DIRS.INFO The most relevant business & tech news

☆ UK house prices fall for 4th month but market shows resilience - Halifax
▼ + stars: | 2023-08-07 | by ( William Schomberg | ) www.reuters.com time to read: +3 min

But the decline in house prices has so far been small compared with the surge in valuations during the COVID pandemic. Kim Kinnaird, director of Halifax Mortgages, said house prices were likely to continue falling into next year, echoing previous comments by the lender. A Reuters poll of analysts published in early June pointed to a 3% fall in house prices in 2023 before flat-lining in 2024. This should leave house prices 10.5% below their peak on the Nationwide measure." Nationwide, another mortgage lender, said last week its index of house prices fell by the most since 2009 in the 12 months to July.

Persons: Susannah Ireland, Kim Kinnaird, Kinnaird, Imogen Pattison, William Schomberg, Kate Holton, Bernadette Baum Organizations: City of, REUTERS, Halifax, Bank of England, Capital Economics, Nationwide, Thomson Locations: City, City of London, South London, Britain, Halifax

☆ This couple are driving around the world in a Land Rover together
▼ + stars: | 2023-08-04 | by ( Tamara Hardingham-Gill | ) edition.cnn.com time to read: +9 min

“It all started with a road trip in Belgium,” says 29-year-old Chazee, who was born in Thailand. Shared dreamNicolas Chazee and Mathilde Vougny are driving around the world in a Land Rover Defender named Albatross. Epic adventureVoughny, seen in Finland, says that she and Chazee thought their dream road trip was "unachievable" until they began researching it. “People joke that if you have a Land Rover, you’re also going to end up being a mechanic,” says Chazee. Next Meridian ExpeditionAside from the car problems, the couple say that the extreme weather conditions they’ve experienced have been among their biggest challenges so far.

Persons: Nicolas Chazee, Mathilde Vougny, ”, “, we’ve, ’ ”, they’d, Chazee, Vougny, ” Vougny, who’ve, they’ve, They’ve, you’re, I’ve, I’m, ” Chazee, he’s, they’ll, Next Meridian Expedition They’ve Organizations: CNN, Rover, Meridian Expedition, Rover Defender, Next Meridian, YouTube, Central America, “, Next, Next Meridian Expedition Locations: Brussels, Belgium, Thailand, Europe, France, Finland, Luxembourg, Netherlands, Germany, Denmark, Iceland, Sweden, Norway, Halifax, Canada, Alaska, Wyoming , Colorado , Utah, Arizona, California, Mexico, Belize, Guatemala, El Salvador, Honduras, Nicaragua, Costa Rica, Panama, Colombia, Ecuador, Peru, Australia, Chile, “, Central America, USA, Argentina, Antarctica, Asia, Africa

☆ Bank of England caught between inflation fight and recession risk
▼ + stars: | 2023-08-02 | by ( William Schomberg | ) www.reuters.com time to read: +5 min

A woman carrying a Union Flag umbrella stands near the Bank of England in the City of London, Britain, July 30, 2023. Analysts and investors are mostly expecting a quarter-point increase in Bank Rate, taking it to a 15-year high of 5.25%. But they also say they must quash an inflation rate that is the highest among major economies. INFLATION THREATBritish consumer price inflation fell by more than expected in June to 7.9% in annual terms, down sharply from 8.7% in May. Reuters GraphicsHOUSING MARKETThe most obvious impact of the increase in the BoE's Bank Rate from 0.1% in December 2021 to the current 5.0% has been in the housing market.

Persons: Adams, BoE, Andrew Bailey, Bailey, GfK, Sumanta Sen, Kripa Jayaram, Vincent Flasseur, Tomasz Janowski Organizations: Flag, Bank of England, City of, REUTERS, Analysts, Reuters, Nationwide, Halifax, insolvencies, Reuters Graphics LABOUR, Reuters Graphics Reuters, Reuters Graphics, Thomson Locations: City, City of London, Britain, BoE's, England, Wales, Germany

☆ A Dusty Fast-Food Costume Sets Off a Very Canadian Bidding War
▼ + stars: | 2023-07-26 | by ( Lauren Mccarthy | More About Lauren Mccarthy | ) www.nytimes.com time to read: +1 min

“There’s nothing like it, there really isn’t,” he said. Mr. Robinson, 35, is among dozens of people who have placed bids on an adult-size donair costume that is being auctioned off by the provincial government of Alberta in what has become an unlikely demonstration of the Halifax-born street food’s growing popularity across Canada. Bidding for the costume opened on July 14 at 50 Canadian dollars, or about $38. By Wednesday, bidders had pushed the price to just over 16,000 Canadian dollars, or roughly $12,000, with weeks to go before the online auction ends on Aug. 14. Mr. Robinson, a co-founder and owner of Blowers and Grafton, a chain of restaurants with six locations in Alberta that specializes in “authentic Halifax street food,” said he was willing to pay that much, or more, for the suit.

Persons: Josh Robinson, ”, Robinson Locations: Halifax , Nova Scotia, pita, Alberta, Halifax, Grafton

The market for e-bike delivery has grown dramatically in the past few years. Here's how startups, delivery companies, and city governments are improving safety. The explosion of delivery startups and e-bikes in the past few years has led to a new type of boom: increasing battery fires. "E-bike batteries are made up of a bunch of small batteries stacked together," Charlie Welch, ZapBatt's cofounder and CEO, said. JOCOOther startups, such as Popwheels, are engineering safe batteries that are compatible with the e-bikes delivery drivers already own.

Persons: —, Uber, Ravindra Kempaiah, Michael Pecht, Brian O'Connor, O'Connor, Charlie Welch, ZapBatt's, Welch, Jonathan Cohen, Grubhub, Jonathan A, Cohen, David Hammer, Hammer, Baruch Herzfeld, they've, We've Organizations: Bloomberg, Zen Electronics, University of Maryland, Fire Protection Association, UL Solutions, US Consumer Product Safety Commission, UL Locations: New York City, New York, Halifax , Nova Scotia, China, Carlsbad , California, Brooklyn , New York

[1/3] People embrace as they stand near damage to a road, after the heaviest rain to hit the Atlantic Canadian province of Nova Scotia in more than 50 years triggered floods, in Ellershouse, West Hants Regional Municipality, Nova Scotia, Canada July 23, 2023. REUTERS/John Morris/File PhotoOTTAWA, July 24 (Reuters) - Two of the four people missing after floods ripped through the Canadian Atlantic province of Nova Scotia over the weekend are dead, Premier Tim Houston said on Monday. The floods washed away roads, swamped buildings and damaged bridges and a Canadian National Railway (CNR.TO) track connecting with Halifax, Canada's fourth-largest port. Canadian National has already restored much of the damaged infrastructure, but some repairs will be delayed until the flood waters recede, company spokesman Scott Brown said. "With supply chains the reality is the longer the disruption lasts, the more severe the impact is," he said by phone.

Persons: John Morris, Tim Houston, Houston, Scott Brown, Lane Farguson, Farguson, David Ljunggren, Nia Williams, Aurora Ellis, Grant McCool Organizations: Atlantic, Ellershouse , West, Ellershouse , West Hants Regional, REUTERS, OTTAWA, Canadian, Monday, Police, Canadian National Railway, Canada's, Canadian National, U.S . Midwest, Thomson Locations: Atlantic Canadian, of Nova Scotia, Ellershouse ,, Ellershouse , West Hants, Ellershouse , West Hants Regional Municipality , Nova Scotia, Canada, Canadian Atlantic, Halifax, Europe, Asia, Ottawa, British Columbia

CNN —Three months’ worth of rain over the course of one day has flooded the Canadian province of Nova Scotia since Friday night, inundating streets, forcing evacuations and leaving at least four people missing – including two children. “We have had biblical proportions of rain over the night and into the day,” Halifax Mayor Mike Savage said Saturday. A man wearing chest waders walks past cars abandoned in floodwaters in a mall parking lot in Halifax, Nova Scotia, on Saturday. Darren Calabrese/The Canadian Press/APNorthern and eastern Nova Scotia are expected to see more rain Saturday night, while the forecast predicts rain in the central, western and southern areas will ease, officials said. “It came fast and it came furious.”Much of central Nova Scotia has seen severe flooding that deluged roads, forced water rescues and left “significant” property damage Saturday, Houston said.

Persons: “, Mike Savage, Premier Tim Houston, Houston, ” Houston, Darren Calabrese, ”, Kelly Ash, Savage, Fiona, Justin Trudeau, ” Trudeau, Nova, Nova Scotians Organizations: CNN, Halifax, Canadian Press, AP, CNN Canadian, CBC, Twitter, Houston, Nova Scotians Locations: Canadian, of Nova Scotia, Halifax, East Hants, West Hants, Lunenburg, Queens, Premier, Halifax , Nova Scotia, Nova Scotia, Houston

☆ Nova Scotia wrestles with aftermath of devastating floods
▼ + stars: | 2023-07-23 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

[1/2] Water flows through a washed-out culvert on the main CN Rail line which leads to the port of Halifax, after the heaviest rain to hit the Atlantic Canadian province of Nova Scotia in more than 50 years triggered floods, in Truro, Nova Scotia, Canada July 23, 2023. Nigel Gloade/Millbrook First... Read moreJuly 23 (Reuters) - The Atlantic Canada province of Nova Scotia began cleaning up on Sunday after torrential rainfall caused devastating flooding, while the search continued for four people including two children who went missing during the deluge. CBC meterologist Ryan Snoddon said it was the most rain to hit the provincial capital Halifax since Hurricane Beth in 1971. The resulting floods washed away roads, weakened bridges and swamped buildings, in what Nova Scotia premier Tim Houston described as "unimaginable damage"Nova Scotia declared a province-wide state of emergency late on Saturday night that will last until Aug. 5. Nova Scotia Power's outage map showed just over 5,000 customers were without electricity on Sunday, down from around 80,000 at the height of the storms.

Persons: Nigel Gloade, Read, CBC meterologist Ryan Snoddon, Hurricane Beth, Tim Houston, Nia Williams, Andrea Ricci Organizations: Atlantic, CBC, Hurricane, Nova, Royal Canadian Mounted Police, Thomson Locations: Halifax, Atlantic Canadian, of Nova Scotia, Truro , Nova Scotia, Canada, Millbrook, Atlantic Canada, Nova Scotia, British Columbia

OTTAWA, July 22 (Reuters) - The heaviest rain to hit the Atlantic Canadian province of Nova Scotia in more than 50 years triggered floods causing "unimaginable" damage, and four people are missing, including two children, officials said on Saturday. "We have a scary, significant situation," said Nova Scotia Premier Tim Houston, adding that at least seven bridges would have to be replaced or rebuilt. Authorities have declared a state of emergency in Halifax, the largest city in Nova Scotia, and four other regions. [1/7]Rescue personnel operates, in this video screengrab, in Bedford, Nova Scotia, Canada, July 21, 2023. Early on Saturday, authorities in northern Nova Scotia ordered residents to evacuate amid fears that a dam near the St. Croix River system could breach.

Persons: Nova Scotia Premier Tim Houston, Houston, Justin Trudeau, Mike Savage, Ryan Snoddon, David Ljunggren, Daniel Wallis, Richard Chang, Paul Simao Organizations: OTTAWA, Atlantic, Nova, Nova Scotia Premier, Authorities, Rescue, Halifax, Environment, Canadian Broadcasting Corp, Thomson Locations: Atlantic Canadian, of Nova Scotia, Nova Scotia, Toronto, Ottawa, Canada, United States, Halifax, Bedford , Nova Scotia, Houston, Environment Canada, St, Croix

☆ Nova Scotia says dam could breach, tells residents to get out
▼ + stars: | 2023-07-22 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, July 22 (Reuters) - Torrential rains lashing the Canadian Atlantic province of Nova Scotia threatened to overwhelm a dam on Saturday and caused major damage in parts of Halifax, the largest city. The province's emergency office said a dam near the St. Croix River system could breach and told local residents to evacuate immediately. The alert covers a large part of central Nova Scotia. "Dam overflow - Evacuation order for the St. Croix river system area. Dam at risk of breaching," the province's emergency management office said in a message sent to cellphones.

Persons: Mike Savage, Bill Blair, David Ljunggren, Daniel Wallis Organizations: OTTAWA, St, Twitter, Federal Emergencies Management, Environment, Thomson Locations: Atlantic, of Nova Scotia, Halifax, St, Croix, Nova Scotia, Environment Canada, Canada, United States

☆ 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

☆ 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 economy shows strains and gains, complicating Bank of England's job
▼ + stars: | 2023-07-12 | by ( William Schomberg | ) www.reuters.com time to read: +5 min

But the BoE is also aware that the economic impact of its 18-month campaign of rate hikes has yet to be felt fully. Below is a summary of key measures of the economy that the BoE will be watching before its next announcement on interest rates on Aug. 3. INFLATION THREATBritish consumer price inflation held at 8.7% in annual terms in May, down from a peak of 11.1% last October but the highest among the Group of Seven advanced economies. Reuters GraphicsINSOLVENCIESThere are signs that companies, especially smaller ones, are struggling as borrowing costs rise and the economy barely grows. Reuters GraphicsGraphics by Sumanta Sen, Kripa Jayaram and Vincent Flasseur; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

Persons: BoE, GfK, Sumanta Sen, Kripa Jayaram, Vincent Flasseur, Paul Simao Organizations: Bank of England's, Reuters Graphics Reuters, Nationwide, Halifax, Reuters, insolvencies, Wales, Reuters Graphics LABOUR, Thomson Locations: BoE's, Britain, England, Germany

☆ 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

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

☆ 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

☆ 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

Search resuls for: "HALIFAX"

25 mentions found