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 [...]
Mortgage defaults expected to pick up as rising rates hits borrowers, say lenders July 13, 2023 Banks and building societies expect the level of mortgage defaults to increase over the next quarter as the impact of rising interest rates filters through the economy. In the Bank of England’s quarterly credit conditions survey, lenders reported “losses and default rates on secured loans to households increased in Q2, and were expected to increase [...]
Shares tumble for struggling FTSE housebuilders: ‘The scale of challenge cannot be swept under carpet’ July 13, 2023 The share price of London FTSE 100 and FTSE 250 house builders all took a tumble this morning, as fresh reports highlighting the state of the property market dampened investor confidence. Barratt was the hardest to fall this morning, with its shares sliding 4.67 per cent, as the group reported a 49 per cent decline [...]
One Fifth Of UK Workers Are Using AI, Without Telling The Boss July 13, 2023 Generative AI developments are moving faster than most of us can keep up with. Recent data from the Office for National Statistics’ (ONS) Opinions and Lifestyle Survey (OPN) has found that public awareness of AI has increased over the past year, with 72% of adults now able to give at least a partial explanation of [...]
Businesses need to stop looking for a public pat on the back and gold stars July 13, 2023 Businesses must realise that just bragging about how good they are is not a great communication strategy. They won't win a gold star for just doing their job, writes Simon Neville
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 [...]
Winkworth shares tumble as estate agent issues profit warning amid mortgage slump July 12, 2023 Winkworth shares tumbled 14 per cent this morning after the estate chain issued a profit warning due to soaring interest rates and a fresh slump in mortgage approvals. The company which has over 90 branches across the UK said that the sales market proved more challenging in the second quarter of the year, as rate [...]
Nearly one million UK homeowners to have £500 a month eaten up by higher mortgage payments July 12, 2023 UK homeowners are poised to hand over a bigger chunk of their income to their lenders every month after they roll on to a new mortgage with a much higher interest rate, the Bank of England has warned today. By the end of 2026, around 1m families will be paying an at least additional £500 [...]
Bank of England says UK’s big banks passed stress test and are ‘resilient’ to rising rates July 12, 2023 The UK’s largest lenders passed the Bank of England’s stress tests with flying colours, even as concerns grow around the health of the mortgage market. In its latest stress test, the Bank of England concluded that banks were “resilient”, enabling them to withstand persistently higher inflation and a deep global recession. “The UK banking system [...]
Mortgage rates: Banks warn of more ‘financial difficulty’ – but arrears increase will be small July 11, 2023 Leading bankers have said that an increasing number of customers will face financial difficulties as mortgage rates rise, but remained confident that both consumers and lenders could withstand the pressure. Bradley Fordham, mortgage director at Santander, said that with rates at six per cent, the average increase in monthly payments for customers coming off a [...]