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MP for South East Cambridgeshire Lucy Frazer was confirmed as the latest Housing Minister as part of a department reshuffle yesterday.

Frazer becomes the ninth Housing Minister in the past five years.

A practicing barrister, Frazer was appointed a Queen's Counsel in 2013 and entered Parliament in2015.

She has previously been a Justice Minister, Solicitor General and Transport Minister.

Frazer has already been busy responding to Parliamentary questions.

Responding to a question on housebuilding targets on Monday, she said: "This Government is committed to making home ownership a reality for a new generation and we must build homes in the places that people want to live and work. We want decisions about homes to be driven locally and we want to get more local plans in place to deliver the homes we need. We will set out our approach on planning for housing in due course."

Estate Agent Today.

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The bank of England has hiked the interest rates by 0.75%, the biggest rise for more than 30 years.

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UK house prices fell last month for the first time in more than a year as the market chaos sparked by the government's mini Budget drove up borrowing costs and hit household finances.

Nationwide yesterday said that residential property prices fell 0.9% between September and October - the first month-on-month drop since July 2021 when a cut to stamp duty was being phased out, and the greatest decline since June 2020 at the height of the coronavirus pandemic. Annual growth in house prices slowed from 9.5% to 7.2%.

Property Industry Eye

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Chancellor Jeremy Hunt has axed the majority of tax cuts from the mini-budget but changes to stamp duty remain in place.

The move should bring stability to the mortgage market.

But interest rates are still expected to rise and the housing market slowdown is likely to continue.

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Several major lenders have increased how far in advance existing borrowers can lock in a new mortgage deal as interest rates rise. It comes as many homeowners look to start the process of lining up a new mortgage earlier than usual, hoping to get a cheaper deal and stay ahead of future rate hikes after the base rate hit 2.25% in September.

  1. INTEREST RATE RISE
  2. QUEEN ELIZABETH II
  3. INTEREST RATES RISE AGAIN
  4. HOUSING MARKET SHOWING TENTATIVE SIGNS OF SLOWING DOWN

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