Is the UK on the edge of a mortgage market meltdown? | Business

  • 📰 News24
  • ⏱ Reading Time:
  • 42 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 80%

대한민국 뉴스 뉴스

대한민국 최근 뉴스,대한민국 헤드 라인

Soaring mortgage costs in Britain are fuelling fears among homeowners, investors, charities and policymakers about the growing strain placed on borrowers. | News24_Business

A 50 bps rise in the Bank of England base rate to 5% on Thursday, twice the expected 25 bps rise and the 13th hike in a row, is likely to test that confidence, however, especially as consumers are already struggling with stubbornly high prices for food, fuel and essential services.

A run of data showing stickier-than-expected UK inflation has led markets to bet that BoE rates will stay higher and for longer. This has been reflected in swap markets. Of around 9 million outstanding residential mortgages, 800,000 are due to come off fixed-rate deals in the second half of 2023, data from trade industry group UK Finance shows. A further 1.6 million households will come off fixed rates in 2024.

There are signs cash-strapped Britons are turning to higher cost, unsecured credit to make ends meet, with 343.8 million credit card transactions recorded in March - 4.9% higher than in March 2022, UK Finance data showed. Hunt has said the government will not offer significant financial help and that mortgage lenders must live up to their commitments to help borrowers struggling with higher interest rates.

이 소식을 빠르게 읽을 수 있도록 요약했습니다. 뉴스에 관심이 있으시면 여기에서 전문을 읽으실 수 있습니다. 더 많은 것을 읽으십시오:

 /  🏆 4. in KR
 

귀하의 의견에 감사드립니다. 귀하의 의견은 검토 후 게시됩니다.

대한민국 최근 뉴스, 대한민국 헤드 라인

Similar News:다른 뉴스 소스에서 수집한 이와 유사한 뉴스 기사를 읽을 수도 있습니다.

MTN demands extraordinary meeting amid battle with NYSE-listed IHS | BusinessAfrica's largest mobile operator, MTN, has called for an extraordinary shareholders' meeting of New York-listed IHS Towers as it battles the group's board over voting rights. | News24_Business
출처: News24 - 🏆 4. / 80 더 많은 것을 읽으십시오 »

Already-downsized SA companies may not be able to cut more jobs amid economic storm | BusinessSomething has to give: businesses are struggling amid load shedding, rocketing input costs and aggressive rate hikes – while demand for their products and services is faltering in a weak economy. | News24_Business
출처: News24 - 🏆 4. / 80 더 많은 것을 읽으십시오 »

First SABC CEO to complete full term in 15 years steps down | BusinessSABC group CEO Madoda Mxakwe is leaving his position at the end of June, making him the first person to complete a full five-year contract at the helm of the troubled broadcaster in 15 years. | News24_Business
출처: News24 - 🏆 4. / 80 더 많은 것을 읽으십시오 »

JUST IN | Inflation slows to 13-month low as food prices cool down | BusinessMay's annual consumer price inflation slowed to 6.3% from 6.8% in April, with food prices finally cooling. | News24_Business
출처: News24 - 🏆 4. / 80 더 많은 것을 읽으십시오 »

ITWeb | Business Technology News and Information Site
출처: ITWeb - 🏆 45. / 51 더 많은 것을 읽으십시오 »