Sorry, homeowners: London is now officially a “buyer’s market” January 30, 2018 London’s housing market is at a critical point, new figures have revealed, with heavy discounting by homeowners desperate to sell their properties tipping the capital into a buyer’s market. The average home in London is now sold at four per cent below its original asking price, up from just 0.5 per cent in 2014, the [...]
The first fall in inflation in six months is promising, but there’s a long way to go yet January 17, 2018 Has UK inflation peaked? That was the question everyone was tentatively asking on Tuesday. The truth is no-one knows, not yet anyway. Official figures at least show that Consumer Price Inflation (CPI) fell by 0.1 per cent in December to 3 per cent. That is clearly welcome but it doesn’t suggest we’re out of the [...]
Banks expect significant tightening in consumer lending in first quarter says Bank of England survey January 11, 2018 British banks are planning to rein in their lending to consumers further over the first quarter as regulators’ efforts to raise lending standards start to bear fruit. Lenders expect a “significant decrease” in the availability of unsecured credit – such as consumer loans and credit cards – in the first quarter of this year, according [...]
Consumer debt growth is not a new subprime bubble say FCA and Bank of England economists January 8, 2018 The recent surge in consumer lending to record levels will not be a rerun of the subprime borrowing bubble that crippled the world’s financial system in 2008, according to new research by City watchdogs. Credit growth is not being driven by the borrowers rated as most likely to default, according to a joint article published [...]
What’s up with mortgage rates? December 20, 2017 Last month, we saw economic policy turn a corner, with the first base rate rise in the UK since the start of the financial crisis. Savers now see the light at the end of the tunnel after being burdened with pitiful interest rates for years. Yet in the same breath, if you’re a homeowner, you’ll [...]
Millennial mortgages are here: Automatic switching is go at proptech startup Trussle December 19, 2017 The era of millennial mortgages has arrived. A couple from London are the first homeowners to switch their mortgage automatically and entirely online, without the hassle of searching new deals and lengthy paperwork, thanks to an innovative property technology startup. Trussle's switching alert lets users know when they should remortgage to find a better deal. [...]
Venezuela’s ironic cryptocurrency distraction: the flaws of the Petro December 13, 2017 Last week Venezuela’s Maduro regime vowed to finally put an end to the nation’s economic woes by creating a sovereign cryptocurrency, the Petro. Falling oil prices coupled with years of corruption and economic mismanagement have created a toxic mixture of soaring inflation, rampant unemployment and a burgeoning underground economy. The Petro is being touted as [...]
UK house prices: Property price growth has fallen for the third month in a row December 12, 2017 House price growth in the UK dropped again in October, according to official figures, the third month in the row it has fallen. Property prices rose 4.5 per cent in the year to October, down from 4.8 per cent in September and 5.1 per cent in August. On a monthly basis, prices fell 0.5 per [...]
Marc Vlessing, CEO of Pocket Living on his mission to provide affordable compact homes for young Londoners December 8, 2017 Marc Vlessing’s eyes were first opened to millennials’ struggle to get on to the housing ladder when he was working in theatre. As CEO of Crescent Entertainment, which went on to become the largest group of theatres and cinemas in the UK, he was surrounded by passionate, hard-working people in their 20s and 30s, “but [...]
The Bank of England has just given a coded warning about the danger posed by a no-deal Brexit. It’s terrifying November 30, 2017 On Tuesday, the Bank of England released the details of its latest banking industry stress tests. The results made for some soothing sounding headlines – the UK financial system is strong enough to withstand a "disorderly Brexit". In other words, Britain’s banking system can withstand leaving the European Union (EU) without a trade deal. While [...]