Business lending to drop at fastest rate in decades as recession fears intensify February 6, 2023 Bank to business lending is forecast to contract sharply in 2023 while mortgage lending will grow at its slowest pace since 2011 as fears of recession intensify, economists have predicted. According to the latest forecast from EY Item Club, an economic forecasting group, bank to business lending is expected to contract 3.8 per cent this [...]
Interest rate rise and what it means for you February 3, 2023 The Bank of England has raised interest rates to four per cent, in a widely-expected move that has implications for both borrowers and savers. Adjusting personal finances to this ‘new normal’ of higher interest rates will be a challenge for most households, admitted Paul Wilson, chief Investment officer at Channel Capital. He said although a [...]
Once again the world’s economies prove that Bitcoin can be the answer to their problems February 3, 2023 Jason Deane has some telling observations from around the world and says the struggle with inflation has an obvious answer in Bitcoin.
NatWest boss U-turns on snub of Westminster committee after plea to ensure it won’t be an all-male panel February 3, 2023 The boss of NatWest has U-turned on her decision not to appear in front of MPs next week as they scrutinise the UK’s biggest banks on why savings rates are so low while borrowing costs have spiked. Dame Alison Rose, NatWest’s chief executive, came under pressure from the Treasury Committee after saying she was too [...]
The big boys of the housing sector can’t be the only developers we rely on February 3, 2023 New housing policy from Westminster has been pretty much non-existent, but the market itself can enable more new homes to be built by looking outside of the top developers, writes Phil Hooper.
Another interest rate hike to boost banks’ profits, but how long will the windfall last? February 2, 2023 Bank shares prices were mixed after the Bank of England raised interest rates by 50 basis points earlier today, as the pressure on banks to pass on higher interest rates to savers grew. The more domestically focused Lloyds and Natwest were trading 1.0 per cent and 0.6 per cent higher respectively. Barclays was up 0.8 [...]
‘Fizz has left the market’: House prices fell by 0.6 per cent in January as average property value plummets February 1, 2023 The average UK house price fell by 0.6 per cent in January, according to Nationwide Building Society. Annual house price growth slowed to 1.1 per cent , from 2.8 per cent in December, and the typical property value is now 3.2 per cent lower than its August peak, the lender said. The average UK house [...]
House prices: Zoopla says UK property market is off to ‘slow burn start’ with London flats in most demand January 30, 2023 The housing market in the UK has got off to a slow in 2023 with demand for cheaper, smaller properties on the rise as recession fears continue to wobble the market, according to estate agent Zoopla. Zoopla’s house price index appeared to show that buyers were holding off from entering the market and were biding [...]
Bank of England expected to raise interest rates by 50 points to post financial crisis high of four per cent January 26, 2023 The Bank of England is set to hike interest rates 50 basis points to four per cent next week, jacking them up to the highest level since the financial crisis, markets expect. City traders reckon its governor Andrew Bailey will lift borrowing costs for the tenth time in a row, something the UK central bank [...]
House sales set to tumble this year on recession jitters, experts warn January 24, 2023 House sales are set to tumble due to owners waiting until the recession passes to cash in on their homes, estate agents have predicted today. Homeowners are expected to adopt a wait and see approach during the first six months of 2023 for fear they will have to sell their property at a lower-than-demanded price. [...]