Mortgage approvals rise as rates cool – but the housing market is not out of woods yet January 4, 2024 According to the latest reading from the Bank of England (BoE) net mortgage approvals for house purchases rose from 47,900 in October to 50,100 in November.
UK bid to dodge winter recession boosted as service sector recovery continues January 4, 2024 The latest reading was also a significant improvement on November's reading of 50.9. The 50 mark separates growth from contraction.
Brits urged to act as a quarter have never switched savings account despite record rates January 3, 2024 Savers have been urged to be more proactive as new research shows that nearly a quarter have never switched to a different savings account or opened an additional one.
Why Deutsche Bank reckons the UK economy will avoid a recession in 2024 January 3, 2024 The UK economy outperformed all expectations in 2023, but it was hardly a vintage year. Here are some reasons why 2024 might be better.
Mortgage price war set to intensify as Halifax, HSBC lead charge slashing rates January 3, 2024 The new year has kicked off with a mortgage price war, according to brokers, as lenders slash deals to compete for business in a market under pressure from high interest rates.
Simmons & Simmons awarded £3m Bank of England legal contract January 3, 2024 The law firm won the BoE's flexible legal resourcing contract late last month, with a value up to £3m running for two years until 19 December 2025.
Rate cuts needed to ‘kick start’ economy: UK business group January 3, 2024 Business confidence in the UK economy ended 2023 sharply lower as falling inflation failed to boost optimism ahead of the new year.
First-time buyer numbers ‘were lowest in a decade in 2023’ January 2, 2024 The number of first-time buyers who purchased a home with a mortgage in 2023 is estimated to be the lowest in a decade, according to a building society. Yorkshire Building Society calculated that, across the UK, there were around 290,000 first-time buyers in the mortgage market in 2023, shrinking by a fifth (21 per cent) [...]
Leading economists expect Bank of England to cut interest rates in spring January 2, 2024 Top economists have brought forward their expectations for the Bank of England's next interest rate cut to as soon as March and overwhelmingly see the central bank's monetary policy as too hawkish, according to a City A.M. poll, after promising signs in the battle against inflation.
‘Systemic shocks should be anticipated’: how will the financial system fare in 2024? January 2, 2024 Although interest rates are unlikely to go any higher, risks remain as borrowers will continue to roll off contracts agreed when interest rates were near zero.