First-time buyers spend 39 per cent of take home pay on a mortgage – Nationwide January 13, 2023 Homes for first-time buyers are at their most expensive as a proportion of take-home pay since the financial crisis. The proportion of monthly income that first-time buyers are having to put towards mortgage repayments is returning to levels last seen in the 2008 financial crisis, according to Nationwide. Nationwide, the UK’s third largest lender has [...]
Starling boss Boden marks quadrupling of bank’s profits with barbs at fintech peers January 6, 2023 Digital bank Starling said it expects to more than quadruple its profits to £120m and ramp up a hiring spree this year as it becomes the latest lender to be buoyed by rising interest rates and a surge in borrowing.
Experts predict house prices will fall in 2023 – but it’s not all bad news for homeowners January 4, 2023 Homeowners can expect to see house prices fall this year by as much as six per cent over the year, according to a leading property association. The boss of the National Association of Property buyer Jonathan Rolande does though expect activity and demand to pick up in the summer months. ““This will negate some of [...]
Mortgage approvals collapse to early Covid-19 crisis levels after mini-budget chaos January 4, 2023 Mortgage approvals in the UK have skidded to their lowest level since the early days of the Covid-19 crisis, pushed down by prospective buyers retreating after Liz Truss’s botched mini-budget sent interest rates flying, official figures out today show. The number of mortgage approvals tumbled a fifth over the month to November to their lowest [...]
City eyes final economic data before Christmas shut down December 18, 2022 Although investors will be readying to get away over the Christmas break, there are a few economic data sets to get through before the City shuts down. Last week, London’s FTSE 100 index slumped nearly two per cent to close at 7,332.12 points as traders were bombarded by a barrage of global economic news. FTSE [...]
Investors hope for US jobs market slowdown to appease Federal Reserve November 27, 2022 Signs of a further slowdown in the US jobs market convincing the Federal Reserve to slow its interest rate hike cycle will top investors’ wish list this week. London’s FTSE 100 index notched a decent showing last week, climbing 1.37 per cent to close at 7,486.67 points, while the domestically-focused mid-cap FTSE 250 index rose [...]
Revolut and the race – or not – to superapp status November 17, 2022 What on earth is a superapp and do we really want one, asks Charlie Conchie
As it happened and live reaction: Jeremy Hunt’s Autumn Budget 2022: UK is now in recession November 17, 2022 Welcome to City A.M.’s live updates as the Chancellor of the Exchequer, Jeremy Hunt, delivers the government’s Autumn Budget for 2022. Here the news team will bring you all the key points, policy changes, opinion, analysis, responses from experts, industry reaction and more. Get in touch and let us know your views via news@cityam.com or [...]
Home sellers in for a shock as house prices drop across UK and overall growth slows November 7, 2022 House prices across Britain recorded the biggest monthly fall in October since early 2021, according to an index out this a.m. The average property value fell by 0.4 per cent, marking the third month-on-month drop seen in the past four months, Halifax said. The latest month-on-month decrease follows monthly falls of 0.1 per cent in [...]
House price growth slows for first time in 15 months as Brits battle scaling mortgage rates November 1, 2022 Annual house price growth in the UK slowed to 7.2 per cent in October, from 9.5 per cent in September, according to Nationwide this morning. It means the average cost of a home in the country now stands at £268,282. Nationwide chief economist, Robert Gardner, likened current mortgage rates to annual wage ratios to those [...]