Bank of England hikes interest rates for twelfth time in a row and warns of ‘significant’ inflation risk May 11, 2023 The Bank of England today hiked interest for the twelfth time in a row and to their highest level since October 2008, but warned inflation will stay higher for longer than it previously thought. The monetary policy committee (MPC) – the nine-member group tasked with setting interest rates in the UK – voted 7-2 in [...]
Mortgages: How the BoE’s twelfth consecutive rate rise will affect homeowners May 11, 2023 Homeowners on tracker mortgages could see their annual bills increase by £5,008 a year following the Bank of England’s twelfth consecutive rate rise on Thursday, though analysts have said the latest rise will not have a substantial impact on the housing market. The monetary policy committee (MPC) voted 7-2 in favour of raising borrowing costs [...]
Wealthy splurge £3.1bn on luxury London homes as demand recovers after pandemic May 11, 2023 London’s mega wealthy splurged £3.1bn on 161 luxury homes across the capital’s most affluent boroughs in the year to 23 March – the strongest year for London’s luxury property market since the Brexit vote. The highest number of £10 million-plus deals in London took place in Kensington, Belgravia and Mayfair, where the rich bought 73 [...]
FTSE 100 close: ASOS shares nosedive 22 per cent after posting dim results May 10, 2023 London’s FTSE 100 slipped in the City today as online fashion retailer ASOS was pummelled after a dim set of results. The capital’s premier index shed 0.29 per cent to close at 7,741.32 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, lost 0.15 per [...]
Mortgages: Are 100 per cent no deposit loans about to make a comeback? May 9, 2023 One of the UK’s largest building societies is considering launching a no deposit, or 100 per cent loan to value mortgage. Mortgages which do not need a downpayment, or deposit, were phased out after the financial crisis. Although 100 per cent or zero deposit mortgages have been available since 2009, lenders will only offer them [...]
House prices “under greatest pressure” in London and south east as rate hikes take their toll May 9, 2023 The average price of a home dipped slightly by 0.3 per cent in April but homes in the South of England and London remain "under the greatest pressure” as they face the most expensive property prices and borrowing costs.
Why you should never, ever bet against UK house prices May 9, 2023 Remember the start of the year? “UK house prices have gone into sharp reverse over recent months. And we expect that elevated mortgage rates will result in at least a 12 per cent price correction,” so said Capital Economics at the time. This is from building society Nationwide last week: “While annual house price growth [...]
Markets: Three things we learned this week May 5, 2023 This week the markets had a lot to digest, bumper energy profits, the tail end of the banking sector’s latest round of results, and a rate rise from the Federal Reserve. There was also some positive house price data, which gave the FTSE 100 a spring in its step. With Coronation weekend looming we take [...]
What lies ahead for London’s property market? May 5, 2023 All eyes remained on London’s housing market this week as a flurry of reports signalled a return to a stable property market in the capital, but analysts have warned that the storm may not be fully weathered yet… As reports by Rightmove showed on Friday morning, first time buyers in the capital continue to be [...]
Mortgage rates ‘significantly’ increase – but what does it mean for the housing market? May 4, 2023 The number of mortgages being approved leaped in March in another signal that the outlook for the housing market is beginning to recover. Figures released today by the Bank of England showed that mortgage approvals for house purchases rose “significantly” to 52,000 in March from 44,100 in February. Lucian Cook, head of residential research at [...]