Healthy Performance
The London Rush
Get briefed ahead of your morning calls with the latest UK business headlines, key data and market reaction
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
Could robotics and timber tackle Britain's housing challenges?
By Suban Abdulla LONDON (Reuters) -Gigantic robot arms controlled by artificial intelligence glide around a vast factory in Oxfordshire, England, making building frames from timber, one of the world's oldest construction materials. With the British government committed to building 300,000 new homes a year, some housebuilders say that the combination of technology and green materials could help them to overcome challenges from skills shortages to environmental targets. Shop Top Mortgage Rates Personalized rates in minutes Your Path to Homeownership A quicker path to financial freedom England lags many similar economies in terms of the share of housing accounted for by timber-framed homes. Britain as a whole, meanwhile, is among the slowest adopters of robotics, especially in construction, according to the National Robotarium research institute at Heriot-Watt University. "We're seeing more major housebuilders and small and medium-sized builders embracing timber as a way to ... overcome the skills and carbon challenge," said Alex Goodfellow, CEO of Donaldson Timber Systems (DTS). His business makes timber-frame structures for homes and commercial buildings, including walls, floors and roofs, then sends them to housebuilders for assembly. Its automated production makes for less labour-intensive housebuilding and provides a faster, cheaper and more sustainable alternative to bricks, stone or concrete blocks, the company says. A study by construction surveyors and consultancy Rider Levett Bucknall showed that building with timber is 2.8% cheaper than with masonry. FASTER CONSTRUCTION The DTS factory in Witney, near Oxford in southeast England, makes timber panelling for about 100 homes a week with designs entered digitally using artificial intelligence, reducing the need for paper drawings. DTS says its robotics and lasers enable it to produce pre-assembled sections builders can put together quickly on site. The technology reduces the time needed to build a home by about 10 weeks compared with traditional materials, Goodfellow says. Yet barriers remain to any significant increase in timber homes in England. Amit Patel at the Royal Institution of Chartered Surveyors said the material is not commonly used in England because of difficulties in securing warranties for timber buildings owing to durability concerns. Barratt Homes tried to revive timber usage in the 1980s, but sales were undermined by potential rot and fire vulnerabilities. Andrew Orriss of the Structural Timber Association says that such concerns have been addressed by current building regulation and the STA's fire safety guide. He says that the off-site timber construction sector could help to deliver about a third of the government's target of 300,000 new homes per year - a level not achieved in England since the 1970s. Official government figures show that almost 200,000 new homes were built in England in 2023/24 and the Structural Timber Association said that approximately 40,500 of those were timber-frame homes. Builders including Vistry and Taylor Wimpey have opened or plan to open their own timber-frame manufacturing factory while Bellway plans to use timber in a third of its housing projects by 2030. Reduced environmental impact is another benefit touted by companies. GREENER AND LEANER? Simon Park, head of sustainability at Bellway, said timber absorbs and stores more carbon than it emits and that Bellway's analysis shows breeze blocks - made from concrete and known as cinder blocks in the U.S. - are the biggest carbon emitters among common building materials. Countering that, however, is the origin of the raw materials. About 80% of timber used in the UK is imported, mainly from European countries, while roughly 20% of its brick supply is imported. Concerns also remain over mortgage availability for timber homes, which is likely to improve if the government signals a move towards timber construction, said Riz Malik, mortgage broker at independent financial adviser R3 Wealth. An ageing workforce, meanwhile, highlights the need for more robotics. About a fifth of construction workers in the UK are over 50, according to the Home Builders Federation, with 25% of those set to retire in the coming decade. The government pledged 40 million pounds ($54 million) in June for robotics adoption hubs across various sectors, but Maurice van Sante, senior economist for construction at bank ING, says Britain's construction industry is far behind other countries in robotics use. ING estimates that there were 1.5 robots for every 10,000 construction workers in Europe in 2023, against 0.6 in the U.S. and 0.5 in the UK. As well as filling labour shortages directly, robotics opens up other employment opportunities, says DTS manufacturing director Frank O'Reilly, adding that the company has attracted more interest from tech-savvy younger workers since the factory's introduction of automation and robotics. "It (the technology) encourages young people to consider this as a career," he said. ($1 = 0.7433 pounds) Errore nel recupero dei dati Effettua l'accesso per consultare il tuo portafoglio Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati Errore nel recupero dei dati
Yahoo
17 minutes ago
- Yahoo
Rents set to rise as UK rental listings fall sharply, survey finds
The supply of new rental properties in the UK has fallen at its fastest rate in five years, according to the Royal Institution of Chartered Surveyors (RICS). The latest survey reveals that 31% of surveyors saw a decline in new instructions from landlords, marking the weakest reading since April 2020. This sharp drop reflects a "firmly negative trend" in the number of rental properties coming onto the market. Despite this downturn in supply, tenant demand remained stable over the three months leading up to July. With fewer properties becoming available, rental prices are expected to continue rising. A net balance of 25% of survey participants anticipate higher rents in the coming months. In the sales market, new buyer inquiries also showed signs of weakening in July. A net balance of 6% of property professionals reported a decline in fresh inquiries from buyers, suggesting a softening in demand compared to June, when a net balance of 4% had observed an uptick. The report said that demand trends across different regions of the UK were increasingly varied. In particular, the East Anglia, South East, and South West regions of England reported relatively weaker demand. Meanwhile, the number of homes sold also dropped in July, with 16% of surveyors noting a decrease in transactions — worsening from a 4% drop in June. Read more: Best 0% purchase credit cards While overall sales figures appear subdued, property professionals are optimistic about a rebound within the next 12 months. A net balance of 8% of respondents expect a rise in sales over the year ahead. This is in contrast to the immediate outlook, where the market is expected to remain relatively flat. In terms of property prices, the survey noted a slight downward shift, with 13% of professionals reporting price reductions in July. This marked an increase from the 7% who had seen price drops in both May and June. However, regional differences were apparent. In Northern Ireland and Scotland, house prices continue to rise, while the North West of England is also seeing upward price movements. Conversely, East Anglia is experiencing a more pronounced decline in property prices than the national average. RICS chief economist, Simon Rubinsohn, said: 'The somewhat flatter tone to the feedback to the July RICS residential survey highlights ongoing challenges facing the housing market. Although interest rates were lowered at the latest Bank of England meeting, the split vote has raised doubts about both the timing and extent of further reductions. Rubinsohn also pointed to the uncertainty surrounding the chancellor's autumn budget, which is causing additional concern. "Against this backdrop, respondents continue to report that the market remains particularly price sensitive at the present time," he added. Sarah Coles, Yahoo Finance UK columnist and head of personal finance at Hargreaves Lansdown, noted that the "green shoots of recovery" hoped for in June had wilted by July, as demand fell, fewer sales were agreed, and house prices experienced a slight decline. Read more: Savings rates drop as Bank of England cuts interest rates "The market always falls quiet during the summer holidays, but this is even more of a deathly hush than usual," she said. With tenant demand steady, Coles pointed out that more people are competing for fewer rental homes, in a sign that the era of runaway rents is far from over. "The era of runaway rents isn't over yet," she said, adding that renters, particularly those living alone, are facing severe financial strain. According to the Hargreaves Lansdown Savings and Resilience Barometer, the average renting household has just £62 left at the end of the month, with those living alone left with a mere £24. '[It's] incredibly tough on everyone,' Coles said. 'There's every sign that an awful lot of them have been pushed as far as it's possible for them to go." She stressed that with tight budgets, many renters struggle to save for a property deposit, which could lead to a cycle of ever-increasing rents. Coles suggested considering options like moving back home temporarily or seeking family support, as well as exploring government initiatives like the Lifetime ISA to help boost savings for a deposit. Tom Bill, head of UK residential research at Knight Frank, said: 'The housing market is hitting a series of hurdles this year. April's stamp duty cliff edge was the first and now buyers and sellers are increasingly unsettled by a re-run of last year's game of 'guess the autumn tax rise'. 'We had an interest rate cut this month, but it was priced in and the wider economic mood remains fragile. Supply still notably outstrips demand, which is also keeping a lid on prices.'Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
17 minutes ago
- Yahoo
Galatasaray step up talks for Man City goalkeeper Ederson
Galatasaray have ramped up their talks with Manchester City for the signing of Ederson (h/t German journalist Florian Plettenberg). The Turkish giants have identified the Brazilian goalkeeper as one of the high-profile summer targets. A verbal agreement is in place with the Man City star. Ederson is facing an uncertain future at the Etihad Stadium following the arrival of James Trafford in a £31 million deal from Burnley. The English shot-stopper is poised to become Pep Guardiola's new number one in the 2025/26 season. A deal for Paris Saint-Germain keeper Gianluigi Donnarumma is in the works, with Man City already securing an agreement on the player's side. The Italian's potential arrival puts Ederson's position in jeopardy and could lead to his exit. The 31-year-old cannot risk getting deprived of regular game time, especially ahead of the 2026 World Cup. The former Benfica man's contract expires next summer, and City will try to fetch a reasonable sum from his sale. Gala have been exploring the market for a goalkeeper since the departure of club legend Fernando Muslera at the end of the last season. They tried to persuade Inter Milan's Yann Sommer with a lucrative offer, but their efforts ended in vain. Gunay Guvenc kept a clean sheet in the season opener against Gaziantep, but the Super Lig champions need a prominent figure like Ederson between the sticks to lead the side in the Champions League. Ederson will go down as one of the best keepers in Man City's history following his unparalleled success. A central figure in Guardiola's era, the Brazilian has won six Premier League titles, one Champions League and several other trophies. Gala have brought in notable names like Victor Osimhen and Leroy Sane in this transfer window.
