The tightening property lending squeeze in Britain has led to a significant decrease of over 40% in the number of mortgage deals available for first-time buyers in the past year. According to Moneyfacts, there were only 199 products available over the weekend for borrowers seeking up to 95% of the property value, compared to 347 …
New data reveals that the mortgage market is facing disorder, resulting in longer property listing durations and reduced asking prices. Rightmove reports a £82 decrease in average asking prices this month, marking the first June decline since 2017. Additionally, OnTheMarket data indicates that over 50% of properties now take longer than a month to attract …
The creation of the UK’s Green Investment Bank (GIB) in 2012 was a smart and successful approach to driving the growth of the renewable energy industry. However, it was too small in scale. The GIB played a crucial role in attracting co-investment and private capital into early-stage renewables, fostering diversification and building confidence in emerging …
According to Gregory, there is still more than 60% to come, indicating that a recession is likely to occur in the second half of this year. The signs of an economic downturn are becoming evident, with a 0.6% decrease in construction output due to a 1% decline in new work. Pantheon Macroeconomics’ chief UK economist, …
Inflation data for April, released on May 24, and higher-than-expected labor market data released on June 13, have led to a recent surge in mortgage rates. Over the past three weeks, the average rate on a two-year fixed mortgage has increased from 5.34% to 5.92%, resulting in an additional monthly cost of £70 for someone …
The average mortgage debt in the UK currently exceeds £127,000, while the size of new mortgages taken out this year has reached an average of £184,000. Fortunately, the crisis is anticipated to impact a smaller percentage of the population compared to previous financial crunches due to the declining number of UK residents with mortgages. In …
Renowned billionaire Elon Musk is scheduled to meet Emmanuel Macron in Paris today, marking their second meeting in just over a month. This meeting comes as France aims to attract investment from the Tesla boss and strengthen their relationship. During his visit to France’s largest technology trade fair VivaTech, President Macron confirmed the meeting and …
The Governor of the Bank of England, Andrew Bailey, has received backlash for his remarks made at the Treasury select committee this week. He suggested that workers refrain from seeking pay raises, expressed concerns about potential global food price hikes, and admitted to feeling “helpless” in controlling inflation. These comments have been labeled as disconnected, …
New research suggests that Britons lead the way in working from home compared to other similar economies, but this trend may have negative implications for pay raises and promotions. According to a report by workplace creation experts Unispace, only 34% of employees in Britain are in the office for four or more days a week, …
According to a former Bank of England interest rate setter, the higher number of homeowners on fixed-rate mortgage deals is exacerbating the turmoil in the lending market. Michael Saunders, who served on the Monetary Policy Committee until August, believes that the time it takes for rates to impact the economy has lengthened significantly. This uncertainty …