Sally Bolton interview: Wimbledon CEO on taking the Championships to the US July 2, 2023 Wimbledon CEO Sally Bolton on growing the Championships’ presence in the US, how it chooses its partners and its unique business. In SW19, there is no mistaking when the Wimbledon Championships are in full swing. Thousands of tennis fans descend on the All England Club; the air is thick with the scent of grass, Pimm’s [...]
Rate pain takes its toll as home sales tumbled almost 30 per cent in May June 30, 2023 Home sales tumbled by 27 per cent in May compared with the same month a year earlier, according to HM Revenue and Customs (HMRC) figures. Across the UK, 80,020 transactions were recorded in May 2023, which was also 3 per cent lower than in April 2023. HMRC’s report said the big fall compared with May [...]
John Lewis submits £500m London planning bid for 800 homes – but questions remain about affordability June 30, 2023 John Lewis is pressing on with its shift away from the high street and into residential property by submitting initial planning applications for new ‘build to rent’ homes in the capital The hard-hit retailer submitted proposals for nearly 800 rental homes on London sites in West Ealing and Bromley, with plans for a site in [...]
House price growth faces ‘significant drag’ from rate rises but London remains ‘buoyant’ June 30, 2023 House price growth may face “significant drag” from high interest rates as fresh figures show they remained relatively stable in June despite yearly growth being negative. The latest Nationwide House Price Index show house prices remained broadly flat in June, but down 2.5 per cent compared to last year, owing in part to 13 successive [...]
Big US banks pass Fed stress tests months after SVB collapse in sign they’d ‘weather a severe recession’ June 29, 2023 The largest banks in the US sailed through the Federal Reserve’s annual stress tests, suggesting they would survive a sharp economic downturn. The Fed said the results demonstrate that large banks are “well positioned to weather a severe recession and continue to lend to households and businesses even during a severe recession.” Despite projected losses [...]
If offices still look like they’re out of an 80s sitcom, we will see more exits like HSBC June 29, 2023 The death of the office proclaimed post-pandemic is far from real; what's true is that London still lacks good quality office spaces. HSBC's change of location is proof of that, writes Gareth Lewis
London’s wealthy put homes up for renting as mortgage rate rises bite June 28, 2023 London’s wealthy are placing their homes up for rent as they struggle to reach their ideal asking price on pads across upmarket boroughs such as Chelsea and Mayfair. Following the Bank of England’s decision to hike interest rates by 0.5 per cent, figures from estate agent Knight Frank show affluent sellers in some of London’s [...]
Lord Holmes: ‘The Law Commission recommendations are a positive, proportionate approach to crypto, but now the Government must act!’ June 28, 2023 Lord Holmes says the government must act while the UK has a real chance to put opportunity into action and turn London into a crypto hub.
Mortgage mayhem: Homeowners forced to sell up at discount prices as rates soar June 28, 2023 Red hot mortgage rates are leading to sellers accepting lower prices for their properties, fresh data shows, creating further pain for the housing sector. As the market continues to grapple with the Bank of England’s recent 0.5 per cent interest rate hike, figures by estate agent Zoopla show that 42 per cent of sellers are [...]
Budget Britain: Inflation forces families to trade down and opt for staycations June 28, 2023 Britons are trading down to cheaper products and are opting to holiday at home in response to rampant inflation and higher interest rates squeezing their budgets, new research out today shows. Some 40 per cent of families have been buying more value or own brand products in 2023, according to analysis from consultancy KPMG. The [...]