Monthly mortgage payments top £1,000 as homeowning costs pile up August 15, 2022 The average monthly mortgage payments for first-time buyers putting down a 10 per cent deposit have climbed past £1,000 for the first time, according to property site Rightmove today. The latest interest rates rise of 0.5 per cent has piled further pressure onto new buyers’ affordability, as property costs outpace annual wage packets. “It’s likely [...]
Record £300bn wiped off UK bonds and gilts as investors flee in biggest market collapse in decades August 13, 2022 Just under £300bn has been wiped off the value of UK corporate bonds since the start of this year following a major sell-off in the bond market in what is considered the biggest collapse in two decades. In the first six months of this year, the total outstanding value of UK corporate bonds has fallen [...]
Zurich posts highest first-half profits since 2008 financial crash August 11, 2022 Swiss insurance company Zurich today posted its highest first-half profits since the financial crash of 2008 and its second highest profits ever. The insurer said its business operating profits increased 25 per cent compared to last year to long-term highs of $3.393bn. The uptick in Zurich’s profits, which saw it second best results ever, came [...]
Exclusive: Bank of England is ‘taking money from homeowners to curb inflation’ August 11, 2022 HOUSE prices will soon start to “flatline” following years of double digit rises, a leading property association claims this morning. Property values have continued to soar over the past two years in most regions of the UK – often defying predictions by economists who are convinced a crash is on the horizon. The National Association [...]
Investors reach for the bottle as inflation soars August 9, 2022 Nervous investors are turning to wine as a steady store of value as inflation climbs.
Housing market holds up well despite Bank of England rate hikes August 8, 2022 The UK property market is still running hot despite the Bank of England’s rapid interest rate hike cycle, according to research by City A.M. House purchases dipped around four per cent in June compared to December when the Bank’s first rate rise landed, dropping to 95,420 from 99,560, according to HMRC data. Governor Andrew Bailey [...]
Savills hikes forecasts for London rents, with prices set to rise to new heights August 8, 2022 Savills has hiked its five-year forecast for the prime London rental market, with rents set to continue rising to new heights. The capital had suffered an exodus of international students and business folk, as well as Brits seeking greener pastures, during Covid-19 restrictions, which resulted in plummeting rental costs. The estate agency now anticipates prime [...]
China trade surplus hits record high while markets nervously await Fed’s next move August 8, 2022 Markets in Europe look set to open slightly lower as we start a new week after US markets closed mixed on Friday, and the latest July trade data for China pointed to weak domestic demand. Any thoughts that the US Federal Reserve might have to start going soft when it comes to the tightening of [...]
Average UK house price falls for first time in a year to sit at £293,221 August 5, 2022 House prices marked their first decrease since June last year, dropping slightly last month to stand at an average price of £293,221. Prices fell by a marginal 0.1 per cent in July, according to Friday’s Halifax House Price Index. The annual rate of growth eased to +11.8 per cent (from +12.5 per cent), with Wales [...]
Battle for Number 10: From tax to NHS, here are all the promises Liz Truss and Rishi Sunak have made so far August 3, 2022 Yesterday, Liz Truss has this morning performed a screeching U-turn on a policy to pay regional public sector workers less than their London counterparts. it came after a severe backlash from Tory MPs and Tees Valley mayor Ben Houchen. The embarrassing move comes as Truss and her rival Rishi Sunak continue to flesh out their [...]