One in three delay buying new home as high costs and interest rates bite August 14, 2024 The saga of first-time buyers trying to get on the UK housing ladder is long and well documented. High interest rates, rising costs and rents which swallow up more than a third of wages – in some parts of the country – have meant that around one in three people have delayed their purchase of [...]
Rising London rents are ‘a pressure cooker ready to explode’ as home ownership ‘inching out of reach’ August 14, 2024 “A pressure cooker ready to explode” is how one expert has described the current situation in the UK housing market as data showed rents jumped close to 10 per cent in London over the past year. In fresh data released this morning it was revealed that average UK private rents increased by 8.6 per cent [...]
‘Pent-up demand’ drives jump in London prime property sales August 12, 2024 London’s super-prime market seems to following a similar track to the general market: optimism is cautiously increasing as mortgages start to come down following the Bank of England’s rate cut. The number of exchanges in London in June and July was 8.4 per cent above the five-year average, according to Knight Frank. It was a [...]
Has the UK housing market turned a corner as the Bank of England cut interest rates? August 9, 2024 Quiet optimism is the mood of the day in the housing market, as house prices firmly ticked up in July. Both the Nationwide and Halifax house price indices posted accelerating house price growth. Nationwide reported a 0.3 per cent month on month increase and Halifax pointed to a stronger 0.8 per cent month on month [...]
Shawbrook: Underlying profit dips as challenger bank’s margins narrow August 8, 2024 Challenger bank Shawbrook has reported a dip in underlying profit for the first half of 2024 as looming interest rate cuts from the Bank of England narrowed its lending margins.
UK house prices surge to highest point since January to end months of stagnation after rate cut August 7, 2024 Renewed momentum in the property market has seen UK house prices rise at the highest rate since January, ending a three-month spell of stagnation. House prices increased by 0.8 per cent in July, with the average property now costing £291,268, up from £289,042 in June, according to the Halifax house price index. This surge sets [...]
Principality Building Society’s profit nearly halves as lower rates offset mortgage boost August 6, 2024 Principality Building Society, the largest mutual lender in Wales, has seen its profit nearly cut in half as mortgage price wars and looming interest rate cuts dragged on its lending margins.
Turtle Bay serves up another record year after championing four-day week August 5, 2024 Caribbean restaurant and bar chain Turtle Bay has reported another record year and hailed the success of its switch to a four-day working week for its employees.
Bank of England chief Andrew Bailey ‘looking forward’ to serving for another four years August 4, 2024 Andrew Bailey has vowed to stay on for the duration of his eight-year term despite several calls for his resignation.
Week ahead: Rate cut may offer optimism for housebuilding sector August 4, 2024 In a rather quiet week ahead, London markets are expecting updates from financial services firm Legal & General (L&G), housebuilder Persimmon, and real estate investment trust (REIT) Derwent London.