Why today’s inflation numbers are much, much worse than you think May 24, 2023 Inflation in the UK has trimmed to its lowest level in over a year. It has also dropped out of the double digits for the first time since last August. Hooray! These are milestones that shouldn’t be welcomed with much joy, especially given that outside of the last 18 months or so, inflation barely budged [...]
FTSE 100 close: Stress over US debt ceiling talks drag London index as IMF ditches UK recession forecast May 23, 2023 London’s FTSE 100 nipped lower today as investors zeroed in on the latest developments in talks between Republicans and Democrats about raising the debt ceiling. The capital’s premier index slipped 0.1 per cent to 7,762.96 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, dipped [...]
House prices surge at fastest pace this year to record £373k despite Bank of England rate hikes May 22, 2023 Britain avoiding a much-forecasted recession has helped push house prices up by the greatest amount so far this year to a record high of £372,894, new figures out today reveal. The average price of a home coming to market climbed 1.8 per cent over the last month, the strongest increase in 2023, according to property [...]
Banks set to ramp up lending as UK economy dodges recession May 15, 2023 Banks are expected to ramp up their lending this year as the UK economy dodges the gloomiest recession predictions and the housing markets shows signs of some revival, according to a panel of top economists. Total UK bank loans are now expected to rise 1.2 per cent this year, a net increase of £29bn, upgraded [...]
FTSE 100 close: ASOS shares nosedive 22 per cent after posting dim results May 10, 2023 London’s FTSE 100 slipped in the City today as online fashion retailer ASOS was pummelled after a dim set of results. The capital’s premier index shed 0.29 per cent to close at 7,741.32 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, lost 0.15 per [...]
Mortgages: Are 100 per cent no deposit loans about to make a comeback? May 9, 2023 One of the UK’s largest building societies is considering launching a no deposit, or 100 per cent loan to value mortgage. Mortgages which do not need a downpayment, or deposit, were phased out after the financial crisis. Although 100 per cent or zero deposit mortgages have been available since 2009, lenders will only offer them [...]
Why you should never, ever bet against UK house prices May 9, 2023 Remember the start of the year? “UK house prices have gone into sharp reverse over recent months. And we expect that elevated mortgage rates will result in at least a 12 per cent price correction,” so said Capital Economics at the time. This is from building society Nationwide last week: “While annual house price growth [...]
Mortgage rates ‘significantly’ increase – but what does it mean for the housing market? May 4, 2023 The number of mortgages being approved leaped in March in another signal that the outlook for the housing market is beginning to recover. Figures released today by the Bank of England showed that mortgage approvals for house purchases rose “significantly” to 52,000 in March from 44,100 in February. Lucian Cook, head of residential research at [...]
BNP Paribas first-quarter revenue beats expectations as trading outperforms May 3, 2023 BNP Paribas’s first-quarter sales beat market expectations as trading business at the eurozone’s biggest bank outperformed most of its peers, while it started to reap the benefits from rising interest rates. BNP’s quarterly profit more than doubled in the first quarter from a year earlier, bolstered by gains from its much-anticipated sale of its U.S. [...]
Lloyds profits swell by nearly 50 per cent as bank boosted by interest rate rises but guidance remains unchanged May 3, 2023 Lloyds first quarter profits rose 46 per cent as the bank became the latest UK lender to see its bottom line boosted by a hike in interest rates. The lender’s pre-tax profits came in at £2.3bn compared to £1.5bn the same quarter last year. Charlie Nunn, chief executive of Lloyds Banking Group said: “The group [...]