Seven UK housebuilders to pay £100m to fund affordable homes after CMA investigation
Seven housebuilders have agreed to pay £100m to affordable housing schemes after the UK competition watchdog found evidence that they may be sharing commercially sensitive details that affect the price of homes.The developers – Barratt Redrow, Bellway, Berkeley Group, Bloor Homes, Persimmon, Taylor Wimpey and Vistry – have not admitted any wrongdoing but have agreed to make the combined payment, which will be split between affordable housing programmes across the four UK nations.The Competition and Markets Authority (CMA) opened its investigation into the housebuilders last year after it found evidence of information sharing that “prevented and distorted” competition, including on pricing levels, the number of property viewings, and incentives offered to buyers such as upgraded kitchens or stamp duty contributions.The housebuilders have told the CMA they will refrain from sharing certain types of information with other housebuilders, including prices that homes have been sold for, except in limited circumstances.If the watchdog accepts the commitments, they will become legally binding and mean it will not have to decide whether the housebuilders broke competition law.
The regulator is consulting on the proposals until 24 July,Sarah Cardell, the chief executive of the CMA, praised the proposed measures as “clear and comprehensive” steps,“Housing is a critical sector for the UK economy and housing costs are a substantial part of people’s monthly spend, so it’s essential that competition works well,This keeps prices as low as possible and increases choice,” she said,“As a result of the CMA’s investigation, housebuilders are taking clear and comprehensive steps to ensure they comply with the law and don’t share competitively sensitive information with their rivals.
”The £100m payment is the largest the CMA has secured through commitments from companies under investigation, which it expects will fund hundreds of new homes for low-income households, first-time buyers and vulnerable people.The watchdog launched its investigation in 2024 after a year-long market study into barriers leading to the undersupply of new homes in the housebuilding sector.Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionLabour pledged in its manifesto to build 1.5m homes in England before the end of this parliament.Hitting the target would require 300,000 net new additions to the housing supply every year, a level that has never been achieved before.
Some ministers have argued they will be able to stimulate the market by reforming the planning system to make it easier for private developers to invest in new schemes.Much of the construction industry is still recovering from an inflationary rise during the Covid pandemic that significantly increased the price of materials such as timber and concrete blocks.The price of building a home has since levelled off but the cost of raw materials and skilled labour remains high.
People in the US: are you delaying major life decisions under Trump’s presidency?
As Donald Trump approaches six months in office as president, his administration’s agenda has shaken every corner of US life.According to research from Harris Poll, Americans are reconsidering major life events including marriage, having children and buying a home amid economic anxiety under the Trump administration.Six in 10 Americans said the economy had affected at least one of their major life goals, citing either lack of affordability or anxiety around the current economy.We want to hear from you. Have you been delaying major life decisions amid economic and political anxieties? When did things begin to feel destabilized? What effect in particular has delaying life decisions had on your household?You can tell us if you are delaying any major life decisions and your reasons why by filling in the form below
Thames Water refuses to claw back bonuses paid using £3bn emergency loan
Thames Water paid almost £2.5m to senior managers from an emergency loan that was meant to be used to keep the failing utilities company afloat – and has refused to claw back the payments, newly released documents reveal.The struggling water supplier paid bonuses totalling £2.46m to 21 managers on 30 April.The managers are due to receive the same amount again in December, and a further £10
Sony WH-1000XM6 review: raising the bar for noise-cancelling headphones
Sony’s latest top-of-the-range Bluetooth headphones seek to reclaim the throne for the best noise cancellers money can buy with changes inside and out.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.The Sony 1000X series has long featured some of the best noise cancelling you can buy and has been locked in a battle with rival Bose for the top spot
Futurist Adam Dorr on how robots will take our jobs: ‘We don’t have long to get ready – it’s going to be tumultuous’
If Adam Dorr is correct, robots and artificial intelligence will dominate the global economy within a generation and put virtually the entire human race out of a job. The social scientist doubles up as a futurist and has a stark vision of the scale, speed and unstoppability of a technological transformation that he says will replace virtually all human labour within 20 years.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more
Djokovic survives Cobolli onslaught to reach record 14th Wimbledon semi-final
The siren call of a record 25th grand slam title grows ever louder for Novak Djokovic. But he was given a scare by the punchy young Italian Flavio Cobolli, as well as a nasty fall on match point, before coming through a pulsating quarter-final to win 6-7 (8), 6-2, 7-5, 6-4.Djokovic’s reward is a record 14th Wimbledon semi-final, one ahead of Roger Federer, and a meeting with the world No 1, Jannik Sinner, on Friday. It is a battle he is clearly relishing.“It motivates me to see how much I can still keep going with these guys toe to toe,” he said
Wimbledon 2025 quarter-finals: Djokovic defeats Cobolli to set up Sinner clash – as it happened
Before that we’ve got a tremendous Thursday in store, with Aryna Sabalenka and Iga Swiatek bidding to set up a first grand slam final against each other – what a prospect that is – as they face the underdogs Amanda Anisimova and Belinda Bencic respectively. Do join Daniel for coverage of those matches, and I’ll be back on Friday. Thanks for your company, as always. Bye!The men’s semi-finals are set. And Friday can’t come soon enough:Jannik Sinner v Novak Djokovic Carlos Alcaraz v Taylor FritzDjokovic’s numbers are ridiculous
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