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Glasgow Times
03-07-2025
- Business
- Glasgow Times
Home buyer mortgage demand expected by lenders to soften over summer months
Lenders reported that demand for mortgages for house purchase had increased in the past few months. But demand is expected to decrease over the three months to the end of August. Re-mortgaging demand also increased in the past few months and was expected to increase in the next few months. The Bank of England's Credit Conditions Survey is carried out each quarter, as part of its role in maintaining financial stability. The report reflects the overall views of the banks and building societies surveyed, and does not necessarily reflect the Bank of England's own views. Lenders were surveyed between May 27 and June 13 for the latest report. They were asked to report changes in the three months to the end of May, relative to the period between December and February, and expected changes in the three months to August. Any impact from more recent developments is not captured in the survey. Home buying costs became more expensive for some buyers from April, as stamp duty discounts became less generous. Stamp duty applies in England and Northern Ireland. Recent HM Revenue and Customs (HMRC) figures have shown that house sales picked up in May, following a plunge in April as the stamp duty holiday ended. Lenders were surveyed between May 27 and June 13 for the latest report (Lauren Hurley/PA) HMRC's report said sales were likely brought forward into March to take advantage of the higher stamp duty thresholds. Simon Gammon, managing partner, Knight Frank Finance, said: 'Lenders expect demand for home purchase mortgages to soften through the summer – a seasonal trend, but also a reflection of where mortgage rates were when the survey was taken in late May and early June. 'At that point, the best fixed-rate pricing had plateaued just below 4%, and with swap rates edging higher due to hotter-than-expected inflation data, there appeared little scope for further easing. 'That picture has shifted. We're now seeing signs of a weakening labour market, and the Bank of England's tone has changed – there's more focus on downside risks to growth than inflation.' He said that had helped to drive mortgage rate cuts by major lenders over the past 10 days 'often by as much as 0.2 percentage points'. Mr Gammon added: 'While further reductions will be marginal, this could support mortgage activity over the summer and tee up a much busier autumn. 'The remortgaging market remains more robust.' The Bank of England report also said that mortgage availability is expected to increase over the three months to end of August. The availability of non-mortgage credit to households is also expected to increase. Lenders reported that the length of interest-free periods on credit cards for balance transfers and for purchases both increased in the past three months, and were expected to be unchanged in the next few months. Demand for corporate lending from small and medium-sized businesses had slightly increased in the past few months, while demand from big firms had been unchanged. Banks and building societies said demand for corporate lending in the next three months was expected to increase slightly for small and big business, but was expected to be unchanged for medium-sized businesses. Lenders reported that default rates on mortgage loans to households were unchanged in the past few months, and were expected to remain unchanged in the next few months. Defaults for credit cards and other household loans were also expected to be unchanged in the next few months. Lenders said default rates on loans to businesses were unchanged for small, medium and large businesses in the past few months and were expected to remain unchanged in the next few months. Overall credit availability to the corporate sector is expected to slightly increase in the next few months. Karim Haji, global and UK head of financial services at KPMG, said households are adjusting to 'ongoing cost pressures'. He said the stability in default rates 'reflects a degree of resilience'. Mr Haji added: 'As we move into the second half of the year, cautious optimism is warranted but lenders must remain alert to changes in affordability and borrower behaviour.'
South Wales Argus
03-07-2025
- Business
- South Wales Argus
Home buyer mortgage demand expected by lenders to soften over summer months
Lenders reported that demand for mortgages for house purchase had increased in the past few months. But demand is expected to decrease over the three months to the end of August. Re-mortgaging demand also increased in the past few months and was expected to increase in the next few months. The Bank of England's Credit Conditions Survey is carried out each quarter, as part of its role in maintaining financial stability. The report reflects the overall views of the banks and building societies surveyed, and does not necessarily reflect the Bank of England's own views. Lenders were surveyed between May 27 and June 13 for the latest report. They were asked to report changes in the three months to the end of May, relative to the period between December and February, and expected changes in the three months to August. Any impact from more recent developments is not captured in the survey. Home buying costs became more expensive for some buyers from April, as stamp duty discounts became less generous. Stamp duty applies in England and Northern Ireland. Recent HM Revenue and Customs (HMRC) figures have shown that house sales picked up in May, following a plunge in April as the stamp duty holiday ended. Lenders were surveyed between May 27 and June 13 for the latest report (Lauren Hurley/PA) HMRC's report said sales were likely brought forward into March to take advantage of the higher stamp duty thresholds. Simon Gammon, managing partner, Knight Frank Finance, said: 'Lenders expect demand for home purchase mortgages to soften through the summer – a seasonal trend, but also a reflection of where mortgage rates were when the survey was taken in late May and early June. 'At that point, the best fixed-rate pricing had plateaued just below 4%, and with swap rates edging higher due to hotter-than-expected inflation data, there appeared little scope for further easing. 'That picture has shifted. We're now seeing signs of a weakening labour market, and the Bank of England's tone has changed – there's more focus on downside risks to growth than inflation.' He said that had helped to drive mortgage rate cuts by major lenders over the past 10 days 'often by as much as 0.2 percentage points'. Mr Gammon added: 'While further reductions will be marginal, this could support mortgage activity over the summer and tee up a much busier autumn. 'The remortgaging market remains more robust.' The Bank of England report also said that mortgage availability is expected to increase over the three months to end of August. The availability of non-mortgage credit to households is also expected to increase. Lenders reported that the length of interest-free periods on credit cards for balance transfers and for purchases both increased in the past three months, and were expected to be unchanged in the next few months. Demand for corporate lending from small and medium-sized businesses had slightly increased in the past few months, while demand from big firms had been unchanged. Banks and building societies said demand for corporate lending in the next three months was expected to increase slightly for small and big business, but was expected to be unchanged for medium-sized businesses. Lenders reported that default rates on mortgage loans to households were unchanged in the past few months, and were expected to remain unchanged in the next few months. Defaults for credit cards and other household loans were also expected to be unchanged in the next few months. Lenders said default rates on loans to businesses were unchanged for small, medium and large businesses in the past few months and were expected to remain unchanged in the next few months. Overall credit availability to the corporate sector is expected to slightly increase in the next few months. Karim Haji, global and UK head of financial services at KPMG, said households are adjusting to 'ongoing cost pressures'. He said the stability in default rates 'reflects a degree of resilience'. Mr Haji added: 'As we move into the second half of the year, cautious optimism is warranted but lenders must remain alert to changes in affordability and borrower behaviour.'
Western Telegraph
03-07-2025
- Business
- Western Telegraph
Home buyer mortgage demand expected by lenders to soften over summer months
Lenders reported that demand for mortgages for house purchase had increased in the past few months. But demand is expected to decrease over the three months to the end of August. Re-mortgaging demand also increased in the past few months and was expected to increase in the next few months. The Bank of England's Credit Conditions Survey is carried out each quarter, as part of its role in maintaining financial stability. The report reflects the overall views of the banks and building societies surveyed, and does not necessarily reflect the Bank of England's own views. Lenders were surveyed between May 27 and June 13 for the latest report. They were asked to report changes in the three months to the end of May, relative to the period between December and February, and expected changes in the three months to August. Any impact from more recent developments is not captured in the survey. Home buying costs became more expensive for some buyers from April, as stamp duty discounts became less generous. Stamp duty applies in England and Northern Ireland. Recent HM Revenue and Customs (HMRC) figures have shown that house sales picked up in May, following a plunge in April as the stamp duty holiday ended. Lenders were surveyed between May 27 and June 13 for the latest report (Lauren Hurley/PA) HMRC's report said sales were likely brought forward into March to take advantage of the higher stamp duty thresholds. Simon Gammon, managing partner, Knight Frank Finance, said: 'Lenders expect demand for home purchase mortgages to soften through the summer – a seasonal trend, but also a reflection of where mortgage rates were when the survey was taken in late May and early June. 'At that point, the best fixed-rate pricing had plateaued just below 4%, and with swap rates edging higher due to hotter-than-expected inflation data, there appeared little scope for further easing. 'That picture has shifted. We're now seeing signs of a weakening labour market, and the Bank of England's tone has changed – there's more focus on downside risks to growth than inflation.' He said that had helped to drive mortgage rate cuts by major lenders over the past 10 days 'often by as much as 0.2 percentage points'. Mr Gammon added: 'While further reductions will be marginal, this could support mortgage activity over the summer and tee up a much busier autumn. 'The remortgaging market remains more robust.' The Bank of England report also said that mortgage availability is expected to increase over the three months to end of August. The availability of non-mortgage credit to households is also expected to increase. Lenders reported that the length of interest-free periods on credit cards for balance transfers and for purchases both increased in the past three months, and were expected to be unchanged in the next few months. Demand for corporate lending from small and medium-sized businesses had slightly increased in the past few months, while demand from big firms had been unchanged. Banks and building societies said demand for corporate lending in the next three months was expected to increase slightly for small and big business, but was expected to be unchanged for medium-sized businesses. Lenders reported that default rates on mortgage loans to households were unchanged in the past few months, and were expected to remain unchanged in the next few months. Defaults for credit cards and other household loans were also expected to be unchanged in the next few months. Lenders said default rates on loans to businesses were unchanged for small, medium and large businesses in the past few months and were expected to remain unchanged in the next few months. Overall credit availability to the corporate sector is expected to slightly increase in the next few months. Karim Haji, global and UK head of financial services at KPMG, said households are adjusting to 'ongoing cost pressures'. He said the stability in default rates 'reflects a degree of resilience'. Mr Haji added: 'As we move into the second half of the year, cautious optimism is warranted but lenders must remain alert to changes in affordability and borrower behaviour.'
New Statesman
01-07-2025
- Politics
- New Statesman
The rebellions against Starmer are only just beginning
Photo by Lauren Hurley / No 10 Downing Street To rebel is to wage war. Specifically, if you go back to the Latin, it means to wage war again – the conquered rising up against their conquerors, insurgents who refuse to let grievances go. Etymology is probably not front of mind for Keir Starmer as the vote on his government's highly contentious welfare reform bill looms today (1 July). Last week, 126 Labour MPs – nearly a third of the parliamentary party, easily enough to defeat the government – put their names to a wrecking amendment. A stand-off ensued, and eventually it was the government that blinked. In an attempt to win over the backbenchers, concessions were hastily offered, concessions that will leave Rachel Reeves with a £3bn hole to fill in. But that still may not be enough. Around 50 rebels are thought to be holding firm – including, somewhat ironically, one who was until very recently a Labour whip. Assuming the numbers are accurate (which, given how this disaster seems to have caught Downing Street by surprise, isn't worth counting on), a government with a majority of 156 should be able to ram its reforms through with a revolt of this size. But what happens next? Rebellions are not just humiliating for the prime ministers who suffer them. As the derivation suggests, they are rarely a one-time thing. For MPs mulling over whether to defy the whips and vote with their conscience or be well-behaved little backbenchers who might get a promotion one day, the data shows rebelling gets easier with practice. Philip Cowley and Mark Stuart from the University of Nottingham analysed rebellions in the 2001 parliament under Tony Blair and found a worrying trend of MPs who had previously been obedient getting a taste for revolt. Matt Bevington from UK In A Changing Europe pointed out that, once Theresa May had lost one vote on Brexit, the situation spiralled: her government suffered ten defeats on Brexit votes in nine months. As well as altering the psyche of the backbench MP, big rebellions – whether they succeed or not – automatically reflect the party leader in a way that is uncomfortably revealing. When David Cameron lost a vote in 2015 regarding the rules around a future EU referendum, it wasn't just his personal authority that took a blow. Cameron, who had just won a slim majority earlier that year, lost by 27 votes when 37 of his own MPs joined Labour in opposing the government. Both the scale of the rebellion and the willingness of Labour to work with the Tory Eurosceptics should have sent red lights flashing on No 10's dashboard. It signalled that the government could not count on Jeremy Corbyn's Labour party in its coming fight over the EU, regardless of the broadly pro-Brussels sensibilities of the Labour MPs and members – a lesson that proved inescapably true during the referendum campaign itself. Theresa May's premiership after the 2017 election was essentially one rebellion after another, each sapping at her authority and backing her further into a Brexit corner. The parliamentary arithmetic of pragmatists in government attempting to work out something the EU might actually accept, hard-Brexiteer Tory rebels willing to brook no compromise and opposition MPs intent on being as obstructive as possible meant there was a majority against every conceivable option but no majority for any of them. May was eventually chewed up and spat out by her government's own contradictions. May, of course, had the excuse that she didn't have a majority to work with. Rishi Sunak did, having inherited the 'stonking' electoral triumph won by Boris Johnson. He ended up equally trapped between his backbenchers and reality, suffering a humiliating rebellion when 61 of his MPs backed an amendment condemning the Rwanda bill for not being tough enough. The fact that Sunak went on to win the vote didn't matter. His authority – already fragile after failing to win a leadership contest in his own right – never recovered. Subscribe to The New Statesman today from only £8.99 per month Subscribe That's the thing about rebellions: once MPs realise they have the numbers to force the government into positions it would rather avoid, they rarely forget it. Starmer is now facing down a revolt of a similar size to those who challenged Sunak with the Rwanda amendment, but at the start of the parliament (which celebrates its first birthday on Friday) rather than the end of it. It is delusional to imagine the 126 MPs who managed to extract major concessions from the government over the welfare cuts will settle down and play nice for the next four years. They've learned a powerful lesson from all this. How has a government with a seemingly unassailable majority got into such trouble early on? The issue is partly one of substance: asking Labour MPs to vote for measures that seem tailor-made to antagonise the Labour base and go against Labour principles was always going to be a brutal struggle. And there are major issues of party management. Labour MPs talk openly of feeling disregarded and ignored, patronised by the leadership and taken for granted. Keir Starmer clearly hasn't done enough to get to know his 400-odd foot soldiers and win them over. This has been bubbling over for some time – perhaps since he withdrew the whip from seven rebels 18 days into office. There's another issue. Backbenchers with rebellion on the mind talk of being unwilling to have a vote cutting disability benefits on their record. That record is very easy to find: online on the official parliamentary website, or via They Work For You, where you can look up your MP and see a helpful summary of how they've voted on a range of topical issues – like, for example, disability benefits. There is no allowance made for 'the whip told me to' – and nor should there be. Transparency in politics is undoubtedly positive. It is good that voters can see how the people elected to represent them are getting on with that job. But in the days before the internet, MPs didn't have to worry about constituents marking (or, at least, being able to mark) them on every vote. They had more leeway to back an unpopular measure for the sake of keeping the government running smoothly. They Work For You is run by the mySociety project, whose aim is to use the internet to empower citizens to take a more active role in democracy. It launched in 2003 – the same year a staggering 139 Labour MPs voted against the Blair government, opposing the invasion of Iraq. No one is suggesting the Brexit hardliners of the May era or Sunak's Rwanda challengers made decisions purely on the basis of ensuring their profiles gave the correct impression for the voters they cared most about. But it's hard to imagine this didn't feature at all in their thinking. As he heads towards his one-year anniversary in government this Friday, Starmer should be aware that the same will feature in the thinking of the 126 MPs who signed last week's letter, whatever happens with the welfare vote today. If you put your principles first by rebelling once, the temptation is there to rebel again. The clue's in the name. [See also: A humbling week for Keir Starmer] Related
Glasgow Times
30-06-2025
- Glasgow Times
Tips for families heading abroad for summer holidays to save money
More than three-quarters (78%) of families are planning a trip abroad, according to a recent survey from Post Office Travel Money. But research for its Holiday Spending Report, released earlier in June, also found that nearly three-quarters (74%) of them bust their budget on their last trip, by hundreds of pounds typically, spending an average of £323 more than the £766 they had allowed for resort costs including meals and drinks. The Post Office used two surveys of more than 2,000 people, carried out in April and May, for its research. To help families avoid overspending on their next trip abroad, Post Office Travel Money has made some suggestions: – 1. Look for a resort where the cost of living is low. The Post Office said holidaymakers surveyed in its research rated Spain and Turkey strongly for value. It may also be worth asking friends and family members for their recommendations. Spain was among the destinations rated highly for value in the Post Office's research (Lauren Hurley/PA Archive) – 2. Cut the cost of meals and drinks. Busy beachside cafes and restaurants in tourist hotspots may be pricier than the places where local residents choose to eat. Local draught beers and carafe wine may also sometimes be less expensive than international brands. – 3. Pick a destination where sterling is strong. Laura Plunkett, head of travel money at the Post Office, said: 'Despite fluctuations and some uncertainty about sterling when it fell against key currencies earlier in the year, it has now bounced back from its January dip and currently looks stable. This is a reassuring trend for holidaymakers planning trips abroad this year.' Some holidaymakers may have booked to travel to the United States following the strengthening of sterling against the US dollar. The Post Office suggested that holidaymakers may also consider locations where currencies are pegged to the value of the US dollar. – 4. Consider self-catering or 'all inclusive' packages. Self-catering breaks enable holidaymakers to set their own food and drink budgets. Past Post Office research has indicated that the Balearic Islands offer good value shop prices, while supermarkets in the Algarve and the Costa del Sol have also been seen as offering good value. The Post Office said going all inclusive can also be a good way to rein in costs but urged people to make sure they check what is included in the package price so they do not end up paying unexpectedly for extras. – 5. Budget carefully. The Post Office suggested setting a realistic budget to cover all costs as well as researching the best exchange rates before travelling and avoiding fees for topping up holiday money spending while abroad. Some holidaymakers may want to consider a pre-paid currency card, or look at banks which do not charge foreign transaction fees. Ms Plunkett said: 'Paying on a debit or credit card may seem like a convenient way to pay for things while abroad, but our research suggests that this can be a costly practice. Far too many holidaymakers told us that they paid significantly more than they anticipated because of transaction charges made for using credit and debit cards at an overseas ATM.' – 6. Consider making a shorter trip. The Post Office research found some holidaymakers are cutting their costs by making shorter trips, or booking cheaper accommodation to afford their trip abroad. – 7. Sidestep 'pester power'. Parents told the Post Office that on their last holiday they spent an average of more than £200 on children's beach items such as buckets and spades, swimming masks and snorkels, water rides, ice creams and visits to water parks. Families could consider allowing children to have a set amount of pocket money to spend during their holiday.
