House price growth slows for first time in 15 months as Brits battle scaling mortgage rates November 1, 2022 Annual house price growth in the UK slowed to 7.2 per cent in October, from 9.5 per cent in September, according to Nationwide this morning. It means the average cost of a home in the country now stands at £268,282. Nationwide chief economist, Robert Gardner, likened current mortgage rates to annual wage ratios to those [...]
London’s FTSE 100 gains tamed by traders dumping house builders on property price jitters October 31, 2022 London’s FTSE 100 was tamed today by traders ditching the UK’s largest house builders on fears the property is headed for a sharp slowdown. The capital’s premier index’s gains were held to 0.66 per cent, finishing at 7,094.53 points. The domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK [...]
Homeware retailers ‘draw short straw’ in economic crunch as Made.com nears collapse October 31, 2022 Homeware retailers are facing a turbulent 2023 as mounting operational costs and hesitant consumer sentiment piles the pressure on the sector. It comes as Made.com was still teetering on the brink of collapse on Monday after customers have pulled back from spending on pricier items like furniture. Last week, the ailing sofa seller said it [...]
Libor trader Tom Hayes: I’ll keep fighting to clear my name in UK after US throws out charges October 31, 2022 The former banker who spent five years inside for ‘rigging’ Libor rates has told City A.M. he feels he owes it to other convicted traders to keep fighting to clear his name. Tom Hayes, who worked at UBS, was one of a number of traders sentenced for a cumulative total of almost 50 years for [...]
All eyes on the EU as ECB faces ‘nightmare scenario’ of record inflation and need to hike rates again October 31, 2022 Last week was the fourth successive week of gains for equity markets in Europe as well as the US, despite some high-profile earnings misses. It’s been particularly notable that while there were some notable earnings misses, especially in the tech sector, by and large the more traditional areas of the market have performed better. “While [...]
Soaring interest rates could spark five per cent London house price fall October 31, 2022 Soaring interest rates and a tough cost of living crisis could send London house prices on a downward spiral, new research published today warns. Home prices in the capital are on course to shed five per cent next year, driven by sellers dropping prices to attract buyers hit by an affordability crunch, according to property [...]
Week ahead: Bank of England to rock markets with 75bps rate hike October 30, 2022 Markets are preparing for a steep rate hike by the Bank of England on Thursday, but not as bad as first feared after former prime minister Liz Truss’s tax cutting mini-budget last month. London’s premier FTSE 100 index posted a decent performance last week, adding 1.12 per cent to close at 7,047.67 points, while the [...]
Weekend Read: Britain’s ‘secret’ property market generates staggering £30bn in just one year October 29, 2022 Britain’s secret property market saw almost £30.9bn worth of property transactions last year, the highest annual market value in well over a decade. New figures show that in 2021, 98,235 homes are estimated to have been sold off-market, a 51.4 per cent increase on the previous year and the third largest annual total of off-market [...]
Government eyes bank surcharge U-turn despite Lloyds profits tumbling October 27, 2022 Britain’s biggest mortgage lender, Lloyds Bank, has set aside hundreds of millions of pounds in preparation for a surge in loan defaults caused by the rising cost of living and higher interest rates squeezing household budgets. The lender today said it had banked £668m over the three months to September to absorb souring loans, primarily [...]
Realistic interest rates will save us, and we have a sub-Prime Minister to thank for it October 27, 2022 This time last week, Monty Munford was enjoying a bit of lunch in Westminster when all manner of hell kicked off around him.