Andrew Bailey: Inflation has fallen ‘faster than expected’ October 24, 2024 Andrew Bailey, Governor of the Bank of England, said inflation has fallen “faster than we expected” but still warned that more progress would be needed on services inflation. Speaking at a meeting of Institute of International Finance in Washington, Bailey said central banks around the world were seeing a “good story” on inflation. “Disinflation — [...]
Barratt Redrow: Builder outlines growth plans after merger October 23, 2024 Barratt Redrow outlined its growth plans today in its first trading update as a combined group. Created by the merger of homebuilders Barrett and Redrow, the combined group has laid out plans to build 22,000 homes a year in the medium term. That would make it one of the UK’s largest house builders. In its [...]
UK economy receives hefty growth upgrade from IMF October 22, 2024 The international fiscal watchdog now expects the UK to grow 1.1 per cent in 2024, up from a previous forecast of 0.7 per cent.
Number of UK house sales jumped by a third after rates cut, before Budget October 21, 2024 Despite uncertainty about the coming Autumn budget, buyers continued to pile into the property market after the Bank of England cut interest rates, with the number of homes sold up by a third year on year. The number of sales agreed rose by 29 per cent, while the number of potential buyers contacting estate agents [...]
Lendinvest taps Barclays, HSBC and BNP for £300m financing October 21, 2024 Lendinvest has renewed a £300m financing deal with Barclays, HSBC and France’s BNP Paribas as the property fintech looks to return to profitability. The AIM-listed firm said the revolving warehouse financing agreement, shared equally between the three banks, had been extended for an additional three years on what it called improved terms. LendInvest said the [...]
UK banks to post first results since interest rate cut October 20, 2024 Major UK banks are to reveal whether borrowers are benefiting from lower interest rates as they report third-quarter results over the next two weeks.
Monthly UK insolvencies remain stubbornly high ahead of Budget October 18, 2024 The release noted that monthly insolvency numbers so far in 2024 have been similar to 2023, which saw the highest annual number of insolvencies since 1993.
ECB cuts interest rates again as inflation continues to fall October 17, 2024 The move means the main interest rate was reduced by 25 basis points to 3.25 per cent, down from a peak of four per cent which was reached last September.
Arbuthnot: Historic bank leans on wealth unit as rate cut hits lending income October 17, 2024 Arbuthnot Banking Group reported growth in its wealth management arm as the historic lender looks to weather a fall in interest rates.
UK house prices surge as cooling inflation gives rise to lower borrowing costs October 16, 2024 House prices in the UK rose by 2.8 per cent against the backdrop of the lowest inflation for three years and prospect of interest rates coming down further. The UK average according to the Office for National Statistics sat at £293,000 in the year to August 2024, though London prices are typically higher. This marked [...]