Brits struggle to cut back as inflation eats into budgets August 1, 2022 Brits are struggling to find any more areas of spending to cut back on to keep their finances above water, a new survey published today reveals. Over one in 10 households will have nothing else to slash from their budgets when the October energy price cap hike lands, according to a survey by Legal and [...]
Hefty £1.5bn trading error legal charge erodes Barclays profits July 28, 2022 A £1.5bn legal charge for a trading error has eroded British bank Barclays’s profits, it announced today. Hefty litigation and regulatory costs to deal with selling too many financial products dealt a major blow to Barclays’s first half earnings. Pre-tax profits dropped by a quarter to £3.7bn in the six months to June, down from [...]
Homeowners on edge as inflation and interest rates rise: What is next for UK mortgage rates? July 26, 2022 Many people up and down the country will be feeling the financial strain of the cost-of-living crisis, and this’ll only add more pressure on the monthly budgets of millions of UK mortgage homeowners and of those currently looking to buy. With the Bank of England’s base rates having risen to 1.25 per cent in June [...]
US Federal Reserve to back up monster rate hike with another 75 basis point move July 25, 2022 The US Federal Reserve will back up its monster rate rise last month with another big 75 basis point hike this week as it chases down scorching inflation across the pond. That’s according to Wall Street analysts, who think Fed chair Jerome Powell and the rest of the federal open market committee (FOMC) will need [...]
Homeowners look to flog properties as UK house price growth slows July 6, 2022 Requests for property valuations have hit their highest since January, according to the latest research, as homeowners look to make the most out of the market while house prices are still hot. House price growth has been slowing since the beginning of the year, according to the country’s most watched indexes. While still breaking new [...]
Bank of England economy warning sends London markets lower July 5, 2022 London markets were dragged lower today by the Bank of England warning the UK economy is headed for a tough time over the coming year. The capital’s premier index shed nearly three per cent to close at 7,025.47 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the [...]
Mortgage costs expected to grow by another £2,500 as inflation spirals July 1, 2022 The cost of a mortgage is expected to grow by another £2,500 by the end of this year, in comparison with December 2021, according to property site Zoopla today. Economists anticipate “sharp” hikes to mortgage rates in the coming months, as the Bank of England seeks to tame spiralling inflation, which is already at 9.1 [...]
UK more likely than US and Europe to tip into recession, Goldman Sachs warns June 30, 2022 The UK is more likely to tip into recession than the US and Europe due to the country suffering from a more “acute” cost of living crisis, a top Wall Street investment bank has warned. Rampant inflation in Britain, running at a four decade high of 9.1 per cent and the highest in the G7, [...]
Pace of house price growth slows as average price hits new record of £271.6k June 30, 2022 House prices saw a slight slowdown in growth this month as the price tag of an average UK home hit a new record of £271,613. According to the Nationwide House Price Index, published on Thursday morning, UK annual house price growth slowed to 10.7 per cent in June. This was a subdued pace of growth [...]
Average UK house costs £271,613 as price growth shows ‘tenative signs of slowdown’ June 30, 2022 The pace of UK house price growth slowed modestly last month, with the price tag of a standard home hitting a new record high of £271,613. According to the Nationwide House Price Index published on Thursday, average prices increased by over £26,000 in the past year. The rate of annual growth slowed to 10.7 per [...]