UK shoppers rein in spending despite sales as cost of living crisis takes toll
British Retail Consortium says sales growth slowed in January amid soaring costs for energy and food British consumers sharply cut their spending in January as the cost of living crisis damaged household finances, retailers have warned, amid growing concern over the impact of high inflation on the economy. The British Retail Consortium (BRC) said sales […]
Retirement boom among UK’s older workers creates economic headache
Wyre Forest in the West Midlands has seen a huge jump in the ‘economically inactive’, many of them affluent older people, but the dearth of workers is a real problem for employers “I always laughed at people who said they’d never been so busy since they retired,” says David Richards, mopping his brow as he […]
Cost of fixed-rate mortgages set to fall as UK inflation outlook brightens
Brokers are predicting that a five-year deal below 4 per cent is coming
‘I’m really worried’: homeowners and would-be buyers on UK interest rates
As the base rate reaches 4%, we hear from people concerned about rising mortgage costs Chris Felix-Hill, 47, and his wife, Adeline, from Steeple, Essex, are struggling to keep alive their dream of one day becoming homeowners, after “demoralising” house price rises during the pandemic and yet another interest rate rise from the Bank of […]
Will the interest rate rise trigger a stampede for tracker mortgages?
Hints by Bank of England that rates may have peaked leaves those remortgaging in a quandary What does the Bank of England interest rate rise mean for you? The rush towards tracker mortgages that began even before Thursday’s interest rate rise could well become a stampede after the Bank of England signalled that rates may […]
Bank of England raises UK interest rates to 4%
Hike of 0.5 percentage points lifts rates to 14-year high, but BoE says shorter and shallower recession now more likely Interest rates rise again but Bank of England hints at a brighter future The Bank of England raised interest rates for a tenth consecutive time on Thursday from 3.5% to 4%, but said inflation may […]
UK borrowers may struggle to repay debt as economy worsens, says Santander
Bank puts aside more money to protect itself from potential defaults in expected recession The impending recession could leave borrowers struggling to repay their debts, the high street bank Santander UK has said as it put aside more cash to protect itself from potential defaults. The UK arm of the Spanish bank said on Thursday […]
UK demand for mortgages slumps as interest rates deter buyers
Bank of England figures also reveal many households are dipping into savings, rather than using credit cards Demand for mortgages has collapsed to its lowest level since the depths of the 2020 lockdown as potential homebuyers are deterred by rising interest rates, the latest official figures show. The Bank of England said the number of […]
UK’s LendInvest Acquires Funding from Lloyds Bank to Launch into Homeowner Mortgages
LendInvest (LSE: LINV), which claims to be the UK’s leading asset manager for property finance, announces increased funding from Lloyds Bank now totaling £300 million “to support its entry into the UK’s £1.2 trillion homeowner mortgage market.” LendInvest’s home owner mortgage product, “which beta launched… Read More
Priced-out UK house-hunters turn to lorry-sized tiny homes
Trailer-like homes are attracting people struggling to buy or rent a house. Our writer went to size one up You might bump your head, and the wheels betray its caravan roots, but it’s yours – and that’s the key for a growing number of people fleeing the UK housing crisis in a “tiny home”. Factory-built, […]