China: Economists slash growth forecasts as fears grow for global economy September 12, 2023 China’s economy will grow less than previously thought this year and next as a struggling property market dogs what was once the world’s growth engine, according to a Reuters poll of economists who said the risks were skewed to further downgrades. The world’s second-largest economy has been struggling after a brief post-COVID recovery, dragged by [...]
RIP Wilko: How another high street chain went to the wall September 11, 2023 After more than 90 years on the high street, Wilko and all its 400 stores will vanish by early October. Its 12,500 staff were hoping that HMV owner Doug Putman would be able to close a rescue deal that would see several hundred stores saved. But the Canadian entrepreneur abandoned talks with the high street [...]
Vistry’s share price jumps 15 per cent as it sets out new affordable homes focus September 11, 2023 Shares in Vistry jumped 15 per cent this morning after the housebuilder said it will now solely focus on building affordable homes.
The Notebook: Charles Tyrwhitt boss on how the ‘tourist tax’ is hurting London September 11, 2023 Where the City’s movers and shakers get a few things off their chest. Today, it’s Nicholas Wheeler, founder of tailored shirts specialist Charles Tyrwhitt.
Home insurance: Price of a quote jumps by a quarter – and London is worst hit September 8, 2023 The average quoted price of home insurance has surged by around a quarter (25.7 per cent) annually, according to an index – and London is worst impacted. Data analytics firm Consumer Intelligence, which compiled the report, said this is the biggest jump it has seen in records going back to 2014. The average premium quoted [...]
Berkeley: Housebuilder warns of plummeting sales value amid property market volatility September 8, 2023 Berkeley has warned its value of private sales reservations has fallen 35 per cent on last year, reflecting the challenges facing the housing market. The housebuilder said the drop echoed the “elevated macroeconomic and political volatility”. It comes after house prices in August were revealed to be 4.6 per cent lower than the same month [...]
We need to do more than just scrap stamp duty to drive investment in the UK September 8, 2023 The removal of stamp duty is just one of many levers that could be pulled to generate additional investment in the UK’s markets.
New York’s last affordable Manhattan property is way better value than London September 7, 2023 At Inwood Hill Park, New York, there’s a metal plaque pointing out where Manhattan was sold from native Americans to a Belgian coloniser in 1626. The land was exchanged for the lowly price of some trinkets and beans. A tulip tree had marked this spot for 280 years but when it died in 1938 it [...]
Direct Line shares soar despite losses after £520m commercial insurance sale September 7, 2023 Direct Line continued to feel the pain of cost inflation, with new boss Adam Winslow faced with a miserable balance sheet
House prices fall at fastest rate since 2009 – and it’s worst in London September 7, 2023 House prices are falling at their fastest annual rate since the global financial crisis, with London hit hard