the oil and gas sector are paying, but you can't really have one without the other,' she said. Defending Labour's record, she said her party had the 'balance about right'. 'But of course you're going to disappoint people,' she added. 'No-one wants to pay more taxes. 'Everyone wants more money than public spending – and borrowing is not a free option, because you've got to pay for it. 'I think people know those sort of constraints, but no-one really likes them and I'm the one, I guess, that has to sort the sums up.' Ms Reeves said Labour had to deliver on its general election campaign of change, adding that her party did not 'deserve' to win the next election if it does not deliver the change it promised.
The Sun
3 minutes ago
- The Sun
The top 10 cheapest market towns for first-time buyers revealed – and the most expensive
THE top 10 cheapest market towns for first-time buyers have been revealed. New data from Lloyds Bank shows Leek is the least expensive location to put down roots for those fresh onto the property ladder. First-time buyers in the West Midlands town face paying £191,359 on average. The second-cheapest town in the list, Chesterfield, also based in the Midlands, sees first-time buyers looking at an average price of £198,054. Four other market towns from the region featured in the top 10 list, including Boston, Buxton and Grantham. Prices for first-time buyers in these locations are £211,404, £224,896 and £230,464, respectively. Northallerton, Selby and Driffield, all in Yorkshire and the Humber, appeared in Lloyds' list as well. House prices for those hopping onto the property ladder for the first time are £201,628, £202,092 and £203,160, respectively. Newport, Wales, was eighth least expensive in Lloyds' list - the average house price for first-time buyers there is £227,784. Andrew Asaam, homes director at Lloyds, said the appeal of market towns had stood the test of time with home-buyers. "These charming locations are filled with historic landmarks and architecture, quaint charm and community spirit, offering a calmer pace of life, often within the reaches of bigger towns and cities. "That 'best of both worlds' feeling has led to house prices in these areas holding up - in fact, the priciest market towns are amongst the most expensive locations, outside of Greater London, to settle into a home." The Sun's James Flanders explains how to find the best deal on your mortgage At the other end of the scale, Hitchin came out the most expensive market town for first-time buyers. First-time buyers are looking at an average price of £410,366 for a property in the East of England town. Altrincham, in the North West, was second, with buyers having to cough up £404,864 for a home. West Malling, Hertford, Saffron Walden and Wimborne also feature on Lloyds' list. 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On average, the 10 market towns where house prices have grown the most since 2020 have seen prices rise by an average of 26%, from £223,061 to £280,582. How to get the best deal on your mortgage IF you're looking for a traditional type of mortgage, getting the best rates depends entirely on what's available at any given time. There are several ways to land the best deal. Usually the larger the deposit you have the lower the rate you can get. If you're remortgaging and your loan-to-value ratio (LTV) has changed, you'll get access to better rates than before. Your LTV will go down if your outstanding mortgage is lower and/or your home's value is higher. A change to your credit score or a better salary could also help you access better rates. And if you're nearing the end of a fixed deal soon it's worth looking for new deals now. You can lock in current deals sometimes up to six months before your current deal ends. Leaving a fixed deal early will usually come with an early exit fee, so you want to avoid this extra cost. But depending on the cost and how much you could save by switching versus sticking, it could be worth paying to leave the deal - but compare the costs first. To find the best deal use a mortgage comparison tool to see what's available. You can also go to a mortgage broker who can compare a much larger range of deals for you. Some will charge an extra fee but there are plenty who give advice for free and get paid only on commission from the lender. You'll also need to factor in fees for the mortgage, though some have no fees at all. You can add the fee - sometimes more than £1,000 - to the cost of the mortgage, but be aware that means you'll pay interest on it and so will cost more in the long term. You can use a mortgage calculator to see how much you could borrow. Remember you'll have to pass the lender's strict eligibility criteria too, which will include affordability checks and looking at your credit file. You may also need to provide documents such as utility bills, proof of benefits, your last three month's payslips, passports and bank statements.
The Guardian
3 minutes ago
- The Guardian
Chancellor's attempt to intervene in car finance scandal branded ‘disgraceful'
Rachel Reeves' efforts to intervene in the supreme court case on the car finance scandal were 'unprecedented and disgraceful' and send a 'really bad message' to consumers that the government is willing to defend wrongdoing by banks, Treasury committee member and Lib Dem MP Bobby Dean has said. While the supreme court largely sided with finance companies on Friday – helping lenders avoid a £44bn compensation bill – Dean said the chancellor had gone too far to show she was on the side of business. That included a controversial bid to intervene in the supreme court hearing in January, in which she urged judges to avoid handing 'windfall' compensation to borrowers. That attempt was ultimately rejected. 'I thought it was pretty unprecedented and pretty disgraceful,' said Dean, who sits on an influential parliamentary committee which scrutinises City firms, regulators and the Treasury. The chancellor had also been considering overruling the supreme court's decision with retrospective legislation, to help save lenders billions of pounds, in the event that it upheld the entirety of October's court of appeal ruling, the Guardian revealed last week. 'What message does it send to consumers that the industry can do wrong, the courts can support the claim that they've done something wrong, but the government is ready to intervene and defend the industry that's done wrong, instead of defending the consumer? I think that's a really bad message to put out,' Dean said. 'I feel like this government sometimes is too keen to demonstrate it is on the side of business, and is sometimes not understanding the rights of consumer,' he added. Reeves intervention efforts followed intensive lobbying by the car loan industry, which feared that the supreme court would uphold last October's shock ruling by the appeal court. That October ruling suggested commission payments paid by lenders to car dealers were unlawful, unless explicitly disclosed to borrowers. It could have opened the door to billions of pounds of compensation claims against companies including Lloyds Banking Group, Santander UK, Barclays and Close Brothers, and result in a redress scheme that rivalled the £50bn payment protection insurance saga. Lobby group the Financing and Leasing Association (FLA) – which represents car lenders – had warned the government that a big compensation bill could push some lenders into failure, while others would offer fewer or more expensive loans to claw back their losses. That could restrict options for borrowers who relied on credit. City bosses were also warning the Treasury that ongoing uncertainty over the scandal was deterring international investment in the finance industry, and was therefore putting the UK's economic growth at risk The FLA's head of motor finance Adrian Dally said that the lobby group was 'pleased' with the supreme court's ruling, and felt its concerns had been heard by Treasury and regulators. He confirmed the FLA had been speaking with the Treasury nearly every week in the wake of the court of appeal ruling in October, including about its concerns on the car finance case. However, he rejected suggestions the Treasury had prioritised the industry over consumers. 'We absolutely disagree with that because, ultimately, this [car finance] industry is a vital part of the nation's infrastructure, and enables millions of people to get to work, to get to school, and that was put at risk by these court cases. And ultimately, we believe the industry's interests and the consumers' interests are aligned on this.' Sign up to Business Today Get set for the working day – we'll point you to all the business news and analysis you need every morning after newsletter promotion But Dean said government interventions set a 'really bad precedent if you're going to intervene on cases of consumer redress on the basis that it might damage industry, because then almost every consumer redress case would fall,' Dean said. Dean added that compensation schemes can give consumers confidence to borrow and invest, knowing will be protected when companies take advantage of customers. 'Obviously, the best industry is one where these redress systems are not needed in the first place, because people play by the rules.' The Financial Conduct Authority is due to confirm whether or not it will press ahead with a compensation scheme before the stock markets open on Monday morning. A Treasury spokesperson said: 'It is vital that consumers have access to motor finance to enable them to spread the cost of a vehicle in a way that is manageable and affordable. 'We respect this judgment from the supreme court, and we are working with regulators and industry to understand the impact for both firms and consumers. 'We recognise the issues this court case has highlighted, and we are already taking forward significant changes to the Financial Ombudsman Service and the Consumer Credit Act.'
