Labour mortgage summit amid brewing repayments crisis July 9, 2023 Labour are set to hold crunch talks with mortgage brokers this week amid a brewing repayments crisis. Shadow chancellor Rachel Reeves has pledged homeownership will be the core of her ‘securenomics’ philosophy as she claimed Labour is now the party of house buyers. Reeves and shadow levelling up secretary Lisa Nandy will attend the summit [...]
London house prices fall at fastest rate since 2009 as rising rates dents demand July 7, 2023 UK house prices fell for the third consecutive month with properties in London and the south east coming under the most pressure. According to the Halifax House Price Index, the average house price fell by 0.1 per cent from the month before, taking the average price to £285,932. This means that over the last year, [...]
House building craters to weakest level in 14 years amid Bank of England interest rate rises July 6, 2023 The Bank of England’s series of aggressive interest rate hikes to pull back raging inflation is wreaking havoc on house building, dealing a blow to first time buyers hoping to get on the property ladder any time soon, a closely watched survey out today shows. According to S&P Global and the Chartered Institute of Procurement [...]
Ed Warner: Thompson’s ECB era will always have report in its shadow July 6, 2023 Ed Warner writes about ECB chair Richard Thompson and how his tenure – much like Seb Coe’s – will always have its connotations despite best efforts. Through the cloud of orange powder, I couldn’t check the privilege of the protester hauled off the Lord’s pitch by Jonny Bairstow last week to see whether he is [...]
Center Parcs: £4bn deal back in spotlight as frontrunners for British resorts firm bail July 5, 2023 The £4bn deal to buy British holiday resorts firm Center Parcs is back in the spotlight after two frontrunners for sale have reportedly dropped out of the race. Its Canadian owners, Brookfield, put the six strong holiday village up for sale in May, with the sale sparking interest from a flurry of private investment firms [...]
Higher interest rates tipped to accelerate UK house price decline in quiet week for City July 3, 2023 Higher interest rates are set to accelerate UK house prices’ decline, new figures in what will be a quiet week for markets are expected to reveal. Analysts at consultancy Oxford Economics reckon Halifax’s house price data on Friday will show they dropped 2.5 per cent over the last year and 0.1 per cent over the [...]
House price growth faces ‘significant drag’ from rate rises but London remains ‘buoyant’ June 30, 2023 House price growth may face “significant drag” from high interest rates as fresh figures show they remained relatively stable in June despite yearly growth being negative. The latest Nationwide House Price Index show house prices remained broadly flat in June, but down 2.5 per cent compared to last year, owing in part to 13 successive [...]
Mortgages: Number of people securing a home shot up weeks before BoE hiked rates June 29, 2023 Mortgage approvals continued to show signs of improvement in May, rising to 55,500 for the month as a whole up across the UK – up from 49,000 for the month of April, new data shows. The data provided by the Bank of England (Boe) is a fresh kick in the teeth for prospective buyers, who [...]
Vitol and Gunvor rake in Russian oil profits a year after Ukraine invasion June 27, 2023 Energy traders Vitol and Gunvor are still buying refined Russian oil, despite pledges to cut ties with Kremlin-backed suppliers.
Housing market a ‘ticking time bomb’ as prices slow amid mortgage mayhem June 21, 2023 The housing market has slowed amid the mortgage crisis, with experts warning it is like a “ticking time bomb” before it crashes. This morning’s House Price Index from the Office for National Statistics (ONS) show average UK house prices increased 3.5 per cent in the 12 months to April 2023, but this was down from [...]