What's making headlines in the rest of the press
The Treasury has warned government departments to expect slim pickings in the September spending round. The message came as figures showed the government had overshot its borrowing targets in the first three quarters of this financial year (Financial Times, 21 July).

First-time buyers are also thin on the ground, according to The Guardian (19 July). However, mortgage lenders said first-timers would return to the market in the second half of the year. More houses are on sale than at any time in the past two-and-a-half years. The Times said the number of unsold properties was up 34%, while sales dropped 22% (22 July).

Meanwhile, Birmingham'sbuy-to-let market is booming thanks to regeneration of the city centre. The average age of the first-time buyer is up from 25 to 30, says the Birmingham Post (18 July), giving the rental market a further boost.

Times are harder in Hong Kong, where the public housing authority is selling £1.6bn of shopping centres and car parks to boost its shrinking reserves. It's been a tough year for the authority, which has been told by a local court that its rents were inflated. It may have to refund £3.9bn (Financial Times, 20 July).

And there was good news for finance directors with their eyes on promotion. Chief executives are now far more likely to have an accountancy background. A survey by recruitment firm Hanover Fox International found that 41% of CEOs have finance or accountancy backgrounds, compared with 24% in 1996 (Financial Times, 17 July).

Source

Housing Today