Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.Former UK Science Minister George Freeman blamed an impending jump in the cost of his mortgage for his decision to resign from his position, warning that politics had become an unaffordable profession.Freeman, who resigned last November during a cabinet reshuffle by Prime Minister Rishi Sunak, said on the Substack blog that he could not afford his mortgage, which amounted to £2,000 a month from his previous ministerial salary of £118,300. The MP for Mid Norfolk explained his justification for resigning: “Because my…
Author: ricardofrancois
I bought a second house in Hull for £38,000, paying 100% of the purchase price for it with my boyfriend, who was then very ill. We bought the property as tenants in common and not in joint ownership, as was my intention. My friend died in 2001 without a will or known heirs. Since I was working abroad a lot, I never got the will. The house was left empty.Now, I'm 78, I'm worried about selling my estate but I can't, because getting a will is too complicated. I am also being charged double council tax on an empty property.…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.The UK inflation report on Wednesday came as a shock to economists, politicians and consumers who had expected the rate of price increases to continue to decline.December's inflation rate was 4 percent, 10 basis points higher than the previous month, 20 basis points above expectations and double the Bank of England's inflation target. This jump was largely caused by increases in alcohol and tobacco prices.This news dampened hopes that the Bank of England would cut interest rates in the near future. The…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.UK lenders' expectations for mortgage demand rose sharply at the end of last year, according to official data published on Thursday, as lower borrowing rates fueled a recovery in the property sector.The expected mortgage demand index for home purchases rose to 21.9 percent in the last three months of last year from minus 28.4 percent in the third quarter, according to the Bank of England's quarterly survey of banks and building societies.The index tracks the proportion of lenders who expect an increase…
Stay informed with free updatesSimply sign up for myFT Digest of UK house prices – delivered straight to your inbox.UK house prices fell at the fastest pace in more than a decade in November, driven by a sharp decline in London, according to official data reflecting the impact of rising interest rates on the property market.The Office for National Statistics said on Wednesday that average prices shrank 2.1% in the year to November 2023, compared with a 1.3% fall in the 12 months to October and the biggest annual decline since June 2011. House prices fell by 0.8 per cent…
Open Editor's Digest for freeRula Khalaf, editor of the Financial Times, picks her favorite stories in this weekly newsletter.With Britain in the grip of a mortgage price war, your most valuable weapon for saving money is a good broker's phone number. Since the start of the year, dozens of lenders have cut interest rates on home loans, anticipating the Bank of England will follow suit. It's welcome news for the more than 1.5 million households due to hit cheap fixed-rate deals next year, as well as for those planning to buy – but drawing up your battle plan can be…
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