Trade bodies warn Bank of England economic data ignores small business fears August 22, 2023 The proportion of businesses that will struggle to pay back debts due to rising interest rates could increase to the highest level since the financial crisis, the Bank of England has warned. In a blog post published today, the central bank said the proportion of firms that are seeing debt-servicing distress is projected to increase [...]
House prices: Five things we’ve learnt from the latest data (and why we might still be set for a crash) August 21, 2023 House prices might not crash - but neither renters nor homeowners have all that much to cheer as we head into September
Crest Nicholson: ‘Persistently’ high inflation leads house builder to lower forecast for the year August 21, 2023 British house building company Crest Nicholson said it expects adjusted profit before tax for the full year to be around £50m down from previous expectations of £73.7m, after a challenging period for the sector bruised business activity. The Surrey based firm said “persistently” high inflation and rising interest rates worsened during the summer of this [...]
China’s modest rate cut surprises markets expecting greater stimulus August 21, 2023 The recovery in the world's second-largest economy has lost steam due to a worsening property slump, weak consumer spending and tumbling credit growth
House prices: August sees biggest fall since 2018 as signs of crash mount August 21, 2023 The average price of a home fell by 1.9 per cent in August, the biggest dip for the month since 2018, following a season of surging mortgage rates which led sellers to slash the prices of their homes in order to secure a sale. During the tail end of the summer the cost of a [...]
Chinese property giant Evergrande files for bankruptcy in US amid debt overhaul August 18, 2023 Embattled developer China Evergrande Group has filed for bankruptcy protection in a U.S. court as part of one of the world’s biggest debt restructuring exercises, as anxiety grows over China’s worsening property crisis and a weakening economy. Once China’s top-selling developer, Evergrande has become the poster child of the country’s unprecedented debt crisis in the property sector, which accounts for [...]
Want a lower interest rate on your mortgage? Make it green and retrofit your home August 18, 2023 Retrofitting our homes and making them energy efficient is the big housing challenge of the future. New ways of financing it are emerging, like green mortgages, writes Emma Harvey-Smith
House prices rise 1.7 per cent – but Brits advised they will keep coming down August 16, 2023 Average UK house prices increased by 1.7 per cent in the 12 months to June down from a revised 1.8 per cent in May 2023, but property experts are warning this won’t continue for long. New figures from the Office for National Statistics show the cost of a home in the UK is £5,000 more [...]
FCA: One in 10 interest-only mortgage holders may be ‘overly optimistic’ on debt August 15, 2023 One in 10 interest-only mortgage holders might be “overly optimistic” about paying off their debt when the time comes, the City watchdog has suggested.
London tenants continue to suffer as rent reaches £597 per week August 14, 2023 The amount Londoners fork out on rent grew 12 per cent year-on-year in July, new figures show, topping £597 per week. According to data from London estate agent Foxtons, July saw an average of 21 rental applicants per new home arriving on the market, an 18 per cent increase month-on-month, however a 12 per cent [...]