Welfare U-turn makes spending decisions harder, minister says
The climbdown means the savings will now be delayed or lost entirely, which puts pressure on Chancellor Rachel Reeves ahead of the autumn Budget.Before its retreat on benefits, the Labour government was considering lifting the two-child benefit cap, a policy that restricts means-tested benefits to a maximum of two children per family for those born after April 2017.When asked if the chances of getting rid of the cap had diminished, Phillipson said: "The decisions that have been taken in the last week do make decisions, future decisions harder."But all of that said, we will look at this collectively in terms of all of the ways that we can lift children out of poverty."
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Daily Mail
12 minutes ago
- Daily Mail
EXCLUSIVE I spent 13 years renovating my grade II listed cottage in Hampshire - here's why I'm selling up
Thirteen years ago Claire O'Donnell purchased Rose Cottage in Tunworth, a hamlet in Hampshire. She fell in love with the grade II-listed cottage's charm and character and the fact it is nestled in a quiet location but still close to amenities. The 68-year-old, who worked as an airline stewardess with British Airways before retraining as an interior designer after having children, has viewed the cottage as a labour of love over the years. The property's previous owners had lived in France and only occasionally visited. When Claire and her family purchased the property, which was built in the late eighteenth century, it was clear it needed to be lived in and looked after. 'As they say, when the cat's away the mice will play, and the mice were certainly at play in Rose Cottage', Claire told This is Money. She added: 'The hand-made curtains in the living room were nibbled away all along the skirting boards. 'After carefully relocating the wildlife outside, I could see the opportunity to revitalise and restore the cottage, maintaining its period heritage while bringing it into the twenty-first century.' Since buying Rose Cottage, Claire has undertaken major renovation works at the property. Among other works, Claire has raised the height of the ceiling in the main bedroom in order to show off the original timber beams. The entire cottage has been redecorated throughout and Claire curated a Jack and Jill style bathroom upstairs to create a better sense of space. The floor has been upgraded in the kitchen and garden room, and the height above the Aga has been raised. Claire converted a pair of outbuildings into a high-spec home office and utility room. She's also shifted the paddock so its alongside the garden and built stabling for two horses. On the renovation process, Claire said: 'It's been an ongoing process since we moved in. I knew what I wanted to do initially, but then living in the cottage over the past 13 years, we've evolved together. 'There have been moments of inspiration that have led to small changes, then grander plans like converting the old office that were a few years in the making. 'Then the nuances of maintaining and preserving a period property play a part too - for example, I'd been longing to have the driveway updated but had to wait until the thatch was due to be re-done first.' What a setting: The thatched roof of Rose Cottage has been redone recently The gardens at Rose Cottage, which is just a 10 minute drive from Basingstoke, are exceptional, but Claire has a little help getting them in shape. She said: 'I have some help in the garden. Steve keeps the lawns and hedges so beautiful and takes great pride in them. Emily is my expert gardener, her knowledge and practical skills keep the beds and formal areas bursting with colour and life.' Thirteen years after moving in, Claire's now ready to make her next move and spruce up another property. Claire told This is Money: 'We'll be very sad to leave Rose Cottage, it's such a special place. 'We're selling as we've reached that point where we're ready for a new adventure and to scale down a bit. 'I'm from North Devon originally and a part of me has always wanted to move back, or settle near the sea.' She added: 'Seeing the first tulips bloom at Rose Cottage and hearing the swallows come back to nest for the summer never fails to lift my spirits. I'll miss all of it tremendously.' The home is on the market via Knight Frank, with an asking price of £1.895million. How to find a new mortgage Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible. Buy-to-let landlords should also act as soon as they can. > Mortgage rates calculator > Find the right mortgage for you What if I need to remortgage? Borrowers should compare rates, speak to a mortgage broker and be prepared to act. Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it. Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees. Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone. What if I am buying a home? Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power. What about buy-to-let landlords Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages. This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too. How to compare mortgage costs The best way to compare mortgage costs and find the right deal for you is to speak to a broker. This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice. Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs. If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
Daily Mail
12 minutes ago
- Daily Mail
House prices flat in June, says Halifax: What will happen to values in the rest of 2025?
House prices remained almost flat last month, according to latest figures from Halifax. The mortgage lender revealed the average property price is now £296,665 compared to £296,782 last month. This follows from a 0.4 per cent fall recorded in May when the typical home value dropped £1,150 on average. However, despite the recent blip, Halifax says the average house price is still 2.5 per cent higher than this time last year. 'The market's resilience continues to stand out,' said Amanda Bryden, head of mortgages at Halifax. 'After a brief slowdown following the spring stamp duty changes, mortgage approvals and property transactions have both picked up, with more buyers returning to the market. 'That's being helped by a few key factors: wages are still rising, which is easing some of the pressure on affordability, and interest rates have stabilised in recent months, giving people more confidence to plan ahead. 'Lenders have also responded to new regulatory guidance by taking a more flexible approach to affordability assessments.' Almost flat: The average property price is now £296,665 compared to £296,782 last month Where are house prices rising the most and least? As has been the story for a while now, there are considerable regional disparities when it comes to house prices. The property market in the South West and London are particularly slow, according to Halifax. Annually, prices in the South West are up 0.5 per cent while in the capital they have risen 0.6 per cent. Among the English regions, the North West has seen the highest house price growth, up 4.4 per cent over the last year. Northern Ireland continues to record the biggest jumps, up by 9.6 per cent over the past year. The typical home now costs £212,189. Property prices in Scotland are up 4.9 per cent with average prices now at £214,891, while prices in Wales were up 3.9 per cent to an average of £229,622. Nicholas Finn, managing director of buying agents Garrington Property Finders says in many areas in the south of England the number of homes coming onto the market far exceeds the number of potential buyers. 'This is keeping price rises to a minimum, or even pushing prices down,' said Finn. 'In some areas the glut of supply is so acute that estate agents are refusing to list homes where they feel the owner is asking for an unrealistic price. 'The imbalance is greatest in southern England, but is no longer just limited to the capital and its commuter belt. 'Halifax's data shows that the slowest rate of price growth is now in the South West - a reflection of the large numbers of second homes and holiday let properties being sold by their disenchanted owners. 'The net effect has been to turn the south into a buyer's market - in which buyers can ask for, and with the right seller, get a significant reduction in asking price.' What next for house prices? Halifax is expecting some house price growth in the second half of the year, not least because of lower mortgage rates. 'With markets pricing in two more rate cuts from the Bank of England by year end, and the average rate on newly drawn mortgages now at its lowest since 2023, we continue to expect modest house price growth in the second half of the year,' said Halifax's Amanda Bryden. Tom Bill, head of residential research at Knight Frank warned that asking prices need to reflect the fact it is very much a buyer's market. 'House prices may have held steady, but high supply and weak demand suggest this is not the start of a rebound,' said Bill. 'New listings were 9 per cent higher than last year between January and June but new prospective buyers were down by 8 per cent. 'Supply is higher following the stamp duty cliff edge in March and as more landlords sell, but consumer confidence remains weak after economic activity was pulled forward into the first quarter of the year.' Jeremy Leaf, a north London estate agent, also says that any house price momentum from lower interest rates is likely to be countered by fear of further tax rises in the autumn. He said: 'Optimism with regard to further rate cuts this year has been partly offset by worries of tax increases in the autumn. 'The net result is slower, longer transactions and softening prices so sellers, particularly of higher-value homes, need to recognise market sensitivities if they want to stand out from the crowd.' How to find a new mortgage Borrowers who need a mortgage because their current fixed rate deal is ending, or they are buying a home, should explore their options as soon as possible. Buy-to-let landlords should also act as soon as they can. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you What if I need to remortgage? Borrowers should compare rates, speak to a mortgage broker and be prepared to act. Homeowners can lock in to a new deal six to nine months in advance, often with no obligation to take it. Most mortgage deals allow fees to be added to the loan and only be charged when it is taken out. This means borrowers can secure a rate without paying expensive arrangement fees. Keep in mind that by doing this and not clearing the fee on completion, interest will be paid on the fee amount over the entire term of the loan, so this may not be the best option for everyone. What if I am buying a home? Those with home purchases agreed should also aim to secure rates as soon as possible, so they know exactly what their monthly payments will be. Buyers should avoid overstretching and be aware that house prices may fall, as higher mortgage rates limit people's borrowing ability and buying power. What about buy-to-let landlords Buy-to-let landlords with interest-only mortgages will see a greater jump in monthly costs than homeowners on residential mortgages. This makes remortgaging in plenty of time essential and our partner L&C can help with buy-to-let mortgages too. How to compare mortgage costs The best way to compare mortgage costs and find the right deal for you is to speak to a broker. This is Money has a long-standing partnership with fee-free broker L&C, to provide you with fee-free expert mortgage advice. Interested in seeing today's best mortgage rates? Use This is Money and L&Cs best mortgage rates calculator to show deals matching your home value, mortgage size, term and fixed rate needs. If you're ready to find your next mortgage, why not use L&C's online Mortgage Finder. It will search 1,000's of deals from more than 90 different lenders to discover the best deal for you. > Find your best mortgage deal with This is Money and L&C Be aware that rates can change quickly, however, and so if you need a mortgage or want to compare rates, speak to L&C as soon as possible, so they can help you find the right mortgage for you.
Telegraph
19 minutes ago
- Telegraph
Prince William motivated me to give up drugs, says Big Issue seller
A Big Issue vendor has revealed that a meeting with the Prince of Wales motivated him to give up drugs. Eamonn Kelly, who sells the paper on Trinity Street in Cambridge, said that the heir to the throne's visit in 2022 had a profound impact on him. Mr Kelly said: 'I'd just lost my mum that February, but when I met William it pulled me out of wallowing and got me motivated. 'I realised I had to get these drugs out of my system. Since then, I've not touched anything.' The Prince met Mr Kelly during a visit to Cambridgeshire with his wife, the then Duchess of Cambridge, in June 2022. The royal couple toured homes built for homeless people by Jimmy's, a charity providing support to rough sleepers. The modular homes had opened two years earlier as some of the first of their kind in the UK. The Prince and Princess were pictured smiling alongside Mr Kelly, who revealed he had been invited to go to Lambeth Palace in September to discuss modular homes. 'I've got a big thing about [the homes],' he said, adding: 'I'd like to get as many built as I can. 'I used to live in one provided by the homelessness charity Jimmy's. I even had Prince William and Kate come to visit. Living there gave me a purpose to get up in the morning.' 'A mammoth challenge' William's 2022 visit to the Cambridgeshire charity came ahead of his Homewards launch. A year later, in June 2023, the future king revealed his five-year plan to eradicate homelessness, starting with six pilot locations in the UK. The project, which the Prince described last week as being in ' delivery mode ', includes more than 100 initiatives. The Prince acknowledged homelessness was a 'complex and unpredictable' challenge the country faces. In a letter to the local coalition groups that were formed in the pilot's six locations, the Prince thanked them for joining his mission to 'demonstrate that it is possible to make homelessness rare, brief and unrepeated'. The message signed off with the Prince saying his initiative had started to 'shift the dial' on the 'mammoth challenge'. He wrote: 'There are now people who are no longer experiencing homelessness thanks to your tremendous efforts.' Some 300 homes – a mixture of empty accommodation, private rentals and new-builds – are forecast to be delivered through Homewards's 'innovative housing projects'. 'I would be lost without the Big Issue' Mr Kelly has also credited the Big Issue, which the Prince also supports, with helping him out of homelessness. He said: 'Without the Big Issue, though, I would be a wee bit lost. They have helped me a lot. 'They've got me a cooker, a washing machine, a freezer, a double bed, my blinds…If I hadn't have had the help from Big Issue then I would have been in trouble. They've also believed in me. I don't take people for granted. 'What you see is what you get from me.' Mr Kelly has sold the Big Issue in central Cambridge 'for years' now, and he said he has been 'clean' since 2022. 'I had a habit for 10 years,' he said, adding: 'But I never robbed, I never thieved. That's why my people believe in me because I am out there every day. 'Of course, it spurs me on. It gives me something to get up for in the morning.' Mr Kelly has also been given a new lease on life by his grandson, two-year-old Louie. 'Louie, he's another reason why I'm out every day. I see him fairly often. I've seen him around seven times since he was born. My daughter lives in Coventry. 'It's brilliant spending time with him.'
