The rate of increase in residential rents in the UK reached a historic high in August.
The UK property rental platform Homelet has released its latest report on August’s rental data based on high-quality tenant data from over 4,500 rental agents in the UK.
The report shows that in August 2023, the average rent in the UK was £1,261, which is a 10.3% increase compared to the same period last year and a 1.4% increase from the previous month. Excluding London, the average monthly rent in the UK is £1,051, which is a 9.4% increase from last year and a 1.0% increase from the previous month.
The number of bars permanently closed in England and Wales has surged by 50%
Data shows that in England and Wales, the number of bars demolished or converted increased by 50% in the last quarter. According to government official statistics, in the three months leading up to June 30th, a total of 383 bars were demolished or repurposed for other uses such as homes, offices, or even childcare facilities. Among these, 230 bars permanently disappeared due to the impact of rising costs and increased budget pressures on consumers.
The total number of bars in England and Wales, including those vacant and being rented out, has decreased to 39,404. This means that in the first half of 2023, the number of bars reduced is close to the total for the entire year of 2022. Among these, Wales saw the most significant decrease, with 52 bars disappearing, while London and the Northwest region each had a decrease of 46 bars.
“Super Central Bank Week!” Many central banks participate in the latest interest rate decisions.
The “Super Central Bank Week” led by the Federal Reserve is making a heavy impact! This week, the market will witness the latest interest rate decisions from many central banks, including not just the Federal Reserve, but also the Bank of England, the Swiss National Bank, and the Bank of Japan. Following the European Central Bank’s announcement of “rate hikes in place,” the market will also focus on the Federal Reserve’s policy path.
On Thursday, at 02:00 AM (UTC), the Federal Reserve will announce its September interest rate decision, and at 02:30 AM (UTC), Federal Reserve Chair Jerome Powell will hold a press conference.
COVID-19 bank loan fraud has risen to £1.65 billion
British taxpayers are being forced to pay a larger bill for the 2019 Coronavirus Business Loan Scheme as the number of pandemic business loans marked as potential fraud has surged by 43%. Data from the UK Department for Business and Trade (DBT) shows that as of the end of June, over £1.65 billion in loans has been flagged as potential fraud.
This is a 43% increase from three months ago, meaning the public will face larger bills than expected. The 2019 Coronavirus Business Loan Scheme, including the Bounce Back Loan Scheme, the Coronavirus Business Interruption Loan Scheme (CBILS), and the Coronavirus Large Business Interruption Loan Scheme, has distributed a total of approximately £77 billion.
The Bank of England is expected to raise interest rates to 5.5%.
The Bank of England (BOE) will hold a policy meeting this Thursday, and it is expected to raise interest rates again, marking one of the largest interest rate hiking cycles in nearly a century and likely the final hike in the cycle due to concerns about the cooling economy.
According to recent Reuters surveys of 65 economists, except for one, all other economists predict that the Bank of England will raise rates from 5.25% to 5.5% this Thursday, reaching the highest level since 2007.
The financial markets are not as certain as the economists, and they believe there is a 25% chance of a rate pause. However, both groups agree that the interest rate hiking cycle that began in December 2021 is nearing its end.