FCA to run open banking mortgage tests

The Financial Conduct Authority announced it would launch open banking mortgage tests next month, running a three-month “techsprint” from 17 November.

Mortgage firms were invited to trial data-sharing ideas aimed at improving access, affordability and consumer understanding. Led by tech firm Raidiam, the initiative formed part of the FCA’s wider Smart Data Accelerator work.

A further SME open banking test was planned for February, continuing its mission to boost digital innovation.

Chancellor admits she is ‘looking at’ Budget tax rise

Chancellor Rachel Reeves confirmed she was weighing up tax rises and spending cuts for November’s Budget, aiming to plug a £20–30bn gap. While ruling out hikes to income tax, VAT and National Insurance, she hinted property levies could rise.

Proposals included a new seller-paid property tax, a local annual levy to replace council tax, and National Insurance on rental income — all part of Labour’s effort to restore fiscal credibility.

Higher taxes on wealthy will be ‘part of Budget story’: Reeves   

Chancellor Rachel Reeves confirmed that higher taxes on the wealthy would form “part of the story” in November’s Budget, spotlighting capital gains, inheritance and savings levies. Speaking in Washington, she dismissed “scaremongering” about tax flight, insisting Britain remained attractive.

Speculation swirled over limits on gifts, cash Isa cuts, and a potential “downsizing tax”. Reeves aimed to raise up to £30bn, balancing fairness, fiscal prudence, and a dash of political spice.

Mortgage rates rise for the first time in eight months

Mortgage rates ticked up for the first time in eight months, with average two- and five-year fixes rising 0.02% to 4.98% and 5.02%, Moneyfacts revealed. The average mortgage shelf-life lengthened to 22 days as lenders turned cautious amid volatile swap rates.

While borrowers grumbled, experts noted rates remained far below last year’s highs, and product choice for low-deposit buyers hit a 17-year peak — hardly all doom and gloom.

House prices in England and Wales decline by 3% YoY in September: e.surv

House prices in England and Wales slipped 3% year-on-year in September to £355,100, said e.surv. While sales volumes steadied after earlier distortions, prices stayed flat month-on-month amid economic jitters and Budget tax fears.

Southern regions, especially the South East, led the decline, with only London posting a modest rise. Analysts noted downsizers and landlords boosted supply, but demand fundamentals hinted that confidence could rebound with the right policy spark.

Barratt & Persimmon team up with Barclays and TSB on new 5% deposit homeownership scheme

Barratt Redrow and Persimmon teamed up with Barclays, TSB, QSix and Ahauz to launch the Rezide Equity Loan, a scheme allowing buyers to purchase new-build homes with just a 5% deposit.

The loan covers 15% of the property value, with the remaining 80% financed via a mortgage. Aimed at first-time buyers and movers, the initiative seeks to make homeownership more accessible following the end of Help-to-Buy, easing deposit pressures.

Pepper Advantage appoints Golding as first group board chair

Pepper Advantage appointed Andy Golding, OSB Group chief executive, as its first group board chair following acquisition by J.C. Flowers. Golding, with extensive experience at Saffron Building Society, NatWest and Bradford & Bingley, joined to guide strategic growth and technological innovation in credit management.

He aimed to support the executive team while Pepper Advantage expanded its PRISM platform.

Recent board additions Antoinette Dunne and Mark Nieuwendijk also strengthened leadership during this transformative phase.

Barclays increases cap on bonus, overtime and commission income

Barclays has increased the cap on bonus, overtime and commission income considered in mortgage affordability calculations to four times basic salary plus allowances. This means buyers in commission-heavy roles now see more of their earnings recognised, boosting borrowing potential.

Barclays head of mortgages Lee Chiswell said the tweaks aimed to help first-time buyers and others previously limited by affordability rules, making homeownership more accessible and easing barriers for a wider range of customers.

Reeves must avoid ‘half-baked’ property tax fixes in Budget: IFS 

The Institute for Fiscal Studies urged Chancellor Rachel Reeves to avoid “half-baked fixes” to property taxes ahead of the 26 November Budget.

It called for abolishing stamp duty, modernising council tax, and introducing a recurrent property levy based on up-to-date values.

The thinktank argued that well-designed property taxes would raise revenue with minimal economic harm, allowing Reeves to fill a £20–30bn fiscal gap while supporting growth and fairness in the housing market.

Ministers gain powers to block councils from refusing planning permission  

Ministers gained new powers to block councils from refusing planning permission for major housing and infrastructure projects, as part of the Planning and Infrastructure Bill. “Holding directions” now allow intervention while call-in powers are considered, speeding up approvals and reducing legal delays.

Housing secretary Steve Reed hailed the changes as a “seismic shift” to build 1.5 million homes, while experts noted that unlocking long-term vacant homes could boost supply even faster and more sustainably.