US Fed chief Powell warns higher rates may tip economy into recession June 22, 2022 The chief of the US Federal Reserve has warned it may hike interest rates to a level that tips the economy into a recession. “It’s certainly a possibility” that a rapid tightening of monetary policy will force the US economy into reverse, Fed chair Jerome Powell said today in response to a grilling by American [...]
Once Government offices, 9 Millbank offers the chance to own history June 22, 2022 Listed off-market to target only those so wealthy that they shut down restaurants when they go for dinner and aren’t familiar with the concept of commercial jets, The Conrad, a sprawling Thameside property at 9 Millbank, is a chance to own history. The Millbank building a short walk from Parliament was once used as a [...]
Inflation jumps to 9.1 per cent: Worried City insiders respond to consumer prices climbing again June 22, 2022 The rate of inflation rose again in May, remaining at 40-year highs, the Office for National Statistics said this morning. The rate of Consumer Prices Index inflation rose slightly to 9.1 per cent in May from 9 per cent in April, according to the ONS. The increase matches what analysts had expected. “Though still at [...]
House prices continue to grow month by month, hitting an average £281,161 in April June 22, 2022 The average house price in the UK hit £281,161 last month, as the cost to own a home continues to climb month by month. House prices grew 1.1 per cent between March and April, according to the government’s latest figures, forming part of an average 12.4 per cent annual increase in price. While onlookers have [...]
Berkeley Group profits rise to over £550m after ‘exceptionally volatile period’ June 22, 2022 The boss of property developer Berkeley Group hailed “extraordinary” progress made in the past year today as the firm posted a 6 per cent rise in pre-tax profits for the full year to April.
City Moves: Who’s switching jobs in the Square Mile? June 22, 2022 City A.M.’s Millie Turner provides a roundup of the most important hires and job moves across the City, every morning. Email citymoves@cityam.com to be featured. BDO Accountancy and business advisory firm BDO has appointed a new national head of technology and media, based out of its London office. Stepping into the position on 4 July, Ian McBane will take over the reins [...]
Bewildered: M&S hits out at Gove over public inquiry over iconic Oxford St flagship store redevelopment June 21, 2022 Marks and Spencer has slammed the housing minister’s decision to hold a public inquiry over a redevelopment plan of its Marble Arch store. The supermarket said it was “bewildered and disappointed” that Michael Gove had chosen to call in its plans to bulldoze the Art Deco flagship store on Oxford St. A public inquiry will [...]
Property market is hot but cooling amid cocktail of low stock, high inflation and uncertainty June 21, 2022 The UK’s property market is still going strong, despite fears that rising inflation and the cost of living crisis will choke growth. The number of properties changing hands fell again last month in comparison with its pandemic heights last year. However, with some 100,870 homes sold in May, the latest government data has found a [...]
Safestore boosts profits amid flurry of acquisitions June 21, 2022 Profits have spiked at self-storage giant Safestore - powered by a strong trading performance and increased earnings from investment properties.
House price growth slows with real estate sector warning of affordability crunch for buyers June 20, 2022 The pace of house price growth slowed in May, with potential buyers’ tightening budgets set to slow growth further in the months ahead. According to today’s Rightmove’s house price index, buyer demand for available properties was down eight per cent last month, versus April. Even so, the price of property smashed another record, for the [...]