DIRS.INFO The most relevant business & tech news

☆ Burberry's London runway show dominated by padded bags and blue-soled heels
▼ + stars: | 2023-09-18 | by ( Suban Abdulla | ) www.reuters.com time to read: +3 min

[1/4] Models present creations at the Burberry catwalk show during London Fashion Week in London, Britain, September 18, 2023. REUTERS/Hollie Adams Acquire Licensing RightsLONDON, Sept 18 (Reuters) - Burberry's (BRBY.L) Daniel Lee on Monday unveiled new accessories and a colourful take on British heritage in his second collection showing at London Fashion Week. The 37-year-old creative director's spring-summer 2024 collection, a highlight of London Fashion Week, introduced interlink chain prints and a new vibrant "Knight Blue" colour. Silhouettes on Monday's catwalk were elongated and accessorised with padded bags in khaki as well as leather structured bags in red, white and green. The designer is tasked with expanding Burberry's leather goods and accessories offerings.

Persons: Hollie Adams, Daniel Lee, Lee, Bradford, Jonathan Akeroyd's, Riccardo Tisci, Edward Enninful, Jodie Comer, Kylie Minogue, Naomi Campbell, Suban Abdulla, William Maclean Organizations: Burberry, London, REUTERS, Monday, London Fashion, Bond, Vogue, Arsenal, England, Bukayo, Thomson Locations: London, Britain, Highbury Fields, North London

☆ UK manufacturing trade body cuts outlook for 2023
▼ + stars: | 2023-09-17 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

REUTERS/Phil Noble/File Photo Acquire Licensing RightsLONDON, Sept 18 (Reuters) - Britain's main manufacturing trade body on Monday cut its forecast for the sector's growth for this year and next, citing a sharp fall in factory output and economic uncertainty. Trade body Make UK expects output to fall 0.5% in 2023, down from its June forecast for a 0.3% drop, and grow just 0.5% in 2024. "Manufacturers are seeing a very sharp slowdown in activity as the potent cocktail of rising interest rates, cost of living and slowing overseas markets bites hard," Verity Davidge, policy director at Make UK said. "But it is the scale of the fall in the indicators this quarter that comes as a surprise and highlights the extent of the slowdown on UK manufacturing." Make UK's quarterly survey said the balance for manufacturing output was the weakest performance for production since the last quarter in 2020, during the COVID-19 pandemic.

Persons: Phil Noble, Verity Davidge, Richard Austin, Suban Abdulla, Andy Bruce Organizations: Rover, REUTERS, Make, Bank of England, Bank of, BDO, Manufacturers, Thomson Locations: Solihull, Britain, July's

☆ Asking prices for UK homes pick up slightly despite summer slowdown: Rightmove
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +2 min

A rainbow is seen over apartments in Wandsworth on the River Thames as UK house prices continue to fall, in London, Britain, August 26, 2023. Rightmove said average asking prices for homes increased by 0.4% from the sharp 1.9% drop in the month before, but below the ten-year average of a 0.6% rise in September. A closely-watched Royal Institution of Chartered Surveyors report last week showed a sharp contraction in the market was underway. Rightmove said the number of home sales was down 7% compared with 2019, before the pandemic distorted the market. It said the rate of reduction in asking prices and the number of homes reduced in price hit the highest since January 2011.

Persons: Kevin Coombs, Rightmove, Tim Bannister, Bannister, Suban Abdulla Organizations: REUTERS, Bank of England, Royal Institution, Chartered Surveyors, Bank of England's, Nationwide, Thomson Locations: Wandsworth, London, Britain, Halifax

☆ Tropical Maldives heads to polls closely watched by India and China
▼ + stars: | 2023-09-09 | by ( Mohamed Junayd | ) www.reuters.com time to read: +1 min

A Maldives national flag flutters as pigeons fly past during the morning in Male February 8, 2012. "August’s poll reveals a majority of voters, 53%, remain undecided just three weeks before the first round vote on 9 September. This month’s poll has seen the most ‘undecideds’ since Baani began its monthly poll in April," the organisation said in a statement. If no candidate manages to secure 50% plus one vote, there will be a second round vote on Sept. 30 to decide the winner. Reporting by Mohamed Junayd, writing by Uditha Jayasinghe, editing by Nick MacfieOur Standards: The Thomson Reuters Trust Principles.

Persons: Dinuka, Ibrahim Solih, Mohamed Muizzu, Muizzu, Abdulla Yameen, undecideds, Baani, Mohamed Junayd, Uditha Jayasinghe, Nick Macfie Organizations: REUTERS, Baani, Thomson Locations: Maldives, COLOMBO, India, China

Governor of the Bank of England Andrew Bailey speaks as he attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Thursday, August 3, 2023. "But I think we are much nearer to it on interest rates on the basis of current evidence." It is expected to raise borrowing costs again later this month, taking Bank Rate to 5.5%. In May, Bailey told the same panel of lawmakers that the BoE was "nearer" to the peak in interest rates. After that, the central bank increased Bank Rate in June and in August.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, we're, we've, Bailey, BoE, I've, Jon Cunliffe, Cunliffe, Swati Dhingra, Dhingra, Farouq Suleiman, Suban Abdulla, Kylie MacLellan, William Schomberg, Sharon Singleton Organizations: Bank of England, Monetary, Companies Bank of England, Treasury, Thomson Locations: London, British

☆ UK's Barratt flags tough housing market conditions after annual profit fall
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A company logo is seen on a banner outside a Barratt Homes housing development in Warrington, Britain, August 23, 2023. REUTERS/Phil Noble/File Photo Acquire Licensing RightsSept 6 (Reuters) - Britain's largest homebuilder Barratt Developments (BDEV.L) flagged difficult trading conditions over the coming months after it posted a fall in annual profit on Wednesday, as high mortgage rates and a cost-of-living squeeze pummel demand. Affordability concerns stoked by high mortgage rates and a prolonged cost-of-living crisis have weighed on the UK housing market, with indicators on everything from mortgage demand to construction rates and prices sliding in recent months. Barratt said the UK housing market remained difficult and the outlook uncertain, adding that it expected average sales sites to reduce by around 6% in the current fiscal year. British house prices in August were 5.3% lower than a year earlier, their biggest annual decline since July 2009, mortgage lender Nationwide said on Friday.

Persons: Phil Noble, Barratt, David Thomas, Aby Jose Koilparambil, Suban Abdulla, Subhranshu Sahu, Christopher Cushing Organizations: Barratt Homes, REUTERS, FTSE, Nationwide, Credit Suisse, Thomson Locations: Warrington, Britain, Bengaluru, London

☆ UK builders suffer sharp fall in orders as rates rise -PMI
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

Workers stand on scaffolding at a residential building in London, Britain, March 7, 2016. Builders cited weaker economic conditions, cutbacks to new building projects and local planning delays as factors holding back house-building activity. S&P said total new orders for the construction sector fell at the fastest pace since May 2020. "Resilient demand for commercial work and infrastructure projects are helping to keep the construction sector in expansion mode for now," Moore said. However, forward-looking measures of the construction PMI fell, with business activity expectations for the year ahead the weakest since January.

Persons: Toby Melville, Tim Moore, Moore, Suban Abdulla, William Schomberg, Catherine Evans Organizations: REUTERS, P, P Global Market Intelligence, Builders, Bank of England's, PMI, Thomson Locations: London, Britain

But five months later, the overall number of people filing refugee claims in Canada has risen instead of falling. But it has sought to discourage those applying for asylum, chiefly through an agreement with the U.S. under which each country turns back asylum seekers. Asylum seekers are drawn by Canada's reputation for swifter processing and greater acceptance of asylum applications compared to the U.S. But overall, the number of asylum seekers entering Canada has surged. People applying at airports comprised about a third of all refugee claims made in July, up from about 16% in March.

Persons: Shauna Labman, Joe Biden's, Craig Damian Smith, Remi Lariviere, Lariviere, Abdulla Daoud, Loly Rico, Hana Bakhit, Maureen Silcoff, Silcoff, Grace Nanziri, Anna Mehler, Denny Thomas, Deepa Babington Organizations: Reuters, Human, University of Winnipeg, U.S, European Union, Centre for Refugee Studies, York University, FCJ Refugee, REUTERS, Refugee Centre, FCJ, Thomson Locations: Canada, U.S, Toronto, Quebec, New York, United States, Mexico, Haiti, Turkey, Colombia, India, Rwanda, Montreal, Canada's, Sudan, Uganda

☆ UK pay deals cool for first time in 2023, easing pressure on BoE: XpertHR
▼ + stars: | 2023-08-22 | by ( ) www.reuters.com time to read: +1 min

Median basic pay deals in the three months to the end of July fell to 5.7% following six consecutive quarters at a record 6%, human resources publication and data provider XpertHR said. Pay awards remained below the rate of inflation. Sheila Attwood, senior content manager at XpertHR, said pay awards had likely hit their peak and expects the gap between pay deals and inflation to narrow. However, official figures from the Office for National Statistics showed annual wage growth excluding bonuses rose to 7.8% in the three months to June, the highest in records going back to 2001. XpertHR said median pay awards for the public sector stood at 5% in the year to July, up from 3.2% in the year before.

Persons: Kevin Coombs, XpertHR, BoE, Sheila Attwood, Attwood, Suban Abdulla, Andy Bruce Organizations: REUTERS, Companies Bank of England, Bank of England, Office, National Statistics, Thomson Locations: Canary Wharf, London, Britain, XpertHR

That professionalisation has underpinned the success of the ninth Women's World Cup, which ended on Sunday with Spain beating England by a single goal in a final that pitted the two European countries with the strongest domestic leagues against each other. Attracting record crowds and television audiences, the tournament buoyed hopes that the women's game can start to bridge the yawning financial gap that exists with the men. TV BLACKOUTIn broadcast rights, the women's game has struggled to compete. The FIFA president, Gianni Infantino, threatened Europe's "Big 5" nations with a TV World Cup blackout unless their broadcasters upped their offers. But both Chadwick and Carlota Planas, a Spain-based women's' football agent representing several World Cup players, argued that the women's game now offers the values of tenacity, resilience and togetherness, which can appeal to advertisers.

Persons: Stoke City's, Molly Holder, Spain's, Olga Carmona, Sunday's, Gianni Infantino, Jill Ellis, Lisa Parfitt, Jill Scott, Chloe Kelly, Ella Toone, Kieran Maguire, Simon Chadwick, Chadwick, Carlota Planas, Planas, let's, Holder, Kate Holton, Nick Mulveney, Helen Reid, Suban Abdulla, Matt Scuffham Organizations: Stoke City women's, Reuters, Stoke City FC, REUTERS Acquire, Stoke, Spain, England, Deloitte, Real Madrid, Real Madrid men's, FIFA, Women, Football, Germany, University of Liverpool, Wembley, Super League, men's Premier League, Manchester City, Arsenal, School, Thomson Locations: Stoke, Trent, Britain, Handout, STOKE, England, MADRID, Spain, France, Germany, Italy, United States, Manchester, Chelsea, Liverpool, Sydney, London

Human Rights Watch/Handout via REUTERS Acquire Licensing RightsDUBAI/HARAR, Ethiopia, Aug 21 (Reuters) - Saudi Arabian border guards have killed hundreds of Ethiopian migrants, including women and children, who attempted enter the kingdom along its mountainous border with Yemen, Human Rights Watch (HRW) said on Monday. In a 73-page report, the rights group said Saudi guards used explosive weapons to kill some migrants and shot at others from close range. Saudi authorities have also strongly denied allegations made by U.N. officials in 2022 that border guards systematically killed migrants last year. HRW said it based its report on witness testimony as well as 350 videos and photos of wounded and killed migrants, and satellite imagery showing the location of Saudi Arabian guard posts. A letter issued by the kingdom's U.N. mission in March 2023 rejected the allegation, saying that Saudi border security regulations "ensure humane treatment...no form of mistreatment or torture is tolerated."

Persons: U.N, Nadia Hardman, Hardman, Mustafa Sofian Mohammed, Mustafa, Sofian Mohammed Abdulla, Mustafa's, Stephane Dujarric, Andrew Mills, Emma Farge, Daphne Psaledakis, Dawit, Daniel Flynn Organizations: Human Rights, REUTERS Acquire, Rights, Rights Watch, Saudi, Ethiopian, Reuters, State Department, Al, Al Thawra Hospital, International Organization for Migration, Hallelujah, HRW, Rehabilitation, Torture, UN Human Rights, Gulf Bureau, Tiksa, Milan Pavicic, Thomson Locations: Ethiopia, Saudi Arabia, Yemen, Rights DUBAI, HARAR, Saudi Arabian, Saudi, Addis Ababa, U.S, Tigray, Horn of Africa, Aden, Ethiopian, Harar, Al Thawra, Sanaa, Addis, New York, Gulf, Tiksa Negeri, Milan, Gdansk, Geneva, Washington

☆ Asking prices for UK homes drop sharply - Rightmove
▼ + stars: | 2023-08-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Toby Melville/File photo Acquire Licensing RightsLONDON, Aug 21 (Reuters) - Asking prices for homes in Britain fell sharply this month as rising mortgage costs caused sellers to lower their expectations of what they can get for their properties, an industry survey showed on Monday. Website Rightmove said average asking prices for homes dropped by 1.9%, the biggest monthly fall for August since 2018 and twice as steep as the usual summertime fall. Mortgage lenders Nationwide and Halifax both previously reported falls in selling prices in July. Rightmove's survey also showed the number of home sales was down 15% compared with 2019, before the pandemic. Average asking prices for homes were 2% below their peak in May but, reflecting the surge in demand during the pandemic, remained 19% higher than in August 2019, Rightmove said.

Persons: Toby Melville, Rightmove, William Schomberg, Suban Abdulla Organizations: REUTERS, Bank of England, Nationwide, Halifax, Homes, Thomson Locations: Bristol, Britain

☆ Michael Parkinson, UK's 'king of the chat show', dies aged 88
▼ + stars: | 2023-08-17 | by ( Kylie Maclellan | ) www.reuters.com time to read: +3 min

LONDON, Aug 17 (Reuters) - British broadcaster Michael Parkinson, best known for interviewing some of the world's biggest celebrities on his long-running eponymous chat show, has died aged 88. After moving into current affairs television in the late 1960s, he was given his own prime-time chat show 'Parkinson' by the BBC in 1971. "After a brief illness Sir Michael Parkinson passed away peacefully at home last night in the company of his family," a family statement said. Parkinson later said he regretted getting angry with the actress. While he listed U.S. film director Orson Welles as one of his favourite guests, Parkinson also acknowledged many would simply recall the show where he was attacked by comedian Rod Hull's puppet Emu.

Persons: Michael Parkinson, Parkinson, Muhammad Ali, Elton John, John Lennon, Michael Caine, Madonna, Michael, Tim Davie, Ali, Parkinson sparred, Nick Robinson, Mary, Sir Michael Parkinson, Helen Mirren, Meg Ryan, Mirren, Ryan, Orson Welles, Rod Hull's, Kylie MacLellan, Suban Abdulla, Kate Holton, William James, Michael Holden, Christina Fincher Organizations: BBC, National Service, ITV, U.S, Twitter, Thomson Locations: British, Yorkshire, England

☆ Britain's Bellway says new home sales to fall 'materially'
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toby Melville/File PhotoAug 9 (Reuters) - Britain's Bellway (BWY.L) said on Wednesday it would build fewer homes this year and warned that it expects sales completions to drop "materially" amid a sharp housing sector slowdown triggered by higher mortgage rates. Bellway said it built 10,945 homes in the fiscal year ended July 31, slightly down from the guidance of 11,000 units. "In the current financial year, given the level of the order book and prevailing low reservation rates, legal completions are expected to decrease materially," it said in a statement. Bellway, whose builds range from one-bedroom apartments to six-bedroom family homes, said its full-year overall reservation rate fell 28.4% to 156 per week, and it also saw a steep fall from 190 units during the Feb. 1-June 4 period. Bellway's mid-cap competitors Crest Nicholson (CRST.L) and Vistry (VTYV.L) have said high mortgage rates were hampering demand from first-time buyers.

Persons: Toby Melville, Bellway, Barratt, Aby Jose Koilparambil, Suban Abdulla, Subhranshu Sahu, Paul Sandle, Alexander Smith Organizations: REUTERS, FTSE, Berkeley, Thomson Locations: London, Britain, Newcastle, England, Bengaluru

☆ UK moves some asylum seekers to barge on southern coast
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: +2 min

[1/5] Some officials are aboard the Bibby Stockholm barge at Portland, near Poole, Britain, August 7, 2023. REUTERS/Toby MelvillePORTLAND, England, Aug 7 (Reuters) - Britain began moving some migrants on to a large residential barge on its southern coast on Monday, as part of plans to use cheaper alternatives to hotels as temporary accommodation while asylum claims are processed. The government says it wants to limit the "pull" factors attracting asylum seekers to Britain, where more than 50,000 are currently living in hotels after they made the final part of their journey in small dinghies across the Channel. The government has said the Bibby Stockholm barge will only house single men and provide "basic and functional" accommodation, along with healthcare provision, catering facilities and onboard security. "The welfare of asylum seekers in our care is of the upmost importance," a spokesperson for the interior ministry said.

Persons: Toby Melville, Sarah Dines, Bibby, Sachin Ravikumar, Suban Abdulla, Kate Holton Organizations: REUTERS, Sky, Thomson Locations: Bibby Stockholm, Portland, Poole, Britain, Toby Melville PORTLAND, England, Iraq, Iran, Syria, Afghanistan, Albania

☆ UK hiring falls at fastest pace in over three years, wage growth slows
▼ + stars: | 2023-08-06 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

Workers travel through London Bridge rail and underground station during the morning rush hour in London, Britain, September 8, 2021. A gauge of permanent staff hiring by the Recruitment and Employment Confederation and accountants KPMG fell to 42.4, the lowest since the 34.3 in June 2020 when the country was in lockdown due to the COVID-19 pandemic. While starting pay for new permanent staff rose sharply by pre-pandemic standards, the rate of wage growth was the lowest since April 2021, REC said. Official data showed unemployment rose to 4% in the three months to May, a 16-month high, although annual wage growth remained at a record high of 7.3% in cash terms. REC said the availability of both temporary and permanent workers to fill jobs hit the highest since December 2020.

Persons: Toby Melville, Neil Carberry, Claire Warnes, Suban Abdulla, David Milliken Organizations: REUTERS, KPMG, REC, Bank of England, BDO, Thomson Locations: London, Britain

[1/5] Irish singer Sinead O'Connor performs on stage during the Carthage Jazz Festival in Tunis April 4, 2013. REUTERS/Zoubeir Souissi/File PhotoDUBLIN, July 26 (Reuters) - Sinead O'Connor, the Irish singer known for her stirring voice, 1990 chart topping hit "Nothing Compares 2 U" and outspoken views, has died at the age of 56, Irish media quoted her family as saying on Wednesday. "It is with great sadness that we announce the passing of our beloved Sinead. However, it was track six on the follow-up album, "I Do Not Want What I Haven't Got", that catapulted O'Connor to global fame. O'Connor converted to Islam in 2018 and changed her name to Shuhada Sadaqat, though continued to perform under the name Sinead O'Connor.

Persons: Sinead O'Connor, Zoubeir, Brash, – O'Connor, Sinead, O'Connor, Prince, Pope John Paul II, Leo Varadkar, Nua, Shuhada, Padraic Halpin, Graham Fahy, Suban Abdulla, Kylie MacLellan, Rosalba O'Brien Organizations: Carthage Jazz Festival, REUTERS, RTE, YouTube, Catholic, Twitter, U.S, Thomson Locations: Carthage, Tunis, Irish, Ireland, Dublin, Glenageary, London

[1/5] Irish singer Sinead O'Connor performs on stage during the Carthage Jazz Festival in Tunis April 4, 2013. REUTERS/Zoubeir Souissi/File PhotoDUBLIN, July 26 (Reuters) - Sinead O'Connor, the Irish singer known for her stirring voice, 1990 chart-topping hit "Nothing Compares 2 U" and outspoken views, has died at the age of 56, Irish media quoted her family as saying on Wednesday. "It is with great sadness that we announce the passing of our beloved Sinead. 'PROTEST SINGER'Sinead Marie Bernadette O'Connor was born in the affluent Dublin suburb of Glenageary on December 8, 1966. O'Connor converted to Islam in 2018 and changed her name to Shuhada Sadaqat, though continued to perform under the name Sinead O'Connor.

Persons: Sinead O'Connor, Zoubeir, Brash, – O'Connor, Sinead, O'Connor, Prince, Pope John Paul II, Michael D, Higgins, Sinead Marie Bernadette O'Connor, Nua, Shuhada, Dave Fanning, Padraic Halpin, Graham Fahy, Suban Abdulla, Amanda Ferguson, Kylie MacLellan, Rosalba O'Brien Organizations: Carthage Jazz Festival, REUTERS, RTE, Church, Irish, Channel, Thomson Locations: Carthage, Tunis, Irish, Ireland, Dublin, Glenageary, London

☆ Reactions to the death of singer Sinead O'Connor
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

IRISH-AMERICAN DANCER MICHAEL FLATLEY"Dear Sinead, I pray your troubled soul is at peace. IRISH PRIME MINISTER LEO VARADKAR"Really sorry to hear of the passing of Sinead O'Connor. Her music was loved around the world and her talent was unmatched and beyond compare. IRISH FOREIGN MINISTER MICHEAL MARTIN"Devastated to hear of the passing of Sinead O'Connor. Rest In Peace, Sinead you are home with your son I am sure."

Persons: Sinead O'Connor, MICHAEL D, HIGGINS, MICHAEL FLATLEY, Sinead, TIM BURGESS, MICHEAL MARTIN, HUMZA YOUSAF, Shuhada, CONOR MCGREGOR, MARIAN KEYES, Kylie MacLellan, Suban Abdulla, Padraic Halpin, Rosalba O'Brien Organizations: Irish, RTE, LEO, AMERICAN, ICE, SCOTTISH FIRST, UFC, Thomson Locations: Ireland

☆ 'Reality bites': High inflation and rates hit UK consumer confidence
▼ + stars: | 2023-07-20 | by ( Suban Abdulla | ) www.reuters.com time to read: +2 min

Market research firm GfK's headline gauge of consumer confidence fell to -30 this month from -24 in June, the first decline since January, and below the -26 forecast in a Reuters poll of economists. The fall was the biggest month-on-month drop in GfK's confidence measure since March to April 2022 when inflation accelerated after Russia's invasion of Ukraine. Staton said the recent slowdown in inflation will do little to improve consumer confidence. The Bank of England has increased interest rates at 13 meetings in a row since the end of 2021, raising its Bank Rate to 5% in June. The resilience of consumer confidence in the first half of this year was helped by low levels of unemployment and separate data published on Friday showed employers still seeking to hire.

Persons: Joe Staton, Staton, " Staton, Neil Carberry, Suban Abdulla, William Schomberg Organizations: Bank of, Confederation, Thomson Locations: Ukraine, Bank of England

☆ Vistry flags tough housing market, reiterates profit forecast
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

July 20 (Reuters) - British homebuilder Vistry Group (VTYV.L) on Thursday joined its bigger rivals in flagging an intensifying slowdown in the housing market but retained its annual profit forecast, reflecting resilience in its key affordable homes business. The FTSE 250 (.FTMC) firm, which works with local authorities and housing associations to build affordable homes, expects adjusted pre-tax profit for the year ending Dec. 31 to be in excess of 450 million pounds. Vistry, which is typically better insulated against housing market shocks as demand for affordable housing is high, said it was able to mitigate the slowdown in the market through bulk transactions in both its Partnerships and Housebuilding businesses. However, the group said its Housebuilding business, which is similar to its rivals' operations, had faced "more challenging market conditions" in the half-year period with the broader macro-economic challenges particularly impacting first-time buyers. Reporting by Suban Abdulla in London and Aby Jose Koilparambil in Bengaluru; Editing by Sonia Cheema and Kate HoltonOur Standards: The Thomson Reuters Trust Principles.

Persons: Greg Fitzgerald, Suban Abdulla, Aby Jose Koilparambil, Sonia Cheema, Kate Holton Organizations: Vistry, Thursday, FTSE, Bank of England, British, Countryside, Thomson Locations: British, London, Bengaluru

☆ UK rents climb a third above pre-COVID levels as tenant demand remains firm
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +2 min

Advertised rents are 9.3% higher than a year ago and 33% more than in 2019, before the COVID-19 pandemic. Tim Bannister, Rightmove's director of property science, said the big increase in rents since the pandemic reflected a significant surge in demand from tenants and contrasted with stagnant rents from 2015 to 2019. Rightmove said there were 7% more properties available for rent than a year ago, but 42% fewer than in 2019. Rightmove said 16% of properties for sale were previously on the rental market, up from 13% in January 2019. Tenant demand was 3% higher than in the same period in 2022 and 42% higher than 2019, Rightmove added.

Persons: Rightmove, Tim Bannister, Suban Abdulla, David Milliken Organizations: Thomson Locations: Britain, London

☆ UK two-year fixed mortgage rates fall for first time since May
▼ + stars: | 2023-07-20 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Phil Noble/File PhotoLONDON, July 20 (Reuters) - A key British mortgage rate fell on Thursday for the first time in nearly two months, coming off the previous day's 15-year high as concerns about the outlook for inflation and Bank of England interest rates eased. The average two-year fixed residential mortgage rate - the most common form of home finance - fell to 6.79%, its first drop since May 27, from 6.81% on Wednesday, figures from financial data provider Moneyfacts showed. Those concerns in turn pushed two-year fixed-rate mortgages above the peak they hit last October, when then Prime Minister Liz Truss' budget plans caused turmoil in Britain's bond market. However, a lower-than-expected consumer price inflation reading on Wednesday caused BoE rate rise expectations to weaken and pushed down two-year swap rates which underpin mortgage borrowing costs. The average interest rate for a mortgage with a five-year fixed-rate period also fell on Thursday, edging down to 6.31% from 6.33% on Wednesday, Moneyfacts said.

Persons: Phil Noble, BoE, Liz Truss, Moneyfacts, Suban Abdulla, William Schomberg Organizations: REUTERS, Bank of, Moneyfacts, Investors, Thomson Locations: Manchester, Britain, Bank of England, BoE's

☆ British pay awards still lag inflation, but hold at record 6%: XpertHR
▼ + stars: | 2023-07-18 | by ( ) www.reuters.com time to read: +2 min

Britain's households have been grappling with the highest rate of consumer price inflation among the major rich economies. The latest inflation data is due to be published later on Wednesday. XpertHR said median pay deals for the public sector stood at 4.5% in the year to June. Prime Minister Rishi Sunak last week offered wage increases of between 5% and 7% to several groups of public sector workers, to help settle months of public sector strikes. However, the pay rises were below Britain's inflation rate, and industrial action is still scheduled to take place over the coming weeks, with airport and public transport workers among others planning to walk out.

Persons: Kevin Coombs, Sheila Attwood, XpertHR, Rishi Sunak, Suban Abdulla, Andy Bruce Organizations: REUTERS, Kevin Coombs LONDON, Reuters, Bank of England, Thomson Locations: Canary Wharf, London, Britain, XpertHR

☆ Asking prices for UK homes slip as Bank of England's rates rises bite, survey shows
▼ + stars: | 2023-07-16 | by ( ) www.reuters.com time to read: +2 min

Property website Rightmove said average asking prices of homes coming onto the market declined by 0.2% last month, compared with the 0% norm for this time of the year. Tim Bannister, director of property science at Rightmove, said stubborn inflation and further mortgage rate rises contributed to the fall in prices and number of agreed sales. "The interest-rate brakes being applied more strongly to slow the economy are now beginning to bite in the housing market," Bannister said. The central bank increased its Bank Rate by more than expected to 5% in June, pushing up the cost of mortgage borrowing. Average two-year fixed mortgage rates reached a 15-year high last week.

Persons: Rightmove, Tim Bannister, Bannister, Suban Abdulla Organizations: ., Nationwide, Halifax, Bank of England, Thomson Locations: Britain

Search resuls for: "Abdulla"

25 mentions found