Pound ends longest losing streak since 2008 September 7, 2015 Sterling has risen for the first time in 10 days, ending what's been its longest losing streak in seven years. Global financial market turmoil and fears about the strength of the UK economy sparked a sell-off which saw sterling shed nearly four per cent of its value in just two weeks. Read more: Carney says China [...]
Mortgage lending increases on low interest rates and rising UK house prices September 2, 2015 The housing market is picking up, with homeowners looking to remortgage to take advantage of low interest rates and unlock some of the climb in property prices. The number of approvals for home purchases was 68,764 in July, compared with an average of 64,186 over the past six months. Approvals for remortgages were 38,042, also [...]
Bank of England interest rate rise threat sends first-time buyer sales to a pre-recession high August 28, 2015 The threat of a rise in borrowing costs led first-time buyers to look through increased deposit costs and indulge in a "summer of white-hot activity" with completed transactions hitting a pre-recession high. Monthly first-time buyer sales rose 4.9 per cent to 29,700 in the month to July, according to an index by estate agents Your Move and [...]
UK housing market: Remortgaging spurred on by Bank of England interest rate hike threat August 26, 2015 Remortgaging has surged as the prospect of an interest rate rise leads homeowners to lock in better deals. The number of people switching to lower rates was 29 per cent higher in July than in the some month last year, figures released yesterday by the British Bankers’ Association (BBA) showed. “Savvy homeowners are snapping up [...]
CBI upgrades UK economic forecast to 2.6 per cent GDP growth in 2015 August 24, 2015 A rise in household spending along with robust investment growth will help fuel faster “twin engine” growth in the UK economy, according to the Confederation of British Industry (CBI), which expects an interest rate rise in early 2016. In their latest economic forecast, the CBI upgraded its expectation to 2.6 per cent GDP growth for [...]
Ill-designed European Union risks fixed-rate mortgage lending in the UK August 20, 2015 Fixed rate mortgages are massively popular with consumers, 68 per cent of all mortgage products from building societies in the first half of 2015 were fixed rate. With the narrative from the Bank of England hinting that the base rate will start to rise later this year or early 2016, the drive from the public [...]
Over three quarters of UK households anticipate the Bank of England to increase interest rates in the next 12 months August 19, 2015 Over three quarters of UK households expect the Bank of England (BoE) to raise the interest rate in the next 12 months, according to the Markit Household Finance Index. The August survey indicated UK households are continuing to bring forward expectations regarding the next interest rate rise by the Bank of England. Read more: Super [...]
Outgoing BoE official says interest rates to rise “pretty soon” August 19, 2015 Outgoing Bank of England (BoE) rate-setter David Miles has said that the time for interest rates to rise from the record low is drawing closer. Speaking during an interview on BBC Newsnight Miles, who has already cast his final vote as member of the monetary policy committee (MPC), said that rates would rise "pretty soon", adding: "I don't think it's [...]
UK inflation: Pound hits seven-week high as inflation unexpectedly hits 0.1 per cent in July August 18, 2015 The pound hit a seven-week high against the greenback this morning as investors cheered a better-than-expected inflation figure. Official data showed the consumer price index rose 0.1 per cent in the year to July, from zero a month earlier, beating economists' expectations for no change. Nevertheless inflation still remains well below the Bank of England's target [...]
UK inflation: Business groups IoD and BCC split over when BoE should raise rates August 18, 2015 Two of Britain's biggest business groups have clashed over when the Bank of England (BoE) should raise interest rates, after today's inflation data. Official data released this morning showed inflation unexpectedly rose 0.1 per cent in the year to July. But this remains well below the BoE's target for two per cent. At the same [...]