Mortgage commitments plummet to pandemic levels as rate hike jitters spook housing market June 13, 2023 The number of new mortgage commitments has fallen to the lowest levels since the Covid pandemic as speculation the Bank of England’s will keep on hiking interest rates rattles the market. As the central bank raised interest rates for the 12th consecutive time during the quarter, in a bid to cool inflation, the number of [...]
Bank of England to hoist interest rates to 5.75 per cent as experts warn UK inflation is out of control June 13, 2023 The Bank of England will have to hike interest rates to their highest level since July 2007, the eve of the financial crisis, in a sign that markets think the UK has the worst inflation problem in the rich world. Traders ratcheted up bets on how high Bank Governor Andrew Bailey and the rest of [...]
Wages jump at fastest pace outside of Covid-19 but inflation erodes finances for 18th straight month June 13, 2023 Workers in Britain have pocketed the largest pay increases on record outside of the Covid-19 pandemic, but inflation is still sharply eroding their finances, official figures out today reveals. Numbers from the Office for National Statistics (ONS) showed the average worker in the UK received a 7.2 per cent wage increase in the three months [...]
Bank of England policymaker warns further interest rate hikes ‘cannot be ruled out’ June 12, 2023 Further interest rate rises “cannot be ruled out” amid decades-high inflation in the UK, a Bank of England policymaker said. Jonathan Haskel, writing in The Scotsman, spoke of the “difficult judgments” the Bank has to make to bring inflation down to its two per cent target. The economist, an external member of the seven-person Monetary [...]
London homeowners face ‘grim’ mortgage cost hike of £7,300 if Bank raises rates again June 12, 2023 London homeowners looking to renegotiate their mortgage this year face a whopping £7,300 rise in annual costs as experts warn of the “grim reality” of rising interest rates. The Bank of England is predicted to hike interest rates for the 13th consecutive time this year to 5.5 per cent in efforts to cool soaring inflation, [...]
Political pressure builds on banks to close gap between savings and mortgage rates June 12, 2023 Banks have been shortchanging customers for nearly a year with the average mortgage rates exceeding savings rates by over three per cent since last July. According to data from Moneyfacts, at the end of last week the average rate on offer for a two year mortgage was 5.87. The average rate on a savings account [...]
Pound on course for highest level against US dollar in over a year, City analysts bet June 7, 2023 Pound sterling could end 2023 at its highest level in more than a year, strengthened by the Bank of England continuing to hike interest rates and the Federal Reserve taking its foot off the brake, analysts have told City A.M. The UK’s currency may strengthen to $1.30 toward the end of this year, driven by [...]
Investment slump amid higher interest rates risks finally sparking UK recession June 6, 2023 A mix of factors are buffeting the UK economy right now. Spending power is being crushed by high inflation eroding family finances. House prices are coming off their heady heights as sellers drop prices to source buyers amid higher mortgage rates. External demand is thinning in response to weak consumer confidence amid a global cost [...]
House prices to stutter after Bank of England interest rate hikes June 4, 2023 House price growth is poised to stutter, new figures out this week are expected to show, as prospective homeowners are gradually priced out of the market by the Bank of England’s successive interest rate rises.
Record £9bn pumped into ISAs as Brits capitalise on higher interest rates June 1, 2023 Brits are yanking cash out of high street savings accounts and piling it into products that tie up their money for a longer period in exchange for a better interest rate, official figures out today show. Savers dropped £3.6bn into banks and building societies in April, nearly all of which went into fixed savings accounts [...]