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☆ UK buyers retreat from housing market, further slowdown seen - RICS
▼ + stars: | 2023-07-12 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

LONDON, July 13 (Reuters) - Britain's housing market showed signs of a slowdown in June and property surveyors expect activity to remain subdued as higher borrowing costs hit new buyer enquiries, according to an industry survey on Thursday. The Royal Institution of Chartered Surveyors (RICS) said a net balance of -45 in a poll of its members reported a fall in new buyer enquiries last month, down from the -20 in May. Britain's housing market faces pressure from softer buyer demand and falling house prices against a backdrop of surging mortgage rates and the Bank of England's battle to tame stubborn inflation. Average two-year fixed mortgage rates hit a 15-year high earlier this week. British mortgage lender Halifax, last week said house prices fell by 2.6% year-on-year in June, the largest annual drop since 2011.

Persons: Liz Truss's, Simon Rubinsohn, Rubinsohn, Suban Abdulla, David Milliken Organizations: Royal Institution, Chartered Surveyors, Bank of, Financial, Halifax, Nationwide, Thomson

☆ UK mortgage rates surge to 15-year high after surpassing 'mini-budget' peak
▼ + stars: | 2023-07-11 | by ( Suban Abdulla | ) www.reuters.com time to read: +3 min

The average two-year fixed residential mortgage rate climbed to 6.66%, narrowly exceeding the 6.65% touched on Oct. 20 and the highest since August 2008 when it stood at 6.94%, according to data provider Moneyfacts. Governor Andrew Bailey said last month there were signs of more persistent underlying inflation pressures after the BoE unexpectedly raised its Bank Rate to 5% in an effort to tame the highest inflation rate among the world's big rich economies. Swap rates, a key measure lenders use to determine the cost of mortgage borrowing, have also soared. The surge has prompted major mortgage lenders to repeatedly reprice home loan offerings. British homebuyers typically take out mortgages with an interest rate that is fixed for two or five years, and then remortgage on to a new fixed rate or accept a variable rate.

Persons: Liz Truss, Andrew Bailey, BoE, reprice, Andrew Asaam, Suban Adbulla, Sachin Ravikumar, William Schomberg, Kate Holton, Andy Bruce Organizations: Bank of England, Nationwide, Lloyds Bank, Santander, Tuesday, Treasury, Lloyds Banking Group, Thomson Locations: Britain's, British, Halifax

☆ UK house prices post biggest annual drop since 2011: Halifax
▼ + stars: | 2023-07-07 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

House prices dropped 2.6% year-on-year in June, after a 1.1% fall in May, Halifax said. On the month, prices fell 0.1% after a 0.2% monthly drop in May. "How deep or persistent the downturn in house prices will be remains hard to predict," Kinnaird said, adding that falling inflation could offer some support. Halifax said the drop in house prices was largest in the south east of England. In London, prices fell in annual terms by 2.6%, the biggest decline since October 2009.

Persons: Kim Kinnaird, Kinnaird, Andy Bruce, Kate Holton Organizations: Halifax, Bank of, Bank of England, Lloyds Bank, Thomson Locations: Halifax, London, May, Bank of England, England

☆ Britain's house prices are slumping as mortgage rates soar — and there could be worse to come
▼ + stars: | 2023-07-07 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +4 min

The average U.K. property now costs £285,932 (£364,490), down from a peak of £293,992 in August 2022. The summer is likely to see price cuts become even more widespread, and we may well see house prices fall more significantly. The summer is likely to see price cuts become even more widespread, and we may well see house prices fall more significantly," she added. In its latest global housing index released Wednesday, the real estate company said U.K. house prices fell 3.1% annually in the first quarter. Mortgage rates continue to rise

Persons: Kim Kinnaird, BOE, Sarah Coles, Hargreaves, Hargreaves Lansdowne Sarah Coles, Hargreaves Lansdowne, Coles, Nathan Stirk, Sellers, Liam Bailey, Knight Frank Organizations: Bank of England, Anadolu Agency, Getty, Hargreaves Lansdowne, CNBC, Mortgage Locations: Halifax

☆ Barclays seeks to stop being corporate banker to Odey Asset Management, Financial Times reports
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

July 2 (Reuters) - Barclays (BARC.L) is looking to terminate its corporate banking relationship with Odey Asset Management (OAM), the Financial Times reported on Sunday, predominantly due to sexual assault allegations against founder Crispin Odey. The British hedge fund has grappled with redemptions since the FT and Tortoise Media on June 8 jointly reported allegations by 13 women that Crispin Odey had sexually assaulted or harassed them over a 25-year period. OAM and Barclays did not immediately respond to a Reuters request for comment outside usual office hours. FT also reported earlier that the FCA had restricted the movement of cash and assets from OAM to restore order at the firm. Letters to OAM investors last week showed the manager has proposed to restructure two of its key funds as part of efforts to extract Crispin Odey from the business after the assault allegations.

Persons: Crispin Odey, Odey, AJ Bell, Hargreaves Lansdown, Goldman Sachs, Morgan Stanley, Rishabh, Kevin Liffey, David Holmes Organizations: Barclays, Odey Asset Management, Financial Times, redemptions, Tortoise Media, Sunday Barclays, Financial, Authority, FT, JPMorgan, Thomson Locations: British, Canada, Halifax, Bengaluru

☆ UK house prices up 3.5% year-on-year in April
▼ + stars: | 2023-06-21 | by ( ) www.reuters.com time to read: +1 min

LONDON, June 21 (Reuters) - British house prices increased by 3.5% in the 12 months to April, the Office for National Statistics (ONS) said on Wednesday, slowing from the 4.1% rise in March. London was the region with the lowest annual growth, the ONS said, with prices in the capital up 2.4%. Britain's biggest mortgage lender, Halifax, earlier this month said house prices dropped by 1.0% year-on-year in May, the first annual decline since 2012. Rival Nationwide reported a 3.4% annual fall in prices, the largest since 2009. Reporting by Suban Abdulla; editing by David MillikenOur Standards: The Thomson Reuters Trust Principles.

Persons: Suban Abdulla, David Milliken Organizations: National Statistics, London, Bank of England, Nationwide, Thomson Locations: Halifax

☆ Squeeze on UK tenants tightens as rents outpace incomes, survey shows
▼ + stars: | 2023-06-20 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

Asking and agreed rents continued to outpace incomes with tenants spending 28.3% of their pre-tax earnings on rent last month, above the 10-year average of 27%, Zoopla said. May's figures marked the 19th month in a row that rental price growth outstripped incomes. He expected affordability strains to slow the pace of rental growth in 2024. Inflation data for May is due to be published on Wednesday. Zoopla said 53% of renters it surveyed reported a rent rise in the six months to May, up from 35% six months earlier.

Persons: Toby Melville, Zoopla, Richard Donnell, Donnell, BoE, Moneyfacts, Liz Truss's, Zoopla's Donnell, Zoopla's, Suban Abdulla, Christina Fincher Organizations: REUTERS, Homeowners, Bank of, Nationwide, HSBC, Halifax, Thomson Locations: London, Britain, Bank of England

☆ Brits are facing a major mortgage crisis as lending rates soar
▼ + stars: | 2023-06-19 | by ( Jenni Reid | ) www.cnbc.com time to read: +1 min

U.K. borrowers are facing sharply higher mortgage costs. LONDON — U.K. borrowers are facing a cliff edge that could damage the economy as rising mortgage costs hit deal renewals and the number of products available shrinks, experts warned Monday. Prior to this, Moneyfacts said two-year fixed rates were last above 6% in November 2008. The number of residential mortgage products available has also fallen, from 5,264 on May 1 to 4,683. The average rate for a five-year mortgage is currently 5.67%, according to Moneyfacts.

Persons: Moneyfacts, Martin Stewart, Stewart, Rishi Sunak, ITV's Organizations: LONDON, CNBC Locations: Halifax, United Kingdom, Britain

CNN —The US Coast Guard launched a search and rescue operation for a submersible with five people on board that went missing during an expedition to the wreckage of the Titanic. In an interview with Fox News, First District Coast Guard Rear Admiral John Mauger said the Coast Guard is “bringing all assets to bear” in search of the missing submersible. Person on expedition posted photosOne of the individuals on the missing submersible posted photos of it on Sunday before its launch. From InstagramOne of the individuals on the missing sub posted photos of it on Sunday before its launch. “That is where our focus is right now.”He asked people not to ask for the names of the people on the missing sub or speculate.

Persons: Samantha Corcoran, “, ”, Corcoran, John Mauger, Jacques Cousteau’s, OceanGate, Person, ” Rory Golden, Golden, “ … Organizations: CNN, US Coast Guard, Polar, Coast Guard, Oceangate Expeditions, RCC Halifax, Canadian Coast Guard, Fox News, Guard, NOAA, Sunday, Facebook Locations: Newfoundland, Canada, St, John’s

☆ Surging mortgage rates bring early summer slowdown for UK housing market: Rightmove
▼ + stars: | 2023-06-18 | by ( Suban Abdulla | ) www.reuters.com time to read: +3 min

Average asking prices over the previous decade for this time of the year had increased by 0.6% on average, the survey showed. Nationwide, Halifax and HSBC were some of the major lenders that have announced a shake-up in their mortgage rates. British homebuyers typically take out mortgages with an interest rate that is fixed for two or five years, and then remortgage on to a new fixed rate or accept a floating rate. While Britain's housing market activity recovered in early 2023 from the autumn turmoil triggered by the economic agenda of former prime minister Liz Truss, analysts are waiting to see how much interest rates rises will hurt the sector. Bannister said the increases in interest rates and monthly mortgage payments could prompt prospective buyers to pause.

Persons: Rightmove, Tim Bannister, BoE, we've, Bannister, remortgage, Liz Truss, Suban Abdulla, David Milliken Organizations: Bank of, ., Nationwide, HSBC, Bank of England, British, Thomson Locations: Bank of England, British, Halifax

☆ UK house prices set to slide 10%, Moody's warns
▼ + stars: | 2023-06-08 | by ( Andy Bruce | ) www.reuters.com time to read: +2 min

LONDON, June 8 (Reuters) - House prices in Britain are likely to fall 10% over the next two years and a more severe downturn in the housing market could trigger a lengthy recession, credit ratings agency Moody's said on Thursday. "Persistently high inflation and the recent spike in lending rates will trigger a correction in the UK (Aa3 negative) housing market," Moody's Investor Service said in a report. Moody's said a bigger decline in house prices of around 21% would have much wider implications for the economy. However, many economists expect a fall in house prices this year as the BoE's increases in borrowing costs filter through into higher mortgage costs. A Reuters poll of economists and property analysts published last week showed house prices are likely to fall 3% this year, before flat-lining in 2024.

Persons: Moody's, Liz Truss, Andy Bruce, William James Our Organizations: Service, Bank of England, Halifax, Nationwide, Thomson Locations: Britain

☆ UK house prices post first annual drop since 2012, says Halifax
▼ + stars: | 2023-06-07 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

LONDON, June 7 (Reuters) - British house prices dropped on an annual basis in May for the first time in 11 years, and pressure on prospective buyers from higher mortgage rates could deepen the downturn, mortgage lender Halifax said on Wednesday. Kim Kinnaird, director of mortgages at Halifax, said demand was weakening and higher interest rates were likely to increase pressure on house prices. Halifax, part of Lloyds Banking Group (LLOY.L), on Tuesday said it would raise interest rates for its fixed home loans from Wednesday. The stronger-than-expected inflation data raised markets' bets interest rates will peak at 5.5% later this year. Nationwide, another lender, last week reported a steeper 0.5% month-on-month drop in house prices in April and a 3.4% annual decline - the biggest drop since 2009.

Persons: Kim Kinnaird, Liz Truss's, Kinnaird, Myron Jobson, Suban Abdulla, Andy Bruce, Paul Sandle, Barbara Lewis Organizations: Halifax, Lloyds Banking Group, Interactive Investor, Capital Economics, Nationwide, Thomson Locations: Halifax

☆ UK housing market improves but slowdown seen as rates rise-RICS
▼ + stars: | 2023-06-07 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

RICS' house price balance, which measures the difference between the percentage of surveyors seeing rises and falls in house prices, increased to -30 last month from -39 in April. However, analysts are forecasting another slowdown for the housing market with markets largely expecting the BoE's Bank Rate to peak at 5.5% later this year, up from 4.5% now. Britain's housing market staged a recovery earlier this year after former prime minister Liz Truss's "mini-budget" caused turmoil in financial markets in September and sent the cost of fixed mortgage rates sharply higher to above 6%. Britain's biggest mortgage lender, Halifax, on Wednesday said house prices dropped by 1.0% year-on-year in May, the first annual decline since 2012. Some mortgage lenders, including Halifax and Nationwide Building Society have ramped up their fixed mortgage rates in response to the rise in borrowing costs in financial markets.

Persons: RICS, Tarrant Parsons, Liz Truss's, BoE, Suban Abdulla, William Schomberg Organizations: Bank of England, Royal Institution, Chartered Surveyors, Nationwide, Nationwide Building Society, Thomson Locations: April's, Halifax

☆ Major UK lender Halifax pushes up mortgage rates
▼ + stars: | 2023-06-06 | by ( Andy Bruce | ) www.reuters.com time to read: +1 min

LONDON, June 6 (Reuters) - Britain's largest mortgage provider Halifax will ramp up interest rates for new home loans on Wednesday, according to pricing provided to brokers, the latest major lender to do so in response to soaring funding costs. The decision by Halifax, part of Lloyds Banking Group (LLOY.L), comes after rivals like Nationwide Building Society announced hefty increases to mortgage rates. Two-year deals rather than five-year deals are currently popular among borrowers who hope that rates will fall again soon. "This latest increase by the biggest mortgage lender in the UK will spook buyers and sellers alike not to mention those due to re-mortgage in the next few months," Lewis Shaw from broker Shaw Financial Services said. Property website Rightmove said on Tuesday this was the first week since January that rates have averaged 5% or more across all LTV brackets.

Persons: Liz Truss, Lewis Shaw, Rightmove, Andy Bruce, Lisa Shumaker Organizations: Bank of England, Halifax, Lloyds Banking Group, Nationwide Building Society, Shaw Financial Services, Thomson Locations: Halifax

☆ Nova Scotia: Why are wildfires raging in Canada's eastern province?
▼ + stars: | 2023-06-02 | by ( Nia Williams | ) www.reuters.com time to read: +4 min

[1/2] Smoke rises from a wildfire in Hammonds Plains, Nova Scotia, Canada, May 28, 2023 in this screengrab obtained from a social media video. HOW UNUSUAL ARE WILDFIRES IN NOVA SCOTIA? Atlantic Canada received low snowfall this winter, followed by an exceptionally dry spring. Weather forecasts show a period of cooler, wetter air is moving into Atlantic Canada on Friday, providing much-needed relief. The Weather Network's longer-term forecast expects Nova Scotia temperatures to be slightly warmer than normal for the rest of the summer.

Persons: Bill Blair, Michael Carter, Ellen Whitman, Whitman, Nia Williams, Michael Perry Organizations: REUTERS, Public Safety, Atlantic Canada, Halifax, Weather Network, Canadian Forest Service, Atlantic, Thomson Locations: Hammonds Plains , Nova Scotia, Canada, Nova Scotia, Nova, Acadian, Nova Scotia's, Halifax, Hurricane, Atlantic Canada, North America

☆ Explainer: Why are wildfires raging in Canada's eastern Nova Scotia province?
▼ + stars: | 2023-06-02 | by ( Nia Williams | ) www.reuters.com time to read: +4 min

☆ Canada sends military to help battle blazes in Nova Scotia
▼ + stars: | 2023-06-01 | by ( Steve Scherer | ) www.reuters.com time to read: +2 min

[1/2] Smoke from the Tantallon wildfire rises over houses in nearby Bedford, Nova Scotia, Canada, May 28, 2023. Nova Scotia is battling two large fires that are threatening communities on the outskirts of the provincial capital, Halifax. The armed forces would provide equipment and personnel to relieve firefighters "who have been working tirelessly around the clock to protect communities right across Nova Scotia", Blair said. The federal government sent the military to Alberta last month to help battle blazes there and Canada is also getting help from other countries. Some 800 U.S. firefighters have come to battle the blazes, mostly in Alberta, with another 100 are scheduled to arrive in Nova Scotia over coming days, officials said.

Persons: Eric Martyn, Bill Blair, Blair, Justin Trudeau, Steve Scherer, Anirudh Saligrama, Sharon Singleton, Robert Birsel Organizations: REUTERS, OTTAWA, CBC News, CBC, Twitter, Thomson Locations: Bedford , Nova Scotia, Canada, Nova Scotia, Halifax, Alberta, Quebec, Australia, New Zealand, South Africa

☆ Raging wildfire empties homes in eastern Canada, pollutes air in US
▼ + stars: | 2023-05-31 | by ( Eric Martyn | ) www.reuters.com time to read: +3 min

The fire, which is about 30 kilometres (19 miles) west of downtown Halifax, has already forced 18,000 people to evacuate their homes. No fatalities have been reported but about 200 homes, structures have been damaged, the CBC reported, citing the Halifax Regional Municipality. Forest fires also led to evacuations of about 400 homes in the province of New Brunswick over the weekend, officials said. "The stories and the images we're seeing coming out of Nova Scotia and New Brunswick are heartbreaking," Prime Minister Justin Trudeau told reporters in Ottawa, pledging federal support for the Atlantic provinces. The Halifax wildfire was expected to cause poor air quality hundreds of miles to the south in parts of the U.S. East Coast and Midwest as smoke drifts across the regions.

Persons: David Steeves, Justin Trudeau, what's, Brendan O'Brien, Ismail Shakil, Sriraj Kalluvila, Marguerita Choy, Deepa Babington Organizations: HALIFAX, U.S, Nova, Nova Scotia Department of Natural Resources, CBC, CBC News, U.S ., National Weather Service, Thomson Locations: Nova Scotia, Halifax, Canadian, Halifax Regional Municipality, New Brunswick, Ottawa, Atlantic, Bedford , Nova Scotia, West Bedford, Alberta, U.S . East Coast, Midwest, Michigan, Ohio, Pennsylvania , New Jersey, New York, Philadelphia, Chicago

☆ Eastern Canada's Halifax declares emergency over wildfire
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

[1/3] Large plumes of smoke rise from a wildfire raging in the Upper Tantallon area, as seen from Hubley, Nova Scotia, Canada May 28, 2023 in this screen grab obtained from a social media video. Ben Britton/via REUTERSMay 28 (Reuters) - The eastern Canadian city of Halifax declared a state of local emergency late on Sunday after a wildfire caused evacuations and power outages. "Emergency responders are working around the clock to keep people safe and reduce the threats posed by the fires," the municipal authority in the capital of Nova Scotia province said in a press release. The state of emergency would be in effect for seven days, unless lifted or extended, the municipality said. Nova Scotia Power had temporarily disconnected power in the affected area, it said on Twitter.

[1/3] Smoke from the Tantallon wildfire rises over houses in nearby Bedford, Nova Scotia, Canada, May 28, 2023. REUTERS/Eric MartynHALIFAX, May 29 (Reuters) - A wildfire in the eastern Canadian city of Halifax led to mandatory evacuation orders for thousands of homes, with officials saying residents are not allowed to return until advised by municipal authorities. These suburban communities are home to many of the city's workers and are situated about 15 miles from Halifax. The wildfire, aided by strong winds and tinder-dry woods, damaged dozens of homes and also hampered rescue services. But most of those fires have since been brought under control, helping oil and gas production to resume.

☆ Confidence returning to UK housing market as asking prices jump: Rightmove
▼ + stars: | 2023-05-21 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

"One reason for this increased confidence may be that the gloomy start-of-the-year predictions for the market are looking increasingly unlikely," Tim Bannister, director of property science at Rightmove, said. Earlier this year, British house prices were forecast by sector analysts to fall by as much as 15% by mid-2024. Rightmove said mortgage rates had been stable on a week-to-week basis. Mortgage lender Halifax said earlier this month that property prices grew at the slowest annual pace in over 10 years in April. But rival Nationwide said prices rose by a monthly 0.5% in April after falling for the seven previous months.

☆ British home-buyers, facing higher interest rates, retreat in April - RICS
▼ + stars: | 2023-05-10 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

LONDON, May 11 (Reuters) - British property surveyors reported a drop in demand in April as new buyers turned more cautious ahead of the Bank of England's latest expected interest rate increase, an industry survey showed on Thursday. The Royal Institution of Chartered Surveyors (RICS) said its measure of new buyer enquiries fell to a net balance of -37 in last month from -30 in March, the lowest since January. Simon Rubinsohn, chief economist at RICS, said the survey pointed to challenges in terms of sales and lettings. The net balance of agreed house sales across Britain fell slightly but respondents noted a pick-up in the number of properties on the market. Data from mortgage lender Halifax published on Tuesday showed house prices grew at the slowest annual pace in more than 10 years in April.

☆ London stocks fall on caution ahead of U.S. inflation data
▼ + stars: | 2023-05-09 | by ( Shashwat Chauhan | ) www.reuters.com time to read: +2 min

The blue-chip FTSE 100 (.FTSE) fell 0.3% after a holiday on Monday for the official coronation of King Charles over the weekend, while the FTSE 250 midcap index (.FTMC) was down 0.7%. "Travel stocks have had a really nice run for the last few days," said Christopher Peters, trading floor manager at Accendo Markets. "From mid-April, we've seen a decline in oil prices. That has an effect on costs for the airlines and travel stocks." Energy stocks (.FTNMX601010) dipped 1.2%, as oil prices relinquished some of the strong gains of the previous two sessions ahead of U.S. inflation data due on Wednesday.

☆ UK annual house price growth hits 10-year low: Halifax
▼ + stars: | 2023-05-09 | by ( ) www.reuters.com time to read: +1 min

LONDON, May 9 (Reuters) - British house prices rose in annual terms by just 0.1% in April, their smallest year-on-year increase since December 2012, mortgage lender Halifax said on Tuesday. Prices fell by 0.3% in month-on-month terms, the first drop this year, after a 0.8% increase in March. Despite the weakness in the market last month, Halifax said it sensed less volatility. Other gauges of the housing market have shown a more stable picture in recent months after the economic plans of former prime minister Liz Truss announced in September triggered turmoil in the mortgage market. "Alongside a market-wide uptick in mortgage approvals, these latest figures may indicate a more steady environment," Kim Kinnaird, director of mortgages at Halifax, said.

☆ UK house prices rise 5.5% year-on-year in February
▼ + stars: | 2023-04-19 | by ( ) www.reuters.com time to read: 1 min

LONDON, April 19 (Reuters) - British house prices increased by 5.5% in the 12 months to February, the Office for National Statistics (ONS) said on Wednesday, slowing from January’s upwardly revised 6.5% rise. London was the region with the lowest annual growth, the ONS said, with prices there up 2.9%. More recent gauges of Britain’s housing market have shown a mixed picture. Mortgage lender Nationwide last month reported a 3.1% fall in house prices in the year to March, while rival Halifax said prices rose 1.6% in year-on-year terms. Reporting by Suban Abdulla, editing by Andy BruceOur Standards: The Thomson Reuters Trust Principles.

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