Lloyds rides out end of interest rate spike with bumper profit October 25, 2023 Increasing competition was not enough to stop Lloyds from performing above expectations in the third quarter as the bank continued to benefit from a relatively benign credit environment. In the three months to September, pretax profit hit £1.9bn, more than triple the same period last year and slightly ahead of analyst expectations. Net interest income [...]
FTSE 100 close: London ends week higher after US jobs growth smashes forecasts October 6, 2023 London markets opened higher this morning despite a fall in house prices for the sixth consecutive month in a row.
Chancellor says welfare reforms and AI could help end ‘ever-rising taxes’ September 30, 2023 Chancellor Jeremy Hunt has said welfare reforms and the integration of artificial intelligence into the public sector could be the way to end the “vicious circle of ever-rising taxes”.
London sees 24 per cent drop in first-time buyers as high mortgage rates bite September 27, 2023 London experienced a 24 per cent decline in the number of first-time buyers entering the market in the last year as high mortgage rates crush home-ownership dreams.
Lettuce remember: One year on from Liz Truss’ disastrous mini-budget September 22, 2023 One year on from the mini-budget, City A.M. takes a look at the fallout and asks whether Truss still has the ability to influence the Conservative Party going forward.
Housebuilding downturn deepens as rising interest rates weigh on demand September 6, 2023 The sector recorded a score of 40.8, comfortably below the 50 mark which separates growth from contraction.
China: Country Garden share price soars after vote to restructure debt and avoid default September 4, 2023 Shares in Chinese property developer Country Garden soared after investors backed proposals to restructure its debt, easing pressure on the embattled company.
Vistry, Barratt and Berkley: Housebuilders to report as investors nervous on rates, mortgages and rule changes September 1, 2023 After their shares soared on the Government’s decision to relax environmental rules, three housebuilders are preparing to update shareholders next week. Vistry, Barratt Developments and Berkeley Group will all update shareholders during the week, as nervous investors will be looking for more indications of what is happening in the mortgage market. Vistry has already said [...]
Property sales down 16 per cent in July as reduced lending rates fails to stop hesitancy August 31, 2023 The number of property sales taking place in July was 16 per cent lower than it was in the same month last year, as reduced lending rates failed to allay prospective buyers' hesitancy.
Homes more affordable but borrowers stretched by rising mortgage costs August 23, 2023 The cost of a typical house is 6.7 times average earnings in Britain despite the recent slowdown in the property market, according to new figures. Mortgage lender Halifax said this is down from a record high of 7.3 times average earnings last summer, when a UK home cost an average £293,586 and the average annual [...]