Inflation tumbles faster than expected to its lowest level in over a year at 7.9 per cent July 19, 2023 Inflation has slimmed to its lowest level in over a year and is falling faster than expected, raising the chances of the Bank of England hiking interest rates at a slower pace next month, official figures out today reveal. The rate of price growth fell to 7.9 per cent in June, down from 8.7 per [...]
In defence of landlords, by the Bank of England July 18, 2023 Few people in Britain draw as much scorn than landlords. It’s easy to understand why. Young people shackled to renting see landlords as a barrier to their homeownership dreams. Particularly in London, renters hate handing over a huge share of their monthly wage to property investors. Doing so stops them from using their cash [...]
Nearly half of tenants struggle to pay rent with millions now facing ‘financial vulnerability’ July 14, 2023 Nearly half of tenants are struggling to pay their rent, with millions now spending more of their disposable income on renting costs than homeowners. As the cost of living crisis has led many landlords to up the costs of rent, some 21 per cent of tenants report spending a higher proportion of their disposable income [...]
FTSE 100 close: Barclays, NatWest and Lloyds all surge after Bank of England gives clean bill of health to lenders July 12, 2023 London’s FTSE 100 was yanked higher today by Britain’s biggest banks surging after being given a clean bill of health by the Bank of England this morning. The capital’s premier index notched one of its best days in weeks, surging 1.83 per cent to 7,416.10 points, while the domestically-focused mid-cap FTSE 250 index, which is [...]
Legal talent war rages on as Baker McKenzie ups newly-qualified salaries to £118k July 6, 2023 Global law firm Baker McKenzie will increase the salary it gives to newly-qualified (NQ) London solicitors to a cool £118,000. The Chicago-based firm said effective as of 1 July, newly-minted lawyers will get a bump up from £110,000 a year. Last July, Baker McKenzie upped pay for NQs by £5,000. While many industries have been [...]
Value of London homes sinks as red hot mortgage rates continue to rattle market July 6, 2023 Some 68 per cent of west London homeowners have seen the value of their property decrease since last November, new data shows, as soaring mortgage rates and a difficult buyer market rattle the capital’s housing sector. As buyer confidence falls due to red hot mortgage rates 7,000 homes across west central London decreased in value [...]
LendInvest given £500m investment boost from Chetwood to fund buy-to-let mortgages July 3, 2023 LendInvest, the London-listed property fintech, has received a £500m investment boost to fund some of its future lending from Chetwood Financial. The investment will fund mortgage originations from LendInvest’s buy-to-let mortgages, aimed at professional landlords, and residential mortgages, for those underserved by high street mortgage providers. Chetwood, a Wrexham-based digital bank, has become the latest [...]
PMQs Sketch: Starmer and Sunak on everyone’s last nerve June 28, 2023 While Thames Water was on the verge of collapse, Sunak and Starmer spent PMQs drawling on about housing targets.
Bank of England hikes interest rates by 50 points to five per cent after inflation shock June 22, 2023 The Bank of England today reverted to steeper interest rate rises in a sign that embattled Governor Andrew Bailey and co have been spooked by much tougher than feared inflation. Bailey and the rest of the monetary policy committee (MPC) – the nine-strong group who set official interest rates in Britain – backed a 50 [...]
The government cannot – and should not – intervene after every mishap June 22, 2023 Calls for some kind of mortgage relief are understandable. The hit to some homeowners, dealing with rapidly increased monthly payments, will be significant. But the government is absolutely right to resist the easy way out of bunging a few quid at mortgage-holders to make the problem go away, and ease their election woes. Britain has [...]