House prices continue to climb in nightmare scenario for first-time buyers even though buyer interest is slowing August 15, 2022 House prices continue to move firmly upwards and are still expected to be higher in a year’s time, according to the Royal Institution of Chartered Surveyors (RICS) this afternoon. The numbers are somewhat surprising given that surveyors have seen the longest stretch of shrinking buyer demand in the housing market since the early stages of [...]
Monthly mortgage payments top £1,000 as homeowning costs pile up August 15, 2022 The average monthly mortgage payments for first-time buyers putting down a 10 per cent deposit have climbed past £1,000 for the first time, according to property site Rightmove today. The latest interest rates rise of 0.5 per cent has piled further pressure onto new buyers’ affordability, as property costs outpace annual wage packets. “It’s likely [...]
What the new interest rates mean for the City: ‘The UK fares worse than the EU and US’ August 13, 2022 The Bank of England’s decision to further raise interest rates from 1.25 per cent to 1.75 per cent and its two-year predictions means bad news for investors and UK residents alike. And the pain is far from over. A top City analyst expects this to further rise to 2.25 per cent in September. Other than [...]
Housing market holds up well despite Bank of England rate hikes August 8, 2022 The UK property market is still running hot despite the Bank of England’s rapid interest rate hike cycle, according to research by City A.M. House purchases dipped around four per cent in June compared to December when the Bank’s first rate rise landed, dropping to 95,420 from 99,560, according to HMRC data. Governor Andrew Bailey [...]
This week’s rate rise: Brits face immediate jump in interest payments of £1.67bn August 6, 2022 With the Bank of England Monetary Policy Committee confirming its base rate will rise by 0.5 per cent to 1.75 per cent, UK households face an immediate increase in interest payments of £1.67bn. UK households are currently paying £24.1 billion annually in interest payments on floating rate debt that are likely to be immediately impacted by [...]
Bank of England’s interest rate rise at noon: Brokers and agents across the City give their two cents August 4, 2022 The governor of the Bank of England, Andrew Bailey, and the rest of the monetary policy committee will hike interest rates 50 basis points today at 12pm. The main reason? Living costs are up 9.4 per cent over the last year, crimping households and businesses and threatening to plunge the UK economy into recession. Energy [...]
Sunak launches fresh attack on Truss’s tax cut plans warning Brits will face higher mortgage payments August 4, 2022 Ahead of the Tory leadership hopefuls next debate in their quest to become prime minister, Rishi Sunak launched a fresh attack on Liz Truss’s plans for tax cuts. The former chancellor said his Foreign Secretary rival in the Tory leadership race would further drive up interest rates, raising mortgage payments, with her plans. His warning [...]
Nervous homeowners on edge as mortgage rates hit highest level since 2016 with market fading fast August 2, 2022 The latest Bank of England data found last week that net borrowing of mortgage debt by individuals decreased to £5.3bn in June, from £8bn in May. Approvals for house purchases, an indicator of future borrowing, decreased to 63,700 in June, from 65,700 in May, which is below the 12-month pre-pandemic average up to February 2020 [...]
Brits struggle to cut back as inflation eats into budgets August 1, 2022 Brits are struggling to find any more areas of spending to cut back on to keep their finances above water, a new survey published today reveals. Over one in 10 households will have nothing else to slash from their budgets when the October energy price cap hike lands, according to a survey by Legal and [...]
Areas near 2012 London Olympics continue to see economic boost after a decade July 29, 2022 A decade after the London Olympics, areas nearby the event are continuing to feel positive economic impacts. Stratford’s E15 district has seen its economic vitality index score grow by nearly a quarter, according to analysis firm Evaluate Locate, some 15 per cent higher than the average rate seen across the rest of the country. The [...]