{"id":6820,"date":"2022-07-06T10:23:13","date_gmt":"2022-07-06T09:23:13","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/07\/06\/news-in-review-62\/"},"modified":"2022-07-07T13:12:13","modified_gmt":"2022-07-07T12:12:13","slug":"news-in-review-62","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/07\/06\/news-in-review-62\/","title":{"rendered":"News in Review"},"content":{"rendered":"
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\u201cThe property market has continued to perform very well so far this year\u201d<\/em><\/strong><\/p>\n<\/div>\n\n

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Despite a combination of\neconomic and inflationary headwinds, homebuying demand remained strong during\nQ2 according to the most recent Homebuyer Hotspot\u2019s Demand Index from GetAgent.<\/strong><\/p>\n<\/div>\n\n

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In the second quarter of the year,\nbuyer demand \u2013 based on the stock listed as sold, as a percentage of all stock\nlisted for sale \u2013 was 63%, down just 1% on the previous quarter. The data\nshowed that although London remains a cooler spot for buyer demand in the\nproperty market (48%), along with the City of London (25%), there are signs\nthat momentum is beginning to build. Colby Short, Chief Executive Officer at GetAgent,\ncommented on the Q2 Index findings, “While the London property\nmarket has been decidedly more muted of late when compared to the rest of the\nUK, we\u2019re now seeing almost half of all homes listed for sale being snapped up\nwhich suggests that the capital is far from on its knees.\u201d<\/em><\/p>\n<\/div>\n\n

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Homebuyer hot spots in the UK\ninclude Bristol, where buyer demand sits at 78%, followed by Northamptonshire\n(72%), Bath and North East Somerset, Wiltshire, Gloucestershire, and Hampshire\n(70%). Mr Short <\/a>deduced, \u201cDespite wider\neconomic turbulence, the property market has continued to perform very well so\nfar this year and house prices remain at all-time highs due to the imbalance between\nhomebuyer demand and available stock.\u201d<\/em> He continued, \u201cIn fact, demand\nlevels remain extremely high across the majority of the market, and it seems\nthat not even the threat of increasing interest rates and record levels of\ninflation can deter the nation\u2019s homebuyers from their aspirations of\nhomeownership.\u201d<\/em><\/p>\n<\/div>\n\n

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Turbulent Tuesday for PM<\/strong><\/p>\n<\/div>\n\n

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Tuesday was a challenging day for\nBoris Johnson as he addressed claims that he had been told in person about a\npast formal complaint concerning shamed Member of Parliament Chris Pincher. The\ngovernment was thrown into turmoil, as Chancellor Rishi Sunak and Health\nSecretary Sajid Javid resigned within minutes of each other, rebuking the Prime\nMinister for a lack of competence and integrity. Nadhim Zahawi and Steve\nBarclay have since been appointed to the roles of Chancellor and Health\nSecretary respectively.<\/p>\n<\/div>\n\n

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ECB poised to implement rate\nhike <\/strong><\/p>\n<\/div>\n\n

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During the European Central Bank\u2019s (ECB) annual retreat in\nPortugal last week, President Christine Lagarde affirmed plans for an initial\nquarter-point interest rate increase in July and reiterated that policy makers\nare ready to step up action to tackle record inflation if necessary. She\ncautioned that inflation in the eurozone was \u201cundesirably high,\u201d<\/em>\npledging to act in \u201ca determined and sustained manner\u201d<\/em> to get it back\nunder control. Lagarde suggested that following the July rise, rates would then\nincrease by 0.5 percentage points in September unless there was a marked\nimprovement in the outlook. Inflation in the eurozone is currently running at a\nrecord high of 8.1%.<\/p>\n<\/div>\n\n

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Meanwhile,\nGovernor of the Bank of England Andrew Bailey warned that the UK faces a rapid,\nsteep downturn as households are plagued by a \u201cvery large national real\nincome shock.\u201d<\/em> Also speaking at the conference in Portugal, Bailey\nsignposted that the UK economy is at a \u201cturning point,\u201d<\/em> addressing\npotentially bigger hikes in interest rates to alleviate price pressures, he\nvowed to act \u201cmore forcefully\u201d <\/em>if ultra-high inflation continues as\nanticipated.<\/p>\n<\/div>\n\n

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Chinese economy returns\nto growth <\/strong><\/strong><\/p>\n<\/div>\n\n

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After lockdown restrictions were eased in\nthe world\u2019s second-largest economy, Chinese economic activity expanded in June\nfollowing three consecutive months of contraction, according to official\nbusiness and factory surveys, which indicated a modest recovery. Demand remains\nweak and some manufacturers are contending with tight profit margins. <\/p>\n<\/div>\n\n

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ESG ratings regs supported by\nFCA<\/strong><\/p>\n<\/div>\n\n

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The Financial Conduct Authority\n(FCA) has welcomed the government bringing in oversight of environmental,\nsocial and governance (ESG) services and products, following industry\nconsultation. The FCA said this would satisfy its primary objective\nto protect consumers and the integrity of the UK financial system.\nDirector of ESG at the FCA, Sacha Sadan, said the focus of the regulator\u2019s ESG\nstrategy is to build trust and integrity in financial instruments and\nproducts that are sold as sustainable and \u201cthat requires close international\nco-operation on standards and actions right across the market, [so] we would\nsupport a future regulatory regime in line with international recommendations.\u201d<\/em>\nThe Treasury and the FCA will embark on an industry-wide consultation prior to\nimplementing regulations.<\/p>\n<\/div>\n\n

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Here\nto help<\/strong><\/p>\n<\/div>\n\n

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Financial\nadvice is key, so please do not hesitate to get in contact with any questions\nor concerns you may have.<\/p>\n<\/div>\n\n

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The value of investments can go down as well as\nup and you may not get back the full amount you invested. The past is not a\nguide to future performance and past performance may not necessarily be\nrepeated.<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

\u201cThe property market has continued to perform very well so far this year\u201d Despite a combination of economic and inflationary headwinds, homebuying demand remained strong during Q2 according to the most recent Homebuyer Hotspot\u2019s Demand Index from GetAgent. In the second quarter of the year, buyer demand \u2013 based on the stock listed as sold, […]<\/p>\n","protected":false},"author":12,"featured_media":162382,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,112],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6820"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=6820"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6820\/revisions"}],"predecessor-version":[{"id":6823,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6820\/revisions\/6823"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=6820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=6820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=6820"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=6820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}