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. [...]
House builder Crest Nicholson reports mixed fortunes with completions up but post-tax profits dented by uncertainty January 17, 2023 British housebuilding firm Crest Nicholson reported an uptick in revenue and completed homes last year despite continued disruption and pressure to supply chains. The firm’s revenue up until October 2022 was up 16 per cent to £913.6m, up from £786m in the pandemic-affected 2021 report. Home completions also increased by 13.6 per cent to 2,734, [...]
British retailers cheer Christmas sales, but City analysts warn of coming storm January 15, 2023 Britain’s largest retailers kicked off 2023 strongly last week, posting better than expected Christmas sales, signalling the consumer is holding up a bit better than feared. Tesco’s like for like sales were 7.9 per cent higher, while Marks and Spencer pocketed a 7.2 per cent rise. Sainsbury’s also posted record Christmas sales. Those bumper numbers, [...]
Londoners face unprecedented rent increases in 2023 as mortgage rates for landlords skyrocket January 13, 2023 Tenants are struggling this January. Along with the rest of the nation, they’re dealing with a cost of living crisis, driven by rising energy prices, and adding to this pressure is the rising price of rent. Moreover, landlords face unprecedented increases in mortgage rates, forcing them to up the rent. Tenants in London have endured [...]
Taylor Wimpey: Average selling price hits £350,000 as firm shrugs off mini budget housing chaos January 13, 2023 The average selling price for private completions increased six per cent to more than £350,000 according to one of the UK’s largest construction companies. Taylor Wimpey released its 2022 overview today, saying total completions were a shade under last year’s at 13,154, compared to 14, 302. It said of the completions, more than a fifth [...]
The Notebook: Victoria Scholar on defensive plays, BA’s new uniforms and Elon Musk’s fall from fortune January 10, 2023 The Notebook is a new feature for 2023, allowing the City’s biggest names to get a few thoughts off their chest. Today it’s the turn of Victoria Scholar, Head of Investment at interactive investor It has been widely reported that the UK is on the brink of recession while a third of the global economy [...]
London house prices grow in December with UK homes falling, but 2023 set to bring good news for property owners January 6, 2023 London’s average property price grew by almost 3 per cent, while the average UK home fell 1.5 per cent between November and December 2022. The average property actually rose two per cent when compared with the same month in 2021, according to the latest Halifax house price data, while annual rate of house price growth [...]
Safe as houses: as years pass by, residential property remains the most resilient investment January 6, 2023 When Her Majesty Queen Elizabeth II passed away last year, it brought the nation – and much of the world – together in mourning. With 70 years on the throne, Queen Elizabeth II replaced Queen Victoria as the United Kingdom’s longest reigning monarch. There was much that united the two, from overseeing periods of dramatic [...]
Year Ahead: Squeeze on household incomes to intensify as tough recession will dominate 2023 January 3, 2023 2023 is expected to be an exceptionally tough year for the UK economy. The country is almost certainly already in a year-long recession, one that will probably prove to be deeper than that experienced in the early 1990s. The squeeze on household real incomes will intensify as rising interest rates join soaring inflation. Admittedly, the [...]
London house prices: How bad will the crash be in the 2023 recession? January 1, 2023 London house prices are expected to fall this year as interest rates rise and the recession bites – but will it be a small slide or a full-blown crash? Property experts are torn A housing market cooldown is expected in 2023 but prices will remain higher than before the coronavirus pandemic started, experts have suggested. [...]