UK house prices fall 0.6% in October, the steepest monthly drop in over three years, as mortgage rates stay high

The stories

28 on this beat today.

Every story told the same way: what happened, who is involved, why it matters, how it works, the truth and the good news.

1. 01

   UK house prices fall 0.6% in October, the steepest monthly drop in over three years, as mortgage rates stay high

   0.6%

   fall in UK house prices in October, the steepest in over three years

   analysts had expected a 0.1% rise [1]

   £296,285

   the typical UK home in October, by Lloyds' index

   down 1.2% on a year earlier [1]

   5.97%

   average rate on a two-year fixed UK mortgage

   the Bank of England raised its rate to 4% the day before [1]

   What happened

   • UK house prices fell 0.6% in October, to an average of £296,285, a Lloyds index shows. [1]
   • It was the steepest monthly fall since August 2023. [1] Analysts had expected prices to rise 0.1%. [1]
   • Prices were 1.2% lower than a year earlier, the biggest yearly fall since October 2023. [1]
   • A typical two-year fixed mortgage now costs 5.97%, and a five-year one 5.99%, Moneyfacts says. [1]
   • The day before, the Bank of England raised its main rate to 4%, its first rise in three years. [1]
   • London fell most, with prices down 3.1% in a year, to an average of £524,892. [1]
   • The south-east and south-west of England each fell 2.4%. [1] Prices still rose in Northern Ireland, Scotland and Wales. [1]
   • Rightmove, a UK property website, says buyer demand fell 10% and agreed sales 9%. [1]
   • Record numbers of homes for sale are putting some downward pressure on prices, Rightmove says. [1]
   • Mortgage approvals fell to 53,443 in September, the fewest since December 2023, Bank of England figures show. [1]

   Who is involved

   The index comes from Lloyds Banking Group, a big UK bank, and was once called the Halifax index. [2]

   Andrew Asaam, mortgages director at Lloyds, said rising prices, driven partly by the Middle East war, keep borrowing costs high. [1]

   • Lloyds Banking Group a big UK bank; it publishes the house price index once called the Halifax index
   • Andrew Asaam Lloyds mortgages director
   • Bank of England the UK's central bank; it raised its main rate to 4% on Thursday
   • Rightmove a UK property website; it says buyer demand fell 10%
   • Savills a property firm; it expects no recovery before 2028

   How it unfolded

   Average UK prices passed £300,000 for the first time in January, Halifax said. [3]

   US and Israeli strikes on Iran on 28 February began a war that sent oil prices soaring. [4]

   Markets then expected UK rate rises, so fixed mortgage rates rose by about 1 percentage point, the Resolution Foundation says. [5]

   Prices first fell in August, by 0.3%, then stayed flat in September, Lloyds said at the time. [2]

   1. August down 0.3%
   2. September flat
   3. October down 0.6%
   4. Jan average UK price passes £300,000 [3]
   5. 28 Feb US and Israeli strikes on Iran start a war [4]
   6. Aug prices fall 0.3%, the first fall in three years [2]
   7. Oct prices fall 0.6%, the steepest drop since 2023 [1]

   Why it matters

   Estate agent Amy Reynolds says people remortgaging, and owners stretching to one more bedroom, are hit hardest. [1]

   Higher loan rates also cut how much banks will lend, which weighs most on first-time buyers. [6]

   How it works

   Economists separate a home's price from the cost of buying it, which includes the interest on the loan. [6]

   A couple on median pay buying a £250,000 home in 2021 at 1.95% would have paid about £948 a month. [6] At 5.65% today, the same home would cost about £1,612. [6]

   Their pay rose 25%, but the mortgage now takes 24.6% of it, up from 18.1%. [6]

   Seen it before

   A phone on sale can still cost more each month if its monthly plan goes up.

   The truth

   • What is really going on UK house prices fell 0.6% in October because loans near 6% have thinned out buyers while record numbers of homes are for sale, Lloyds and Rightmove say. [1]
   • The Guardian reports Lloyds' October figures as the fourth monthly fall in a row. [1] A month earlier, it reported September's prices as flat. [2]
   • Who pays People who must sell a UK home soon — More homes for sale and fewer buyers put downward pressure on what they can get, Rightmove says. [1]
   • Nobody knows yet

     How far UK house prices fall from here.

     Savills sees no recovery until 2028, while an RBC analyst says the figures do not signal a collapse. [1]

   • Nobody knows yet

     Whether UK prices fell four months running or stood still in September.

     The Guardian reports October as Lloyds' fourth monthly fall in a row, but reported September as flat a month earlier, and neither report explains the change. [1][2]

   What comes next

   Savills, a property firm, expects no recovery in the UK housing market until 2028. [1]

1. 02

   Ending fixed deals add £200 a month

   What happened

   • Dawn Fazackerley-King, a Pilates instructor near Ipswich, fixed her mortgage at 1.4% for five years in January 2022. [7]
   • The best two-year deal she can find now is 5.69%, which adds about £200 a month. [7]
   • His tracker loan follows the Bank of England's rate, so his payment rises about £45 a month. [7]
   • About 1.4 million UK households come off fixed deals in the next year, says the Resolution Foundation, a think tank. [5]

   Who is involved

   Peter Gill, a tiler in Halifax, is one of about 1.3 million Britons on a variable-rate mortgage. [7]

   • Peter Gill tiler, variable-rate mortgage

   Why it matters

   StepChange, a debt charity, says 20% more people asked it for help this year. [7]

   How it works

   A tracker is a variable-rate loan: the Bank of England's rate plus a margin the lender sets. [7]

   Fixed rates are priced on what markets expect, so they rose before the Bank moved, a broker says. [7]

   Seen it before

   A shop that expects its supplier to charge more often raises its own prices first.

   The truth

   • Who pays UK households coming off cheap fixed deals — Their payment jumps all at once, on the day the old deal ends. [7]

   What comes next

   It projects the UK's mortgage interest bill at £72 billion in 2027. [5] That is £9 billion more than its pre-war projection. [5]

2. 03

   UK pay set to fall behind prices

   What happened

   • The Bank of England now expects UK inflation to peak at 4.9% next spring. [5]
   • It expects to reach its 2% target only in the third quarter of 2028. [5] That is two years later than it expected in February. [5]
   • Its forecast has the Bank's own rate rising to nearly 5%. [5] The Bank says that is not a guide to policy. [5]
   • Private-sector pay is forecast to fall 0.5% next year once price rises are taken off. [5]
   • That leaves the average worker paid £390 less in 2027 than in 2025, after prices, the Resolution Foundation says. [5]
   • Growth is expected to average just 1.1% a year over the next two years. [5]

   Why it matters

   Falling real pay reaches renters and outright owners too, not only people with mortgages. [5]

   Beside that, the £100 council tax rebates in last week's Budget look small, the think tank says. [5]

   How it works

   Economists measure pay in real terms: what a wage buys once price rises are taken off. [5]

   When prices climb faster than wages, the same payslip buys less, so real pay falls. [5]

   Seen it before

   A bigger allowance buys less if every snack in the shop got dearer.

   The truth

   • Nobody knows yet

     Whether UK inflation peaks at 4.9% or nearer 4%.

     The Bank of England forecasts a 4.9% peak next spring, while the OBR's Budget forecast had inflation just under 4% next year. [5][34]

3. 04

   Nationwide pays members 5.3% fixed

   What happened

   • Nationwide, a UK building society with more than 19 million members, launched a savings bond paying 5.3%. [17]
   • The money is locked away for 30 months, and savers can put in £1 to £10,000. [17]
   • Saving the full £10,000 earns £1,381 of interest by the end. [17]
   • Only members with a qualifying account since 2 November can apply. [17]

   Who is involved

   Afin Bank pays 5.28% for three years and takes up to £200,000, says Which?, a consumer group. [18]

   How it unfolded

   It opened days before the Bank of England raised its rate to 4%. [17]

   1. This week Nationwide opens the bond
   2. Thursday the Bank raises its rate to 4%

   Why it matters

   Interest above £1,000 a year is taxed for basic-rate taxpayers, or above £500 for higher-rate ones. [19] The tax rate on that interest rises from 6 April 2027. [19]

   How it works

   Banks set fixed savings rates on the rates they expect, says Katie Horne of Flagstone, a savings platform. [17]

   So one rise of 0.25 points is not expected to move fixed rates much further. [17]

   The truth

   • Who gains Savers who fix now — A fixed account keeps today's rate for the whole term, even if rates are cut later, Which? says. [18]

   Good news

   • Nationwide members can now lock in 5.3% on up to 10,000 pounds for 30 months, which pays 1,381 pounds on the full amount.
4. 05

   Self-employed to pay tax more often

   What happened

   • HMRC, the UK tax office, plans to change how up to 3.6 million self-employed people pay their tax. [20]
   • They now pay ahead in two lumps, on 31 January and 31 July, called payments on account. [20]
   • The first payment comes 10 months into the tax year. [20] The final balance can take up to 22 months to settle. [20]
   • HMRC estimates it missed about £59 billion of tax in 2024-25, 6.4% of what it was owed. [20]

   How it unfolded

   The change was announced in the Autumn Budget, and HMRC has not yet set out how it will work. [20]

   1. 31 January first payment
   2. 31 July second payment

   Why it matters

   Tax experts warn the old and new deadlines may overlap, leaving some workers short of cash. [20]

   How it works

   Tax collectors call the gap between tax owed and tax paid the tax gap. [20]

   Collecting tax closer to when money is earned leaves less unpaid if a small business fails. [20]

   Seen it before

   A café that takes payment at the till loses less than one that sends bills later.

   The truth

   • Nobody knows yet

     How the UK's new self-employed tax payments will work.

     HMRC has not set out the design, and tax experts warn the old and new deadlines may overlap. [20]

   What comes next

   From April 2029, they will pay smaller amounts more often through the year. [20]

5. 06

   A Goole food bank closes after 16 years

   What happened

   • The Mission Trinity Food Bank in Goole, a town in East Yorkshire, is closing after 16 years. [15]
   • It feeds about 50 to 60 families and people each week, and will stay open until January. [15]
   • Donations have fallen, so it buys food up to 3 times a week with its own funds. [15]

   Who is involved

   Founder David Sample runs it as a volunteer, after the church made him redundant. [15]

   • David Sample founder, now a volunteer

   Why it matters

   Buying stock instead of being given it means the charity's money runs down faster. [15]

   The truth

   • Who pays Families who use the Goole food bank — It closes in January unless someone takes it on and finds new funding. [15]
6. 07

   Wolverhampton opens more community shops

   What happened

   • Wolverhampton's council will open community shops in Pendeford and Graiseley, and reopen one in Bilston. [21]
   • The council's winter plans cover affordable food, money advice and help with heating costs. [21]
   • About 17,000 people used the city's community shops in the past six months. [21]
   • More than 135,000 people got help from its cost-of-living schemes, and £18.5m was handed out. [21]
   • About 3 tonnes of food a month is shared out at weekly community markets. [21]

   Why it matters

   Council leader Stephen Simkins says many residents still face hard choices over household bills. [21]

   The truth

   • The figures on use and money handed out come from the council itself. [21]

   Good news

   • In six months, more than 1,000 people made about 6,000 meals in its Community Chefs scheme. [21]

1. 08

   UK regulator strikes out unfair contract terms

   What happened

   • The FCA, the UK's financial regulator, set out how it challenges unfair terms in consumer contracts. [11]
   • Under the Consumer Rights Act 2015, terms must be fair and clear. [11] An unfair term cannot be enforced, and customers may be owed money. [11]
   • A financial adviser tried to charge a customer £800 for time spent handling their complaint. [11]
   • The FCA judged the term unfair, because it could put people off complaining. [11]
   • A crypto firm charged storage fees that could top £40,000 a year, and has now removed them. [11]

   Why it matters

   Few customers read the terms before they buy, the FCA notes, so it reviews them itself. [11]

   How it works

   Why signing the small print does not make every term binding

   Consumer lawyers call it the fairness test: nobody can bargain over terms written for millions, so the law can strike out a term people signed.

   The twist

   A signature on fine print shows the customer wanted the product, not that they chose each term, so the law checks the terms one by one.

   Step by step

   1. 1 A firm writes one contract for all its customers
   2. 2 No customer can change a word of it
   3. 3 So a signature shows less than it seems
   4. 4 The law tests each term: is it clear, and is it fair?
   5. 5 A term that fails cannot be used, and money may be paid back

   The same force, elsewhere today

   Where this chain is also running, in today's other stories.

   • The FCA and the 800-pound complaint charge

     The customer had signed the term, but the regulator judged it unfair because it would put people off complaining.

   • Progress Residential's 49.8 million dollar deal

     Tenants could not change the advertised rent or the fee list, so regulators now require the full monthly price before anyone commits.

   • Massachusetts' rule on shared-gain mortgages

     A borrower cannot weigh a payoff with no dollar figure, so lenders must now print the most the borrower could have to repay.

   • Canada's mortgage changes

     The budget will consult on making lenders show the penalty for paying a mortgage off early, a term the lender writes, not the buyer.

   Where you've seen this

   Phone contracts

   an exit fee can be judged on whether it is fair, not only on whether the buyer signed

   Gym memberships

   the rules for cancelling are tested on whether a member could find and follow them

   App sign-ups

   one 'I agree' box covers pages of terms no user can change

   The catch

   The test only covers terms nobody could bargain over, and UK law usually leaves a plainly shown main price alone, so a high one stated clearly still stands.

   And the whole of it

   Most adults sign dozens of these contracts: a phone plan, a lease, a bank account. Each of us reads one page of terms written for millions, and only a regulator sees them all side by side.

   The truth

   • The FCA says it cannot always tell people what action it took on a report. [11]

   Good news

   • A travel insurer paid £18,000 to customers wrongly refused over what counted as a 12-hour delay. [11]

1. 09

   Share falls reach UK pension pots

   What happened

   • Big tech companies' shares fell around the world after the US midterm elections. [22]
   • Investors blamed an expected slowdown in AI, after years of sharp rises. [22]
   • Millions of UK pension savers own shares through their scheme, which picks the investments for them. [22]
   • Pots near retirement are often moved into government bonds, which can do better when shares fall. [22]

   Who is involved

   Hundreds of billions of pounds sit in these pots, called defined contribution pensions. [22]

   • UK pension savers own shares through a scheme

   Why it matters

   Timing matters most for people about to turn a pot into a retirement income. [22]

   Higher interest rates tend to mean better annuity rates, which turn a pot into a retirement income. [22]

   How it works

   A defined contribution pot is worth whatever its investments are worth, so it rises and falls with markets. [22]

   Seen it before

   A box of football cards is worth more or less as the price of cards changes.

2. 10

   Jersey house prices hold flat

   What happened

   • Homes sold in Jersey, in the Channel Islands, from July to September went for £607,000 on average. [23]
   • That was the same as a year earlier, but 13% below the peak in 2022, Statistics Jersey says. [23]
   • Sales fell to 270 homes in the quarter, from 282 in the three months before. [23]
   • First-time buyers made 17% of purchases, up from 16%. [23]
   • Advertised private rents were up 7%, the figures show. [23]

   How it unfolded

   The figures came out on the day the Bank of England raised rates to 4%. [23]

   Why it matters

   For renters there, costs are rising while buyers face the same prices as a year ago. [23]

   The truth

   • The figures rest on 270 sales, so a few dear homes can move the average. [23]
3. 11

   US landlord pays $49.8m over hidden fees

   What happened

   • Progress Residential, a US company that rents out family houses, agreed to pay $49.8 million to settle claims. [9]
   • The US Federal Trade Commission and four states said its adverts left out fees tenants had to pay. [9]
   • They also said it mishandled deposits and misdescribed the condition of homes. [9]
   • The company denies wrongdoing and calls its practices "transparent, fair, and consistent with industry practice". [9]
   • It must now show the full monthly rent, with required fees, before anyone commits. [9]
   • It may no longer keep deposit money for ordinary wear and tear. [9]

   Who is involved

   • Federal Trade Commission US consumer watchdog
   • Four states joined the case

   How it unfolded

   In March the FTC sent $47.2 million to tenants of Invitation Homes, the biggest US house landlord, over similar fees. [24][9]

   Why it matters

   Clear prices let renters compare homes, said the FTC's head of consumer protection. [9]

   How it works

   Tenants could not change the advertised rent or the fee list, so regulators now require the full monthly price before anyone commits.

   The idea, in story 08: Why signing the small print does not make every term binding →

   The truth

   • Who gains People hunting for a rented house in the US — Progress Residential's adverts must now include required fees, so homes can be compared on one number. [9]

   Good news

   • The deal sets aside $48.5 million to repay renters. [9]
4. 12

   Massachusetts sets rules for shared-gain mortgages

   What happened

   • A Massachusetts rule on shared appreciation mortgages took effect on 6 November. [10]
   • With one, a homeowner must hand the lender part of any rise in the home's value. [10]
   • The amount is paid when the home is sold or refinanced, and is not fixed in dollars at the start. [10]
   • Lenders must now show clearly the most a borrower might have to repay. [10]

   How it unfolded

   A 2024 state law had shielded some non-profit lenders, such as BlueHub Capital, from consumer protection claims. [10]

   A court found BlueHub broke several state lending laws, and let a group lawsuit go ahead. [10]

   1. 2024 a law shields some lenders
   2. 6 November the new rule takes effect

   Why it matters

   Without a set sum, a borrower can face a large lump-sum bill when leaving the loan. [10]

   How it works

   A borrower cannot weigh a payoff with no dollar figure, so lenders must now print the most the borrower could have to repay.

   The idea, in story 08: Why signing the small print does not make every term binding →

   The truth

   • What is really going on Elsewhere today, regulators made sellers show the full cost before people sign: Progress Residential's rents, Massachusetts' shared-gain mortgages and UK financial contracts. [9][10][11]
   • The National Consumer Law Center says the rule leaves out home equity investments, a growing cousin of the loans. [10]
   • A firm that services these deals calls them "not a loan but a contract". [25]
5. 13

   Massachusetts voters reject smaller house plots

   What happened

   • Massachusetts voters rejected Question 7, which would have allowed homes on smaller plots, by 50.6% to 49.4%. [12]
   • It would have set a statewide minimum plot of 5,000 square feet for a family house. [12]
   • Over half the state's towns now demand about an acre, or 40,000 square feet. [12]
   • The median asking price in Massachusetts is $699,990, against $415,000 across the US. [12]

   Who is involved

   The Massachusetts Municipal Association, which speaks for towns, opposed it to keep local control. [12]

   • Massachusetts Municipal Association against

   Why it matters

   A builders' group says the state is 220,000 homes short. [12] Realtor.com says too few starter homes keeps young residents from buying. [12]

   How it works

   Planners call this a minimum lot size: the least land each new home must sit on. [12]

   Cutting it lets builders fit smaller, cheaper starter homes on the same land, backers say. [12]

   Seen it before

   If every lunch had to come on a huge plate, cheap snacks would vanish from the canteen.

   The truth

   • A Tufts University study put the gain at 3,500 to 12,000 new homes in the first decade. [12]
6. 14

   California voters back two housing loans

   What happened

   • California voters approved Proposition 1, letting the state borrow $11.25 billion for housing. [26]
   • The money pays for rented and supportive housing, help with deposits, and home loans for veterans. [26]
   • Voters also passed Proposition 37, a $25 billion loan scheme for middle-income buyers of new homes. [26]
   • It can lend up to 17% of the price of a new home under $1.5 million. [26]
   • Buyers must put down at least 3% and meet income rules. [26]

   Why it matters

   Realtor.com economist Joel Berner says many California cities have new homes above $1.5 million. [26] That limits who the loans can help. [26]

   The truth

   • Berner says Proposition 1's money will do little to speed up approvals or cut what land costs. [26]

   Good news

   • California voters approved 11.25 billion dollars of borrowing for housing, and a second scheme of 25 billion dollars in home loans for middle-income buyers.

   What comes next

   A measure to speed up environmental reviews for new homes was still being counted. [26]

7. 15

   Ten US states pass laws to build more homes

   What happened

   • The American Enterprise Institute, a US think tank, tracked 10 state housing laws passed this year. [27]
   • It estimates they could add 103,000 homes a year across the US. [27]
   • About half would be small backyard homes, called accessory dwelling units. [27]
   • California's law AB 956 could add 48,000 a year, and Washington state's SB 6026 37,000. [27]

   How it unfolded

   In the 1970s the US built 418,000 starter homes a year, 34% of new homes, Freddie Mac found. [27] By 2020 it built 65,000. [27]

   Why it matters

   In AEI polls, 83% backed state laws allowing cheaper starter homes on smaller plots. [27]

   The truth

   • AEI's co-director says not every one of those homes will actually be built. [27]
8. 16

   US home permits stall

   What happened

   • US housing permits from January to August were almost flat, up 0.05% on 2025, a UNLV report says. [13]
   • They were 4.1% below 2023. [13]
   • Permits for 968,187 homes were issued in those eight months. [13]
   • South Carolina, Idaho and North Carolina issue at least twice the national rate per person. [13]
   • Alaska, Connecticut and Illinois issue the fewest per person. [13]

   Why it matters

   In California, the median homeowner earns $84,900 less than a typical home needs, the report finds. [13]

   How it works

   Housing economists watch permits because a permit today becomes a home in the coming years. [13]

   Seen it before

   Counting cake orders tells a baker how many cakes come out of the oven next week.

9. 17

   US mortgage rates barely move

   What happened

   • A strong US jobs report on Friday did not push home loan rates up, HousingWire, a trade site, says. [8]
   • Its measure of mortgage rates held near 7.17%. [8]
   • Zillow figures given to NerdWallet put the average 30-year fixed rate at 6.96% APR, lower than a week before. [28]
   • Home loan rates follow US government bond yields, which moved more on AI share swings than on jobs. [8]
   • The 10-year yield ended Friday at 4.86%. [8]

   Why it matters

   Builders have kept new home sales at 2019 levels by paying to bring buyers' rates down. [8]

   How it works

   Investors leaving tech shares for bonds help push mortgage rates lower, NerdWallet says. [28]

   The truth

   • Nobody knows yet

     Which US mortgage rate is the typical one.

     HousingWire's tracker sits near 7.17%, and Zillow's data via NerdWallet at 6.96% APR, and they are measured differently. [8][28]

   What comes next

   October's US consumer price figures, out on 10 November, are the next test. [28]

10. 18

    Warren set to chair US Senate banking committee

    What happened

    • Elizabeth Warren, a US Democratic senator, is expected to chair the US Senate banking committee from January. [29]
    • The chair gets more staff and subpoena powers, which force people to hand over documents. [29]
    • The Trump administration has scaled back the CFPB's enforcement this year. [29]

    Who is involved

    • Elizabeth Warren Democratic senator
    • CFPB US consumer finance watchdog

    How it unfolded

    Democrats won control of both houses of the US Congress in this week's elections. [29]

    Warren helped build the CFPB, the US consumer finance watchdog, after the financial crisis. [29]

    Why it matters

    She could look harder at big banks, consumer lenders and crypto firms. [29]

    The truth

    • Other senators could in theory rank ahead of her for the post. [29]
11. 19

    Reverse mortgage lenders ask for counselling money

    What happened

    • US reverse mortgage lenders asked the US Congress to restore money cut from housing counselling. [30]
    • A federally insured reverse mortgage lets older homeowners draw cash from the value of their home. [30]
    • By law, every borrower must see an approved counsellor before the loan can close. [30]
    • Lenders may not pay for that session or steer borrowers to a counsellor. [30]

    Who is involved

    Their trade group, NRMLA, wrote on 2 November; its members make more than 90% of these loans. [30]

    How it unfolded

    The money went in a presidential pocket rescission, which cancels funds the US Congress already approved. [30]

    Why it matters

    Without the funding, older owners could find the required counselling harder to get, the group warns. [30]

    How it works

    The rule exists so an older borrower hears the costs from someone the lender does not pay. [30]

    Seen it before

    A referee paid by one team could not be trusted to call the match.

    The truth

    • Who gains US reverse mortgage lenders — No loan can close without a counselling certificate, so restored funding keeps their loans moving. [30]
12. 20

    Texas's next governor targets school vouchers

    What happened

    • Gina Hinojosa, Texas's governor-elect, has pledged to undo the state's new school voucher scheme. [31]
    • A voucher lets families use taxpayers' money to pay for private school. [31]
    • The $1 billion scheme began this year and covers about 110,000 of more than 5 million pupils. [31]
    • Ending the scheme needs a new law. [31] Republicans kept control of the Texas Senate. [31]

    Who is involved

    Democrat Sarah Eckhardt will now run the office that manages the scheme, and wants more accountability. [31]

    • Gina Hinojosa Texas governor-elect
    • Sarah Eckhardt will run the scheme's office

    How it unfolded

    Democrats won the Texas House for the first time in 24 years. [31]

    Why it matters

    The fight decides whether $1 billion of public money keeps going to private schooling. [31]

    The truth

    • Who pays Texas families using school vouchers — Whether the money continues now depends on a Democratic House and a Republican Senate agreeing. [31]
    • Nobody knows yet

      Whether Texas can end its school vouchers.

      Ending the scheme needs a new law, and Republicans still hold the Texas Senate. [31]

13. 21

    Canada's budget funds homelessness and grocery help

    What happened

    • Canadian prime minister Mark Carney set out C$142 billion of new spending over five years in his budget. [16]
    • Higher oil revenue than expected, lifted by the Iran war, pays for it. [16]
    • It commits C$11.2 billion over four years to a plan to end homelessness within a decade. [16]
    • A grocery benefit for low and modest incomes grows, worth an estimated C$2,570 a year for a family of four. [16]
    • Canada's deficit is over C$50 billion, with no plan to balance it. [16]

    Why it matters

    Average hourly wages have not kept up with prices, Statistics Canada says. [16] Food bank use is at a record high. [16]

    The truth

    • The Conservatives, Canada's opposition, say Carney spends too long on trade trips and not enough on living costs. [16]
    • Nobody knows yet

      How much new spending Canada's budget really holds.

      The BBC counts C$142 billion over five years, while CPA Canada, the accountants' body, counts C$151 billion of new measures. [16][38]

    Good news

    • Canada will raise a grocery benefit for low and modest incomes, worth an estimated 2,570 Canadian dollars a year to a family of four.
14. 22

    Canada eases mortgage rules for new homes

    What happened

    • Canada's budget proposes letting lenders insure loans on homes up to C$1.5 million, up from C$1 million. [14]
    • It allows 30-year loans when a buyer is buying for the first time or the home is new. [14]
    • From February 2027, builders of new three- and four-flat homes can get insured loans for up to 90% of value. [14]
    • Foreign buyers stay banned from existing homes until 2029, but may buy new ones. [14]

    Why it matters

    The changes aim to make building small blocks of flats pay, says TRREB, Toronto's estate agents' board. [14]

    How it works

    The budget will consult on making lenders show the penalty for paying a mortgage off early, a term the lender writes, not the buyer.

    The idea, in story 08: Why signing the small print does not make every term binding →

    The truth

    • TRREB says several of the measures were its own recommendations. [14]
    • Who gains Builders of small blocks of flats in Canada — Insured loans let them borrow most of the cost, which TRREB says could make smaller projects pay. [14]

    What comes next

    Canada's government will also consult on showing the penalties for paying a mortgage off early. [14]

15. 23

    Most of Europe's pensions fall short

    What happened

    • The OECD, a group of rich countries, says compulsory pensions miss its target in 22 of 30 European countries. [32]
    • Its target is a retirement income of 70% of gross pay for someone on average wages. [32]
    • Lithuania has the biggest gap: workers would need to save another 20.7% of their earnings. [32]
    • In the UK the gap is 9.1%. [32] For a man on average pay, that is about €494 a month, Euronews works out. [32]
    • 8 countries, including Spain, Italy and the Netherlands, already meet the target. [32]

    Why it matters

    Where gaps are large, people are under-saved and face a poorer old age, says a Leeds University professor. [32]

    How it works

    The OECD calls the extra share of pay needed the contribution gap. [32]

    The truth

    • An OECD analyst says there is no single right target for retirement income. [32]
16. 24

    Foreign buyers take a record share of Spanish homes

    What happened

    • Foreign buyers made 16.05% of Spain's home sales from July to September, the highest on record. [33]
    • That was more than 26,300 sales, says Spain's College of Registrars, which records property deals. [33]
    • In the Balearic Islands, 37.2% of sales went to foreign buyers. [33]
    • British buyers were the largest group, at 7.5% of foreign purchases. [33]
    • Prices rose 15.8% in a year on the registrars' repeat-sales index, a record high. [33]
    • Total sales fell 5.9% on a year earlier. [33] They have fallen for three quarters in a row. [33]

    Who is involved

    • British buyers the largest group of foreign buyers

    Why it matters

    Prices are rising while sales fall, so fewer homes are changing hands at higher prices. [33]

    The truth

    • By the average price instead, the rise was only 9.3%, so the size of the jump depends on the measure. [33]
17. 25

    Carers who earn past a line fall behind

    What happened

    • Carer's Allowance, a UK benefit for unpaid carers, pays nearly £87 a week. [34]
    • Earning more than £204 a week stops it completely. [34]
    • A study tracked carers who crossed that line. [34] Past claimants became 6.2 points likelier to fall behind on rent or mortgage. [34]
    • They worked about 9 fewer hours a week and earned £592 a month less. [34]
    • Lower pay, not more caring, drove the change, the Resolution Foundation says. [34]

    Why it matters

    They were also 7.2 points likelier to say they struggle to get by. [34]

    How it works

    Benefit experts call this a cliff: one extra pound of pay can cost the whole benefit. [34]

    A taper removes £1 of benefit for each £1 earned over the line, turning the cliff into a flat stretch. [34]

    Seen it before

    A prize that vanishes if a player scores one point too many makes players stop early.

    The truth

    • Who pays UK carers who take on more paid work — Crossing the earnings line costs them the whole allowance at once. [34]

    What comes next

    The UK government plans a £1-for-£1 taper, so the allowance would shrink gradually instead. [34]

18. 26

    Dying savers fight to recover lost pensions

    What happened

    • Two Australian men with cancer are fighting to win back pension savings lost in two collapsed funds. [35]
    • Almost 12,000 people put more than A$1 billion of retirement savings into the Shield and First Guardian funds. [35]
    • Their super, Australia's workplace pension, was moved there on advisers' advice. [35]
    • Kevin Wright lost about A$200,000 and has little time to live, his wife Meredith says. [35]
    • The regulator banned Reilly for 10 years in April, and he has appealed. [35]
    • More than 6,000 investors came through advisers licensed by InterPrac, putting in about A$680 million. [35]

    How it unfolded

    The couple filled in an online form to find lost super. [35] Within hours, adviser Rhys Reilly rang them. [35]

    1. First an online form
    2. Within hours an adviser calls

    Why it matters

    They fear InterPrac's sale to Bellbird Australia could shrink the money left to repay them. [35]

    How it works

    An adviser works under a licensee, a firm answerable for the advice given. [35] So victims complain to InterPrac, the only solvent licensee involved. [35]

    Seen it before

    When a shop worker breaks something, customers ask the shop, not the worker, to pay.

    The truth

    • Nobody knows yet

      How much Shield and First Guardian investors will get back.

      Many claims rest on InterPrac, and ASIC has not yet decided whether to stop its sale to Bellbird Australia. [35]

    What comes next

    ASIC, Australia's corporate regulator, is weighing whether to stop the sale. [35]

19. 27

    A crypto scheme promoter becomes a councillor

    What happened

    • Susan Lawrence, a main UK promoter of the HyperVerse crypto scheme, is now a Reform UK councillor in Wolverhampton. [36]
    • US court papers call HyperVerse an alleged pyramid and Ponzi scheme that took $1.89 billion from investors. [36]
    • Some who took bank loans to buy in said they felt suicidal when they could not get money out. [36]

    Who is involved

    • Susan Lawrence Reform UK councillor

    How it unfolded

    It ran from 2020 to 2022, and its collapse left many people unable to withdraw money. [36]

    The FCA warned in 2021 that the firm might be selling without its permission. [36]

    1. 2020 HyperVerse spreads
    2. 2022 it collapses

    Why it matters

    She sits on the council's audit and risk committee, which oversees how its budget is reported. [36]

    How it works

    US authorities said a related scheme sold no product and had no income except investors' money. [36]

    The truth

    • Lawrence has not been accused of wrongdoing herself. [36] Reform UK says she was "one of many victims of this scam". [36]
20. 28

    Pakistan cuts petrol prices a fifth time

    What happened

    • Pakistan cut petrol by 6.59 rupees a litre on Friday, its fifth cut in a row. [37]
    • Petrol now costs 346 rupees a litre, and diesel 378 rupees. [37]
    • Pakistan's government still takes 114 rupees a litre in taxes and duties on petrol. [37]
    • For 30 days, refineries pay part of the fuel levy, which takes 14.71 rupees off each litre at the pump. [37]

    How it unfolded

    Petrol peaked at 458.41 rupees on 3 April, after starting near 266 in early March. [37]

    Why it matters

    Pakistan's government sets fuel prices, so each cut applies at every pump from the next day. [37]

    The truth

    • Who gains Drivers in Pakistan — Refineries carry part of the fuel levy for 30 days, which lowers what drivers pay for each litre. [37]

    Good news

    • Pakistan cut petrol prices for the fifth time in a row, to 346 rupees a litre, down from a peak of 458.41 in April.