DeVere shutters UK property investment division as mortgage rate rises loom October 3, 2022 Independent financial advisory organisation DeVere is to pull all its property investments in the UK market amid looming interest rate rises. The group, which advises on around $12bn (£10.7bn) in funds, said today it will temporarily shutter its property investment division as inflation in the UK spirals. The Bank of England is widely expected to [...]
Greater London boroughs most at risk of ‘monster’ mortgage rate hikes, say Lib Dems October 3, 2022 Greater London boroughs are most at risk as “monster” mortgage rate hikes loom, according to research by the Liberal Democrats. Sutton, Bexley, Kingston upon Thames and Redbridge are home to the highest proportion of properties owned with a mortgage, with one in three households ladened with the debt – far above the city average of [...]
Explain decision to pull mortgage products, FCA warns lenders October 2, 2022 The chief of the City watchdog has fired a warning shot at lenders after banks pulled mortgage products from the market in droves this week amid extreme market volatility.
Banks and housebuilders bear brunt of market chaos September 29, 2022 Wild swings in UK debt markets and concern over borrowers’ capacity to pay costlier mortgages have whacked London-listed housebuilders and banks this week. Britain’s biggest property developers have been among the hardest hit listed companies during this week’s market sell-off. FTSE 100-listed construction firms Taylor Wimpey and Barratt Developments have shed more than 20 per [...]
Truss defends mini-budget as ‘the right plan’ in bruising local radio interviews September 29, 2022 Prime Minister Liz Truss said she was willing to take “controversial” steps to spur growth today as she refused to reverse her economic plans that have rocked financial markets this week.
Ex Bank of England governor Mark Carney: Government ‘undermining’ financial institutions September 29, 2022 Sir Mark Carney, the former Bank of England Governor, has said the government’s mini-budget tax cuts are “working at some cross-purposes” with monetary policy. The economic accused Liz Truss and Kwasi Kwarteng of “undercutting” financial institutions, after last week’s mini-budget sent markets into turmoil, and the pound plummeting. Speaking to the BBC, his comments came [...]
As Starmer dreams of Downing Street, beware of sweeping electoral reform September 29, 2022 Labour can finally start dreaming about being able to form a majority government at the next election. So it may seem odd timing for the party’s conference to endorse electoral reform for the first time in nearly a hundred years.
Kwarteng tells bank execs he is ‘working closely’ with BoE to calm markets September 28, 2022 Kwasi Kwarteng has told a group of investment bank executives that he is “working closely” with the Bank of England to calm markets. The chancellor and City minister Andrew Griffith said during a roundtable that the government has a “clear commitment to fiscal discipline” and outlined coming post-Brexit changes to financial services regulations, according to [...]
London’s FTSE 100 dragged down by house builders as more rate hikes loom September 27, 2022 London’s FTSE 100 fell today driven lower by house builders tumbling on the prospect of higher interest rates. The capital’s premier index lost 0.52 per cent to drop to below 7,000 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of the UK economy, tumbled 2.36 per cent to [...]
House prices may tumble a fifth if Bank of England hikes rates steeply, economists warn September 27, 2022 House prices could tumble as much as 21 per cent if the Bank of England is forced to hike interest rates steeply in response to the government’s tax and borrowing splurge fuelling inflation, City economists have warned. Mortgage affordability – the ratio of a home purchase loan to the size of the borrower’s income – [...]