This week’s top headlines: Housing market ‘in limbo’ again and over 100,000 heat-trap homes could become ‘uninhabitable’.

Explore these and other major industry updates below:

Housing market ‘in limbo’ again: Industry reacts as PM resigns

Property industry figures have warned that the Prime Minister’s resignation could prolong uncertainty in the housing market, with concerns that political instability may weigh on buyer confidence and borrowing costs.

Commentators said attention will now turn to the next Labour leader’s fiscal and housing policies, warning that any extended leadership contest or uncertainty over taxation and property reform could delay transactions and investment, particularly at the higher end of the market.

Government reveals plan for First Time Buyer Isa

The government has launched a consultation on a new First Time Buyer ISA to replace the Lifetime ISA, proposing a product focused solely on helping people buy their first home.

The new scheme would remove early withdrawal penalties, pay the government bonus when a property purchase completes and be open to first-time buyers of all ages.

However, questions remain over key details, including the property price cap and annual contribution limit, with experts warning these will be crucial to the product’s success.

Over 100,000 heat-trap homes could become ‘uninhabitable’

More than 100,000 homes created through office-to-residential conversions could become uninhabitable during periods of extreme heat, according to Zurich UK.

he insurer warns that many converted properties were not designed for residential living and are vulnerable to overheating due to poor ventilation, large glass façades and outdated building standards, highlighting growing concerns as UK temperatures continue to rise.

Barclays and TSB slash rates by up to 50bps

Barclays and TSB have announced mortgage rate cuts effective tomorrow, with reductions of up to 40 basis points and 50 basis points respectively across selected residential and buy-to-let products.

The biggest cuts are focused on buy-to-let deals, while both lenders are also lowering a range of residential rates, continuing the recent trend of lenders repricing products as funding costs ease.

Landlords face £11,713 bill per property to meet EPC rules

UK landlords face an average cost of £11,713 per property to upgrade homes to meet proposed minimum EPC standards, with 60% owning at least one property below the required rating.

While most landlords plan to make improvements and many are exploring savings, borrowing or grants to fund the work, the findings highlight a significant financing challenge as demand for more energy-efficient rental homes grows.

HSBC, Principality and Kensington cut rates

HSBC has cut mortgage rates by up to 10 basis points across first-time buyer, home mover, remortgage and buy-to-let products, while Kensington has reduced buy-to-let rates by up to 25bps across its full range.

Principality will also lower residential rates by up to 50bps tomorrow, with the biggest cuts on higher loan-to-value fixed deals.

The reductions come amid continued competition in the mortgage market, particularly for residential and landlord lending.

FCA boss warns laws can never keep up with AI

FCA chief executive Nikhil Rathi has warned that artificial intelligence is advancing too quickly for existing regulatory frameworks to keep pace, saying legislation alone will struggle to keep up with rapid technological change.

Speaking at a techUK conference, he said AI is already widely used across financial services and is reshaping markets, requiring regulators to adapt by focusing more on system-wide risks, collaboration and innovation.

He also said the FCA is exploring its own use of AI to improve market monitoring and detect misconduct more quickly.

Affordability trumps location for Gen Z housebuyers, says Barclays

Young Gen Z buyers are increasingly prioritising affordability over location when buying a home, with 24% now citing price as the most important factor compared with 19% for location, according to Barclays.

The research shows many are compromising on where they live or moving further afield to get on the property ladder, as affordability pressures and high deposits continue to limit options despite growing demand for homeownership.

Nationwide cuts rates by up to 25bps as Fleet and Family BS update ranges

Nationwide has cut mortgage rates by up to 25bps across its fixed-rate range for new and existing customers, with reductions supporting first-time buyers, home movers, remortgage customers and switchers.

Family Building Society has launched new interest-only tracker and HMO products while also cutting selected fixed rates, and Fleet Mortgages has updated its buy-to-let range with new products, cashback incentives and rate reductions of up to 30bps.

Skipton makes rate cuts across resi range

Skipton Building Society will cut rates across its entire residential fixed mortgage range from 23 June, with an average reduction of 0.18% and some cuts reaching up to 0.40%.

The lender is also launching a new three-year fixed product at 95% LTV for existing customers, with Skipton saying the changes reflect improving market stability despite ongoing affordability pressures.