FTSE 100 close: Markets end in the green before Easter weekend despite US recession fears April 6, 2023 London’s blue-chip index approached the Easter weekend higher as oil giant Shell lifted markets despite fears that the US economy might be slowing. The capital’s premier index ended 1.03 per cent higher at 7,741.56 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, closed 1.05 [...]
UK house prices: Growth down while rents soar by their highest in seven years March 22, 2023 Private rent paid by tenants in the UK rose 4.7 per cent in the 12 months to February 2023, up from 4.4 per cent in the 12 months to January 2023, according to the Office for National Statistics which also reported that house prices increased 6.3 per cent in the same period. Annual private rent [...]
Crash? What crash? House prices defy gravity though London lags slightly March 20, 2023 House prices continues to defy expectations with a steady recovery this month that has seen the average property coming onto the market increase by £3,000. Asking prices for new sellers do still remain £5,800 below their peak in October 2022. London’s average asking price fell by 0.1 per cent in March, leaving the average price [...]
If you can’t afford your mortgage: What the FCA’s lender guidance means for borrowers March 10, 2023 Successive interest rate rises are increasing mortgage costs for millions of borrowers, according to both regulators, lenders and advisers. One of the main City watchdog shas estimated an extra 356,000 mortgage borrowers could face payment difficulties by the end of June 2024, in addition to those who are already behind. The Financial Conduct Authority has issued final [...]
London house prices fall but still almost double national average according to Halifax property index March 7, 2023 London house prices have fallen by almost one per cent from January, but property in the capital still costs £240,000 more than the national average. Halifax’s latest house price index for February showed the rate of annual national growth slowed across the UK, with the average property now sitting at £285,476. In the capital however, [...]
Nottingham Building Society says soaring lending ‘aided by higher interest income’ boosted profits March 3, 2023 The historic Nottingham Building Society reported strong pre-tax profits driven by a surge in mortgage lending last year. Founded in 1849, the building society this morning announced group pre-tax profits of £18.9m, with underlying pre-tax profit of £15.2m. Despite the downturn in the housing market in wake of the disastrous mini budget, it said in [...]
FTSE 100 close: Anglo American and Antofagasta receive China boost but Barratt drops after house price slide March 1, 2023 London’s FTSE 100 sprung higher today, propelled by investors piling into commodity giants after a batch of better than expected data indicated the Chinese economy is on the mend. The capital’s premier index flung 0.49 per cent higher to back above the 7,900 point mark, while the domestically-focused mid-cap FTSE 250 index, which is more [...]
Beleaguered estate agent Purplebricks has ‘several credible expressions’ to buy firm March 1, 2023 Bosses at struggling online estate agent Purplebricks launched a formal process to sell the business after several potential buyers expressed an interest in recent weeks. The company said it had received the approaches after saying in mid-February that it would review its future. Then, the business said “the potential of the group may be better [...]
House price growth plummets to lowest level in a decade as confidence and costs see off buyers March 1, 2023 House price growth has plummeted to its lowest in more than a decade as a cocktail of high borrowing costs, inflation and low confidence has deterred buyers. Properties dropped in value by -1.1 per cent year on year in February, according to Nationwide’s House Price Index, down from 1.1 per cent the previous month. This [...]
Total UK housing wealth breaches £7 trillion for first time amid ‘race for space’ February 27, 2023 Net UK housing wealth exceeded £7 trillion for the first time last year, according to calculations from an estate agent. The total value of UK homes reached £8.68 trillion at the end of 2022, Savills said. With outstanding mortgage debt standing at £1.66 trillion, according to Bank of England records, Savills calculated that net housing [...]