London house prices 53 per cent higher than pre-crisis peak as UK price growth accelerates to 12-month high – ONS March 22, 2016 UK house prices climbed 7.9 per cent in January compared with the same month last year, the Office for National Statistics said this morning. It marks faster house price growth than December's 6.7 per cent. Price growth was driven by the South East and London where prices rose 11.7 per cent and 10.8 per cent respectively. [...]
Blow for chancellor George Osborne as government borrowing overshoots in February March 22, 2016 The government borrowed £7.1bn in February, down £0.5bn compared with the same month last year. It takes total borrowing for financial year to date (April 2015 to February 2016) to £70.7bn, according to the figures released by the Office for National Statistics this morning. The Office for Budget Responsibility, the government's fiscal watchdog, last week [...]
Going nowhere fast: UK inflation stays at 0.3 per cent in February March 22, 2016 The UK's inflation rate remained at 0.3 per cent in February, according to data released this morning by the Office for National Statistics. Inflation, as measured by the year-on-year change in the consumer price index, was equal to January's 12-month high of 0.3 per cent. Transport costs were the biggest downward contributor falling 1.1 per cent on the [...]
Eurozone economy avoids further slowdown in March – Markit PMI March 22, 2016 The Eurozone economy grew at a faster rate in March, according to survey data released this morning. Markit's purchasing managers' index rose to a score of 53.7. It marks a small rebound from February's 12-month low of 53. It also puts the PMI further above the 50 no-change mark, which implies the economy is growing faster. Growth [...]
Supermarkets reap over £1bn of property investment in 2015 as new buyers pile in March 22, 2016 Britain's supermarket sector attracted over £1bn of property investment last year as investors shrugged off the price wars and and went in search of stable returns. Research released today by Colliers International and data analytics provider MSCI revealed that deal volumes reached £1.4bn in 2015, up slightly on the previous year but down on the record [...]
Financial Ombudsman explains frequent problems with debt management companies after it reveals that debt charities are receiving 4,000 new requests for help a day March 22, 2016 The Financial Ombudsman has today explained the most common problems it hears about regarding services offered by debt management companies. In its most recent newsletter, the Ombudsman reveals that debt charities are now receiving 4,000 new enquiries a day. Juliana Francis, senior ombudsman, explained that the complaints received regarding debt management companies, which she calls among the [...]
UK pensions freedoms: Number of defined benefit (DB) to defined contribution (DC) pension transfers lower than expected, finds Financial Reporting Council report March 21, 2016 We hope you didn't bet your pension pot on there being a big switchover from defined benefit (DB) to defined contribution (DC) schemes when the pension freedoms came into force last year – research published today by the Financial Reporting Council (FRC) discovered that there has been relatively low levels of scheme swapping. The study by [...]
House prices: volatile equity markets and Brexit fears are hurting prime global rents, says Knight Frank March 21, 2016 Volatile equity markets and economic weakness in emerging markets dragged rental prices for high-end homes in key global cities lower last year, new research shows. Knight Frank's prime global rental index, which tracks the change in luxury residential rents across 17 cities globally, fell by 1.1 per cent in 2015, down from growth of 2.5 per cent in 2014. Geneva replaced Moscow as the [...]
Housebuilder Inland Homes posts record half-year profits as average prices rise March 21, 2016 Shares in Inland Homes edged higher today after the housebuilder and regeneration specialist posted a jump in half-year profits. The Aim-listed company, which buys and develops brownfield land in the south and south-east, posted a 274.4 per cent increase in pre-tax profits to £21.5m in the six months to the end of December, boosted by a £14m revaluation [...]
Jack Wills secures extra £10m funding as its embarks on a store opening spree March 21, 2016 Jack Wills has secured an extra £10m of funding from its lenders as it looks to add another 10 stores to its clothing empire this year. The preppy fashion chain, which counts Prince Harry among its fans, said HSBC has agreed to increase its revolving credit facility to £30m for the rest of 2016 to help support its expansion. [...]