Average price tag on a home fell by £905 in July as house sales slow July 17, 2023 The average price tag on a home coming to market fell by £905 or 0.2 per cent month-on-month in July, according to new data. Rightmove, which released the figures, said rising mortgage rates are biting, with house sales now lagging behind the more “normal” market seen before the coronavirus pandemic, in 2019. While buyer demand [...]
Wells Fargo beats expectations thanks to rising rates as Citi’s profits fall 36 per cent on dealmaking slowdown July 14, 2023 Citi struggled with rising costs and falling fees in the second quarter while its Wall Street rival Wells Fargo benefitted from higher interest rates. Citi saw its profit fall 36 per cent year on year as it was hit by the global decline in dealmaking, but its performance was still better than analysts had predicted [...]
Nearly half of tenants struggle to pay rent with millions now facing ‘financial vulnerability’ July 14, 2023 Nearly half of tenants are struggling to pay their rent, with millions now spending more of their disposable income on renting costs than homeowners. As the cost of living crisis has led many landlords to up the costs of rent, some 21 per cent of tenants report spending a higher proportion of their disposable income [...]
The Square Mile and Me: Paragon Bank CEO Nigel Terrington talks paper rounds, The Lamb and office faux pas July 13, 2023 We dig into the memory bank of the City’s great and good: this week, Nigel Terrington, chief executive of Paragon Bank, takes a stroll down memory lane. What was your first job? I was a paper boy, aged around 14, in Surrey. I had to get up ridiculously early and the biggest challenge was to [...]
Shares tumble for struggling FTSE housebuilders: ‘The scale of challenge cannot be swept under carpet’ July 13, 2023 The share price of London FTSE 100 and FTSE 250 house builders all took a tumble this morning, as fresh reports highlighting the state of the property market dampened investor confidence. Barratt was the hardest to fall this morning, with its shares sliding 4.67 per cent, as the group reported a 49 per cent decline [...]
Mark Kleinman: What’s next for BT and the City’s ugliest row of 2023 July 13, 2023 Mark Kleinman, City editor of Sky News, writes fortnightly for City A.M. Germans could be on the line at Jansen-less BT Hanging-up time is fast-approaching for Philip Jansen, whose plan to step down as CEO of BT Group next year – revealed by me last weekend – was confirmed on Monday. Sources have told me [...]
Five Rightmove ads that show how screwed the London rental market is July 12, 2023 London’s rental market is hellish, with landlords selling up to avoid hefty mortgage payments and its supply pool dwindling daily, renters in the capital have their work cut out for them trying to find a place to call home. City A.M. has trawled the pages of Rightmove to showcase some of the ‘premium’ pads on [...]
Winkworth shares tumble as estate agent issues profit warning amid mortgage slump July 12, 2023 Winkworth shares tumbled 14 per cent this morning after the estate chain issued a profit warning due to soaring interest rates and a fresh slump in mortgage approvals. The company which has over 90 branches across the UK said that the sales market proved more challenging in the second quarter of the year, as rate [...]
Hunt is right to rest his hopes for growth on the City, but it will still need a helping hand July 12, 2023 Jeremy Hunt is banking on the City bailing out the UK economy - and it can if he gives it the reforms it needs, writes Michael Moore.
Exclusive: ‘Draconian’ Net Zero rules will hit landlords to tune of £6,000 – but only save £36 a year July 11, 2023 Government rules which ensure housing meets net zero targets have been branded “draconian” by a landlords group, who say costs massively outweigh benefits. Under new proposals, landlords will be blocked from letting properties unless they upgrade them to meet net zero energy efficiency targets as soon as 2028. Homes will be required to have an [...]