Bank of England’s interest rate rise at noon: Brokers and agents across the City give their two cents August 4, 2022 The governor of the Bank of England, Andrew Bailey, and the rest of the monetary policy committee will hike interest rates 50 basis points today at 12pm. The main reason? Living costs are up 9.4 per cent over the last year, crimping households and businesses and threatening to plunge the UK economy into recession. Energy [...]
Homebuilder Taylor Wimpey hikes forecast after profits jump to £335m August 3, 2022 Housebuilder Taylor Wimpey hiked its profit forecast to the top of full year estimates today after a bumper first half in which it beat house completion targets.
Nervous homeowners on edge as mortgage rates hit highest level since 2016 with market fading fast August 2, 2022 The latest Bank of England data found last week that net borrowing of mortgage debt by individuals decreased to £5.3bn in June, from £8bn in May. Approvals for house purchases, an indicator of future borrowing, decreased to 63,700 in June, from 65,700 in May, which is below the 12-month pre-pandemic average up to February 2020 [...]
Following ‘dreadful’ results shareholder calls for Purple Bricks chair to be removed August 2, 2022 The chairman of estate agency Purple Bricks should be removed following its “dreadful” annual results this morning, a key shareholder has said. Lecram Holdings, which owns 4.2 per cent of the company, called for it to take action after disastrous losses and plummeting revenue for the last financial year. Calling for chairman Paul Pindar to [...]
UK house price growth dwarfs annual salaries amid 12-month jump streak August 2, 2022 The average cost of a home has grown each month for the past year to £271,209, according to one of the country’s oldest house price indexes. House prices grew 11 per cent in the year to July, up from 10.7 per cent in June, Nationwide revealed today. While monthly growth has slowed to a “modest” [...]
Purple Bricks looks for recovery after bruising financial year with big losses and revenue drop August 2, 2022 Estate agency Purple Bricks has set out a recovery plan following a bruising financial year, with instructions, profit and revenue all way down on 2021. The tech-led housing group suffered due to a mixture of supply chain problems as a turbulent property market, and “a year of transformation”. It registered a loss of £42m in [...]
Londoners rent out homes by the hour to offset rising costs, says Peerspace boss August 2, 2022 There has been a “huge uptick” in Londoners renting out their homes by the hour, as a cost of living crisis and an explosion in content producing for the likes of TikTok and YouTube collide, according to one property venture’s boss. After launching in the UK last year, Peerspace, a marketplace for “off the beaten track” [...]
London exodus: Record numbers escape the capital as pandemic trend continues August 1, 2022 There has been an exodus of Londoners since the pandemic, with more than 40,000 escaping eye-watering rent in the capital to buy their first home. The pandemic trend of leaving London has continued, with a record 28 per cent of new homes outside the M25 being first-time buyers. In the first half of 2022, 40,540 [...]
Rightmove’s profits and revenue up while average of 1.5bn minutes spend on site a month July 29, 2022 Renting site Rightmove had a spike in both profits and revenues in the first half of the year, as customers spent an average of 1.5bn minutes on its site per month. It raked in £162m in the first half of the year, up nine per cent on 2021, while its operating profit was at £121.3m, [...]
Areas near 2012 London Olympics continue to see economic boost after a decade July 29, 2022 A decade after the London Olympics, areas nearby the event are continuing to feel positive economic impacts. Stratford’s E15 district has seen its economic vitality index score grow by nearly a quarter, according to analysis firm Evaluate Locate, some 15 per cent higher than the average rate seen across the rest of the country. The [...]
