Even at seven times their income, single homebuyers are priced out of the market by £24,000 January 31, 2022 Despite many lenders relaxing their loan to income criteria, the average UK homebuyer is still priced out of the market unless purchasing with a partner. The current average loan to value, or the multiple of salary that a lender will loan to a buyer, has increased from 3.87 to 4.12 in the last ten years [...]
Open warfare: Ocado claims Autostore is lying while rival says online grocer’s IP rights are ‘invalid’ January 31, 2022 The war of words between Ocado and its rival Autostore reached new heights today as Ocado accused Autostore of misleading investors over its legal battle with the online grocer in Germany. Autostore issued an update on the Norwegian stock market on Monday claiming that a judge in a Mannheim Court said Ocado’s intellectual property rights [...]
Nine out of ten Londoners can no longer afford the rent as demand for rooms goes through the roof January 31, 2022 Insurance giant Admiral has warned that nearly nine out of ten Londoners can no longer afford the average cost of rent in the capital. The demand for rooms to rent is much higher than the available supply, thereby leading to such increases that most Londoners cannot keep up with, the company cited as the main [...]
Exclusive: Purplebricks swings to a loss amid legal woes January 31, 2022 Online estate agent Purplebricks saw profits tumble in the first half of the year amid legal challenges and housing stock constraints.
BT investors to find out if Omicron absences hit broadband rollout and what Patrick Drahi’s plans are January 31, 2022 BT shareholders and investors will find out this week whether the company’s full fibre broadband rollout was negatively affected by the Omicron surge over the festive period. Several companies have reported major staff shortages during the latest wave and BT may be no different. In November, BT said it had reached six million homes and [...]
Truss: UK willing to sanction Russian oligarchs close to Putin over Ukraine January 30, 2022 The UK will level tough sanctions on Russian oligarchs close to Vladimir Putin if he invades Ukraine, Liz Truss has said. The foreign secretary said she would next week introduce legislation in parliament that will “target more Russian interests that are of direct reliance to the Kremlin” and that the sanctions would come in place [...]
Energy prices to soar to £1,900 from April January 29, 2022 Energy bills are expected to soar to £1,900 from April, following the energy cap increase. Under plans that will be finalised this week by industry regulator Ofgem, the average energy bill will go up 48 per cent, from £1,277 to £1,897, the Telegraph reported. Sources have reported that the move will put ministers under pressure [...]
FCA investigates ‘crippling’ cladding insurance costs January 29, 2022 The Financial Conduct Authority (FCA) is launching an investigation into the ‘crippling’ insurance costs paid by residents with cladding issues. In letters sent today to chief executives of insurance firms, the City watchdog said it will be investigating whether “products provide fair value and premiums fairly and accurately reflect risk.” The FCA will look into [...]
FCA requested to review buildings insurers as Gove says leaseholders hit with ‘rapidly escalating’ costs January 28, 2022 The financial services regulator has been requested to review the buildings insurance market for blocks of flats. In a letter to the regulator, housing minister Micheal Gove said he was “extremely concerned” to hear from leaseholders about their experience of “rapidly escalating” insurance premiums on high and medium-rise blocks. There have been cases where insurance [...]
Tugendhat: UK must block Russian access to the City to help stop Ukraine war January 28, 2022 The UK must get tough and block Russia from the City of London’s vast web of financial services if it is to help stop an invasion of Ukraine, senior Tory Tom Tugendhat has said. The Foreign Affairs Committee chair writes in City A.M. today that Boris Johnson should “close down the options that allow” Vladimir [...]