David Cameron promises new crackdown on corrupt London home buyers driving up house prices July 27, 2015 Prime Minister David Cameron will today vow to stop the UK from becoming a haven for “dirty money”. He promises to reveal corrupt offshore organisations that purchase high-end London properties using “laundered cash”, which increase prices, exacerbating the capital’s affordability crisis. “I want Britain to be the most open country in the world [...]
Beijing‘s bull market battle plan backfires: Shanghai suffers renewed sell-off as Chinese authorities grapple with volatility July 27, 2015 Chinese authorities are coming in for criticism over “heavy handed” tactics as they struggle to prevent the stock market unravelling further. As the week’s trading began, China’s benchmark Shanghai Composite index suffered the biggest one-day fall since the financial crisis, shedding 8.5 per cent. This renewed sell-off is widely believed to be down to flagging [...]
Eurozone credit and money growth give a boost to growth prospects July 27, 2015 The amount of lending and the money supply climbed in the Eurozone last month. The annual growth rate of loans to households climbed to 1.7 per cent in June from 1.4 per cent in May, according to data released by the European Central Bank yesterday. Lending to companies rose at a slower rate of 0.1 [...]
FTSE wipes all 2015 gains as commodity stocks take a tumble – London Report July 27, 2015 The FTSE fell back to where it started this year, erasing all its gains made since January, down 8.4 per cent since hitting a record high in April. The blue-chip FTSE 100 index ended 1.1 per cent lower at 6,505.13 points, in its longest losing streak so far in 2015. Fears for economic [...]
Plummeting Chinese stocks send negative waves across European and US markets July 27, 2015 Monday's huge fall in Chinese stocks has sent ripples of uncertainty across western markets. Read more: China stocks suffer biggest one-day drop since the financial crisis The Shanghai Composite Index fell by 8.5 per cent in early trading, while the CSI300 index of the largest listed companies in Shanghai and Shenzhen plummeted 8.6 percent, [...]
London rental prices: Renters on living wage priced out of every postcode in the capital July 27, 2015 Exorbitant room rents are pricing low-paid workers out of all parts of London, as new data shows that there is no longer a single postcode in the capital where you can afford to live on the London living wage. On average, renters earning a living wage put more than half of their salary, 56 per [...]
IMF tells Eurozone to get on with reforms to boost growth as lending picks up July 27, 2015 The International Monetary Fund (IMF) warned today that the Eurozone’s economy was at risk of tipping back into stagnation. Read more: 2015 IMF growth forecast: UK pulling ahead but global economy downgraded “A moderate shock to confidence—whether from lower expected future growth or heightened geopolitical tensions—could tip the block into prolonged stagnation,” said Mahmood Pradhan, the [...]
London house prices: The north-south divide emerging in the capital’s property sector July 27, 2015 One interesting factor in new figures published today (more on that here) is a sign growth in house prices is slowing in parts of London. In fact, it looks like there's a north-south divide emerging – and in this case it's grim down south. The figures, by Haart estate agent, showed while prices across the [...]
UK house prices: The average cost of a home for first-time buyers increased £138 a day in June July 27, 2015 Despite all George Osborne's efforts, it looks like first-time buyers are bearing the brunt of the increase in house prices again, after new figures showed the average price of a first-time buyer home leaped by £4,150 in June. That's £138 a day. Read more: Thinking of leaving London? These are the best commuter towns to move [...]
Bank chiefs to be given ethics quiz: Banking Standards Board kicks off cultural audit of UK’s lenders July 26, 2015 The City body tasked with restoring faith in the UK banking system is set to write to the chairmen of Britain’s biggest lenders, quizzing them on their firms’ ethics and culture – the first major initiative by the taskforce to bolster integrity in the sector. The Banking Standards Board (BSB), chaired by former telecoms regulator [...]