Latest News in Business
Reuters
15 minutes ago
- Business
- Reuters
British home prices to rise 3.5% this year; government to miss 5-year building target
LONDON, May 29 (Reuters) - The outlook for British home prices has barely changed in the last three months on steady expectations for falling borrowing costs, according to a Reuters poll of property experts who said the government would achieve around two-thirds of its construction target. Labour Prime Minister Keir Starmer has vowed to build 1.5 million homes over parliament's term, which ends in mid-2029 at the latest, but the poll median found the government would manage around only a million. None of the 11 respondents to an additional question saw the goal being fully met. Responses ranged from 700,000 to 1.3 million. "The government's pledge of 1.5 million homes by the end of 2029 is a fantasy," said Russell Quirk at estate agency eMoov, who predicted a range of 950,000-1,050,000. "The top 10 house builders neither have the capacity nor the P&L (profit and loss) motivation to deliver." There were around 817,000 housing completions in the five years to 2024, according to government data. The last time there were more than 1 million homes completed in a comparable period was in 1976-1981. British homebuilder Persimmon (PSN.L), opens new tab did, however, say in March it would construct more houses this year and target improved margins after 2024 profit beat expectations, while rival Barratt Redrow (BTRW.L), opens new tab last month reiterated its target to build around 17,000 homes this year. With homes in short supply, the cost of buying one is expected to increase. Nationally, home prices were predicted to rise 3.5% this year, matching a February forecast but above predictions in another Reuters poll for overall inflation of 3.0%. Next year they will increase 4.0% and in 2027 3.5%, the May 19-29 poll of 19 housing market experts predicted. In London, house prices were seen rising 3.0% this year, 4.0% next and 3.8% in 2027. Asked what would happen to affordability for first-time buyers hoping to get on the property ladder, all but two of 15 said it would improve. "Generally, mortgage affordability will improve for first-time buyers over the course of 2025," said Scott Cabot at real estate services firm CBRE. "A continued fall in the base rate, along with an increasingly competitive mortgage market, will generally drive lower mortgage rates in 2025." The Bank of England is expected to stick to one interest rate cut per quarter this year, with the next likely in August and then in November, ending 2025 at 3.75% compared with 5.25% before the reductions began. Urban rents were seen rising even faster than home prices, making it harder for new buyers to save money for a deposit usually needed to get a mortgage. Many people, especially the young, prefer to live in cities. Nationally, urban rents were expected to increase 4.3% this year while in the capital they will rise 3.7%. "We expect rents to outpace inflation over the next few years, predominantly due to the lack of supply in the rental sector, but also due to higher costs eroding landlords' profit margins," said Aneisha Beveridge at estate agency Hamptons. The government's planned Renters' Rights Bill will put additional conditions on landlords while tax changes will also have an impact, prompting some to leave the market. Britain's housing market slowed in April after the end of a temporary tax break on home purchases which had seen buyers rush to complete transactions in previous months, the Royal Institution of Chartered Surveyors said earlier this month. (Other stories from the Q2 Reuters housing market polls)
Forbes
15 minutes ago
- Business
- Forbes
The Surprising St. Louis Cardinals Have Been Unstoppable In May
St. Louis Cardinals' Masyn Winn bats during the first inning of a baseball game against the St. ... More Louis Cardinals, Saturday, May 17, 2025, in Kansas City, Mo. (AP Photo/Charlie Riedel) This was expected to be a tough year for the St. Louis Cardinals, as most people predicted them to finish below .500. Apparently, no one told the players they weren't supposed to compete. The club has a 32-24 record and would claim a playoff spot if the season ended today. The Cardinals have been on an incredible hot streak for most of the month of May. They were 14-19 through May 2, but have gone 18-5 since then. They've won five of their last six games after defeating the Baltimore Orioles last night, and they've outscored opponents by 45 runs through 56 games this season. Their success is driven by their outstanding middle infielders. Second baseman Brendan Donovan's .335 batting average is third in the National League, and he leads the league with 69 hits and 18 doubles. His 144 OPS+ indicates his total offense has been 44% better than the league average. Shortstop Masyn Winn is hitting .278/.357/.438 with a 122 OPS+ and highlight-reel defense. Their starting rotation has been excellent, but in an unconventional way. Matthew Liberatore is a potential All-Star with a 2.73 who leads the league with a 3.4% walk rate and a 6.4 strikeout-to-walk ratio, and Sonny Gray has a 3.55 FIP, but the other three starters are thriving despite low strikeout totals. Erick Fedde, Miles Mikolas, and Andre Pallante all have strikeout rates below 16%, while the league average is 22%. Nevertheless, they have ERAs of 3.90, 3.90, and 4.23. There's an element of luck involved with their strong pitching performances, including in the bullpen. Ryan Helsley, John King, and JoJo Romero all have ERAs of 3.72 or better despite WHIPs of 1.42 or worse. The Cardinals do have some legitimately excellent middle relievers though, including Kyle Leahy, Phil Maton, and Steven Matz. Advanced metrics portend some regression for their pitching staff. They also have several holes in their lineup where they aren't getting enough production, so they could look to add a bat or two before the trade deadline. A corner outfielder and a first baseman/designated hitter stand out as areas of need. An important component of the Cardinals' success has been health. The only player they have on the injured list at the moment is left-hander Zack Thompson, who isn't an integral part of the pitching staff. He only threw 17 innings for them last season. Overall, they've lost less expected production due to injuries than any other team in MLB this year according to the Baseball Prospectus Injured List Ledger. The team's outstanding start through the first two months of year was unexpected, not just by fans and pundits, but by their own front office. At the end of last season, the club announced they would spend the winter looking to shed veterans, reduce payroll, and get younger. They accomplished their financial goal, as their estimated competitive balance tax payroll of $164 million is $43.7 million lower than last year's and the lowest the franchise has had since 2015. They let first baseman Paul Goldschmidt walk away in free agency and spent much of the winter trying unsuccessfully to trade third baseman Nolan Arenado. The only free agent they signed all offseason was reliever Phil Maton on a one-year, $2 million contract. The St. Louis Cardinals might not be able to keep their hot start going all season—at least not without some major trade acquisitions—but they have established some building blocks in Donovan, Liberatore, and Winn. The future might not be as far away as it once seemed.
Fashion Network
16 minutes ago
- Business
- Fashion Network
The Bear House enters UAE market to kick off global expansion
Men's apparel brand The Bear House has announced its entry into the United Arab Emirates, marking its first international foray in the Gulf Cooperation Council region. The move is positioned as a strategic step towards broader global expansion, with a focus on brick-and-mortar retail and omni-channel growth across the Middle East. The brand's smart casual offering, comprising comfort-driven silhouettes and wardrobe staples, has been made available through established regional platforms including Noon, Namshi, and Amazon, The Bear House announced in a press release. These e-commerce partners were selected for their strong local presence, logistical efficiency, and ability to reach fashion-forward consumers. 'This is our first major step towards becoming a global Indian brand,' said The Bear House's co-founder Harsh Somaiya in a press release. 'The Bear House fills in the 'affordable luxury' gap for the GCC consumer, who currently has only two choices- high-end luxury brands and value brands. The UAE, being the fashion and e-commerce hub of the GCC, offers a brand like ours developed infrastructure, a ready consumer base, and market accessibility, making it an ideal gateway for expansion into the wider Middle Eastern market and a natural extension of our current business in India.' Founded in 2017, The Bear House has grown from an online-only label to having a retail presence in Indian cities including Bengaluru and Hyderabad. The brand recently raised Rs 50 crore in a Series A funding round and secured a Rs 3 crore investment on Shark Tank India Season 4.
Fashion Network
16 minutes ago
- Business
- Fashion Network
Shein to increase product safety testing after EU probe
Fast-fashion retailer Shein said on Thursday that it would increase its testing of products this year after the European Union warned of fines if it did not address the bloc's concerns about unsafe and dangerous products sold on its site. Shein said it targets 2.5 million product safety and quality tests in 2025, up from 2 million last year, and said it would spend $15 million on compliance initiatives this year. Shein, which sells its own-branded clothes in 150 countries, also operates a marketplace for sellers of toys, gadgets, and homeware sent directly from factories, mostly in China, to shoppers worldwide. The company said that since it launched its marketplace, Shein has stopped working with more than 540 sellers over compliance breaches. On Monday, the EU's Consumer Protection Cooperation (CPC) network of national consumer authorities and the European Commission notified Shein of practices that infringe EU consumer law, giving the company a month to reply. © Thomson Reuters 2025 All rights reserved.
Fashion Network
16 minutes ago
- Business
- Fashion Network
Big hire for Dr Martens as Adidas exec Murphy to join as new chief brand officer
In a busy period of making key senior appointments, Dr Martens has now added former Adidas exec Carla Murphy as its new chief brand officer to lead the fashion footwear retailer's global brand ops. Joining Dr Martens' global leadership team and based in London, she will be responsible for driving brand strategy, vision and creative direction, while overseeing the global product, strategy, marketing, and sustainability divisions. She will also lead a 'world-class team, recently strengthened with senior executives across creative direction, product design, category management and marketing', reporting to CEO Ije Nwokorie. Her executive leadership team posts at Adidas included global senior VP/GM for Adidas Outdoor, based at its HQ in Germany. Here, she was responsible for the end-to-end strategy, management and execution globally for the outdoor category, which included adidas Terrex and Five Ten, the brand's outdoor sports and technical footwear, apparel and accessories propositions. Murphy also has over 20 years' brand building and enterprise management experience across multiple industries, channels and categories including lifestyle and performance footwear and apparel. She was also previously global chief brand & product officer for lifestyle Merino brand Icebreaker, part of VF Corp, and has held senior brand and product positions across brands within the Amer Sports group (Nikita, Salomon, Atomic, Arc'teryx etc). Early in her career she also led multi-disciplinary global brand consultancies. Nwokorie said of the key appointment: 'Carla is an exceptional leader with a proven track record for using bold storytelling and fearless creativity to drive growth for world-renowned brands, and she will do amazing work with our immensely talented brand and creative teams.' Murphy added: 'Joining the team and the brand at this moment is incredibly exciting, the ambition and energy is high, and there is a tremendous opportunity in this next chapter to break new ground and connect with an even wider audience in a truly meaningful and culturally relevant way.' Her appointment follows several key senior hires including Neil Cummings, creative director for Global Brand Studio; Emma Howarth, category director; Adam Owen, global design director; and Paul Bowyer, global brand marketing director.
