Lunchtime news July 4

The Financial Services Authority (FSA) has started enforcement action against five sub-prime mortgage firms. The action comes after the regulator found weaknesses in responsible lending practices in its latest review of the behaviour of lenders within the sub-prime mortgage market.

A new report from the Young Foundation – Good Neighbours - has called for housing associations to work more closely with local authorities to give their residents a louder voice in local communities.

Islington Council has withdrawn its draft housing strategy following repeated warnings from the London Mayor that it failed to meet agreed targets on building affordable homes in the borough.

A 13 metre by six metre mobile home, parked in North Wales, has gone on sale for £500,000.

Supermarket chain Tesco has launched a new online home selling service much to the chagrin of estate agents.

Members of the Bank of England’s monetary policy committee are expected to raise rates by a quarter-point to 5.75% tomorrow.

Latest figures from the Land Registry reveal that the prices of flats in most parts of England and Wales are not keeping up with those of houses.

A report by consultancy firm Price Waterhouse Coopers has found that average monthly mortgage repayments in Northern Ireland are now 150% of average weekly take-home pay – almost twice the level of a decade ago.