Shelter warns that Londoners are faced with ‘increasingly unaffordable’ rents August 9, 2022 Campaigners at Shelter have warned that Londoners are faced with “increasingly unaffordable” rents. “We are hearing from people every day who are battling increasingly unaffordable private rents, who are struggling to find somewhere to live,” the charity’s policy manager Ruth Ehrlich told the Financial Times’ personal finance podcast, Money Clinic, today. “And when they do, [...]
London’s Right to Buy-back scheme unlocks over 1,500 council homes August 9, 2022 More than 1,500 London homes have been brought back into public ownership over the past year, under London mayor Sadiq Khan’s Right to Buy-back scheme. The scheme, announced last July, aims to boost the capital’s supply of council homes, giving 14 boroughs access to £15m to buy back properties which have been – or will [...]
Housebuilder Bellway boasts record £3.5bn revenue as UK property prices soar August 9, 2022 Bellway, one of Britain’s largest housebuilders, has boasted a record annual housing revenue of £3.5bn, bosses announced today. The figure has grown by more than £1bn since 2020, and some £400m since last year. Despite raw material and labour cost inflation, Bellway’s housing completions jumped by 10.5 per cent in the year to 31 July, [...]
Newcastle and Manchester building societies launch exclusive talks for £5bn merger August 8, 2022 Newcastle Building Society said it is in exclusive talks with Manchester Building Society over potentially merging the two. The pair plan to “explore the possibility” of transferring Manchester’s business to Newcastle, but discussions are at an early stage, they said. “There can be no certainty that any merger will occur, nor as to the terms [...]
Housing market holds up well despite Bank of England rate hikes August 8, 2022 The UK property market is still running hot despite the Bank of England’s rapid interest rate hike cycle, according to research by City A.M. House purchases dipped around four per cent in June compared to December when the Bank’s first rate rise landed, dropping to 95,420 from 99,560, according to HMRC data. Governor Andrew Bailey [...]
Savills hikes forecasts for London rents, with prices set to rise to new heights August 8, 2022 Savills has hiked its five-year forecast for the prime London rental market, with rents set to continue rising to new heights. The capital had suffered an exodus of international students and business folk, as well as Brits seeking greener pastures, during Covid-19 restrictions, which resulted in plummeting rental costs. The estate agency now anticipates prime [...]
This week’s rate rise: Brits face immediate jump in interest payments of £1.67bn August 6, 2022 With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5 per cent to 1.75 per cent, UK households face an immediate increase in interest payments of £1.67bn. UK households are currently paying £24.1 billion annually in interest payments on floating rate debt that are likely to be immediately impacted by [...]
Average UK house price falls for first time in a year to sit at £293,221 August 5, 2022 House prices marked their first decrease since June last year, dropping slightly last month to stand at an average price of £293,221. Prices fell by a marginal 0.1 per cent in July, according to Friday’s Halifax House Price Index. The annual rate of growth eased to +11.8 per cent (from +12.5 per cent), with Wales [...]
More businesses to go bust after today’s rate rise as £2bn is added to borrowing costs overnight August 4, 2022 With the Bank of England Monetary Policy Committee increasing its base rate by another 0.5 per cent to 1.75 per cent, UK businesses face an immediate increase in interest payments of more than £2bn. Analysis of Bank of England data shows UK businesses are currently paying £14bn annually in interest payments on their £409bn in floating rate [...]
Bank of England’s interest rate rise at noon: Brokers and agents across the City give their two cents August 4, 2022 The governor of the Bank of England, Andrew Bailey, and the rest of the monetary policy committee will hike interest rates 50 basis points today at 12pm. The main reason? Living costs are up 9.4 per cent over the last year, crimping households and businesses and threatening to plunge the UK economy into recession. Energy [...]