Poor and young 'bearing the brunt of rising housing costs'

Reports that poorer and younger households 'have borne the brunt of changes in UK housing costs since the financial crisis' feature in today's newspaper round-up.

The Financial Times (subscription required) reports that figures "derived from official data show that UK households on below average incomes experienced typical increases in housing costs of £714 between 2007/08 and 2015/16. By stark contrast, those on above average incomes faced typical cuts in housing expenses of £271 over the same period."

The Times (subscription required) reports that "Britain’s biggest commercial property developer is putting a block on large purchases or speculative development because of political uncertainty". The newspaper quotes Robert Noel, chief executive of Land Securities, saying: "Short term, politics is not helping us. The short-term outlook is just a bit muddled."

The Guardian reports that the Scottish island of Unst could become the UK’s first spaceport. The newspaper says that the proposals "are at an early stage, but if the Shetland Space Centre Ltd gets its way, Unst could become the UK’s premier spaceport with a local economy revitalised by blasting satellites into orbit".

The Financial Times (subscription required) reports that stamp duty on a typical home in London "now represents more than one-third of average annual earnings in the capital, according to a study calling for the levy to be reduced or phased out in favour of a reformed council tax". The newspaper says that academics at the London School of Economics said that those "buying median-priced homes in the UK capital 20 years ago paid less than £1,000 in stamp duty but its costs have since gone up by a factor of 12 — compared with a quadrupling in England as a whole".


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