Why arrears will tick up but banks will not be threatened by rising mortgage costs June 20, 2023 Arrears will tick up as interest rates rise but banks will not have to deal with a major credit event, experts at ratings agencies told City AM. Mortgage rates have spiralled in recent weeks as a result of stubbornly high inflation, meaning consumers will have to pay thousands of pounds a month more for their [...]
London homeowners face ‘grim’ mortgage cost hike of £7,300 if Bank raises rates again June 12, 2023 London homeowners looking to renegotiate their mortgage this year face a whopping £7,300 rise in annual costs as experts warn of the “grim reality” of rising interest rates. The Bank of England is predicted to hike interest rates for the 13th consecutive time this year to 5.5 per cent in efforts to cool soaring inflation, [...]
Wall Street: US stocks inch higher before next week’s busy slate of updates June 10, 2023 US stocks inched higher on Friday to close a listless week for Wall Street, as investors wait for next week’s slate of potentially market-moving updates. The S&P 500 rose 4.93, or 0.1 per cent , to 4,298.86 to cap its fourth straight winning week, the Dow Jones Industrial Average added 43.17, or 0.1 per cent [...]
FTSE 100 close: London indexes close lower over fears of further rate hikes and fragile housing market June 8, 2023 London’s main indexes closed lower on Thursday as investors feared further rate hikes and yet another report pointed to a gloomy future for the UKs’ housing market. The capital’s premier index fell 0.32 per cent to 7,599.74 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
House prices: London and south east falling faster than rest of the country June 7, 2023 London house prices have fallen by more than the national average, according to new data, with the south east also hit hard
House building tumbles to lowest level in three years in blow to homeownership dreams June 7, 2023 House building has tumbled to its lowest level in three years in another blow to the homeownership dreams of millions of Brits, a closely watched survey out yesterday revealed. According to S&P Global and the Chartered Institute of Procurement and Supply’s (CIPS) latest construction purchasing managers’ index (PMI), the rate of new houses being rolled [...]
Mortgage rates rocket but savings rates barely move after May’s inflation shock June 6, 2023 Mortgage rates have skyrocketed in recent weeks after the UK’s most recent inflation reading sent rate expectations soaring, but savings rates have lagged behind. According to data from Moneyfacts, rates on a two-year fixed rate have jumped from 5.34 per cent on 24 May to 5.75 today. Similarly, interest rates on a five-year fixed rate [...]
Wall Street leaps after strong US jobs report June 3, 2023 Stocks moved higher on Friday after a strong report on the US job market suggested a recession may not be as close as Wall Street had feared. The S&P 500 leaped 1.5 per cent for the latest surge in a rally that has vaulted it nearly 20 per cent since mid-October. That put Wall Street’s [...]
Why have the Bank of England and the IMF been so wrong on the UK economy? May 30, 2023 Recession? What recession? The Bank of England and the IMF have been wrong on the state of the UK economy, but it's not all their fault
Inflation falls out of double digits to lowest level in a year but tops forecasts May 24, 2023 UK inflation has fallen into single digits but the price of food continues to spiral at the fastest rate in four decades.