Uncertainty around China’s reopening weighs on Rio Tinto’s expectations January 17, 2023 China's reopening from pandemic restrictions risks labour and supply-chain shortages, warned Anglo-Australian miner Rio Tinto.
LendInvest: Property fintech brings Lloyds funding deal to £300m for mortgage market push January 17, 2023 LendInvest has secured a new £120m funding boost from Lloyds Bank today as it prepares a push into the UK’s £1.2tn homeowner mortgage market for the first time. The London-listed property fintech firm said Lloyds had now offered up a credit facility worth £300m after striking a deal for an initial £180m in October to [...]
London rents ended year 11 per cent higher than start of 2022 amid ‘imbalance’ between supply and demand in crowded capital January 17, 2023 Rents at the top end of the London market ended 2022 10.9 per cent higher than when the year started, according to an estate and lettings agent. Demand from tenants is continuing to significantly outweigh supply, Savills said. Jessica Tomlinson, research analyst at Savills, said: “The ongoing imbalance between demand and supply is expected to [...]
Britain’s forty-something-year-olds are in the sweet spot of working adults January 17, 2023 As young workers struggle with low pay and high rent, and over-50s jump out of the workforce en masse, those in the sweet spot of work in the UK seem to be those in their forties, writes Elena Siniscalco
Explainer-in-brief: January, another month when you can’t afford to buy a home January 16, 2023 Over the weekend, I received an innocuous looking email. “Dear Elena,” wrote a reader, ” I hope you don’t mind me emailing you. Is there any hope for young people buying their own house?” While I can’t possibly comment on his own individual circumstances, today was not good news: house prices have jumped up again [...]
House prices back on upward march to race past £667,000 in London January 16, 2023 House prices are back on an upward march, sending the cost of the average home in London to over £667,000, a new survey out today shows. Search site Rightmove said today house prices in the capital jumped 0.2 per cent over the last month and 6.1 per cent annually. On a nationwide basis, prices climbed [...]
Direct Line chief rushes to calm investors after shares collapse January 15, 2023 Direct Line’s share price “doesn’t reflect the intrinsic value of the company,” the insurer’s chief executive Penny James has said, after shares in the firm plummeted last week. In an interview with The Times, James instead said Direct Line still has “huge earnings potential” as she said she feels “very positive about the future prospects”. [...]
Where to celebrate Burns Night in London: Bars and restaurants serving haggis and drams January 13, 2023 Burns Night, the birthday of the great Scottish bard Robert Burns is one of the highlights of the London restaurant scene, with venues across the capital laying on special spreads and keeping the city’s bagpipe community in work. Expect a lots of readings of the tongue-twisting Address to a Haggis as well as the consumption [...]
Persimmon warns of sales slide as interest rate rises push up the cost of mortgages January 12, 2023 Persimmon achieved sales at the top end of its 2022 guidance, despite the mortgage crisis and the wider economic downturn in the second half of the year. The York headquartered company, one of the UK’s largest housebuilders, sold 14,868 new homes last year a rise of two per cent compared to 14,551 in 2021. The [...]
Global cost-of-living crisis risks ‘dire consequences’ for planet as firms ditch climate concerns January 11, 2023 The global cost-of-living crisis threatens to railroad efforts to combat climate change, “potentially leading to dire planetary and societal consequences,” the World Economic Forum (WEF) warned today. Soaring energy and food prices are forcing governments and private businesses to turn to cheaper, often dirtier resources to produce goods and services. As a result, “the risks [...]