House prices drop for first time this year as Bank of England interest rate hikes take hold June 19, 2023 House prices have dropped for the first time this year, sparked by the property market being whacked by the Bank of England’s 12 successive interest rate hikes to quash inflation, new figures out today show. The average price of a home coming to market fell £82 over the last month to £372,812, the first drop [...]
Berkeley Group looking to ease housing market fears ahead of further interest rate pain June 18, 2023 Housebuilder Berkeley is looking to soothe fears of more interest rate pain and a slump in the housing market this week as it updates the City on its full year’s performance.
Mortgage chaos set to hit banks’ bottom line as demand dries up June 18, 2023 Chaos in the mortgage market is likely to lead to big changes in lending as banks seek to find ways to capitalise on rising interest rates, analysts suggest. Over the last few weeks, the mortgage market has been in turmoil after stubbornly high inflation raised the prospect of further rate hikes. “Mounting base interest rates, [...]
Won’t take much for 6 per cent: Bank of England tipped to raise rates again June 18, 2023 The squeeze on mortgage holders is set to tighten as the Bank of England gets ready to hike interest rates for the 13th time in a row, experts have said. Some analysts are expecting UK interest rates to rise by another 0.25 percentage points on Thursday, and say there could be more hikes on the [...]
Bank of England survey finds public has all time low confidence in its ability to tackle inflation June 16, 2023 Public confidence in the Bank of England’s ability to tackle inflation has plummeted according to a fresh survey by… the Bank of England. The central Bank issued its quarterly poll of public attitudes to tackling inflation as speculation grows that it will hoist interest rates to 5.75 basis points next week, amid out-of-control inflation. Asked [...]
Wall Street: Stocks up as US winning streak kicks into a higher gear June 16, 2023 US stocks swept higher on Thursday, revving the longest rally for Wall Street in a year and a half into a higher gear. The S&P 500 rallied 1.2 per cent to reach heights untouched since April 2022. The Dow Jones Industrial Average climbed 428 points, or 1.3 per cent, while the Nasdaq composite rose 1.1 [...]
More lenders expected to hike mortgage rates following HSBC, brokers warn June 15, 2023 More and more lenders are set to increase rates on mortgages, brokers have warned, as the fallout from the Bank of England’s rate rise continues to devastate homeowners. The fresh blow to the housing sector comes as HSBC pushed mortgage rates up for the second time in one week in an unprecedented move for the [...]
UK economy swings back to growth but spectre of recession looms amid interest rate fears June 14, 2023 Britain’s economy swung back to growth in spring, but the recent turmoil in the mortgage market and the prospect of the Bank of England hiking interest rates aggressively has put the risk of a recession back on the table. Official figures out today from the Office for National Statistics (ONS) showed gross domestic product – [...]
Bank of England to hoist interest rates to 5.75 per cent as experts warn UK inflation is out of control June 13, 2023 The Bank of England will have to hike interest rates to their highest level since July 2007, the eve of the financial crisis, in a sign that markets think the UK has the worst inflation problem in the rich world. Traders ratcheted up bets on how high Bank Governor Andrew Bailey and the rest of [...]
Political pressure builds on banks to close gap between savings and mortgage rates June 12, 2023 Banks have been shortchanging customers for nearly a year with the average mortgage rates exceeding savings rates by over three per cent since last July. According to data from Moneyfacts, at the end of last week the average rate on offer for a two year mortgage was 5.87. The average rate on a savings account [...]