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June 27th - According to The Times of London, Andy Burnham is expected to unveil a series of plans focused on decentralizing power and funding from the central government to the regions of England in his first major policy speech since announcing his candidacy for Labour leadership. Burnham plans to outline his economic strategy in a speech next week, detailing proposals to give mayors more control and to fund social housing, welfare, and education for children over 16. The report states that Whitehall departments will be asked to assess which areas within their mandates should be transferred to local governments, and Burnham may also push forward with plans to decentralize some tax revenue to local governments. If Burnham remains the sole candidate in the Labour leadership race, he is expected to be formally declared leader later next month (nominations close on July 16th).June 27 - Swiss energy company Axpo announced on the 26th that the Beznau nuclear power plant in northern Switzerland had suspended operations that day due to excessively high temperatures in the river water used to cool the nuclear reactor. This power plant is the oldest operating nuclear power plant in Europe.Kuwait condemned Irans attack on Bahrain territory, arguing that it severely undermined efforts to achieve peace and stability and posed a threat to regional security.June 27 - On June 27, the UK Office for Maritime Trade Operations forwarded a notice from the Joint Maritime Information Centre, stating that the Joint Maritime Information Centre had raised the maritime security threat level in the Strait of Hormuz from "moderate" to "high".According to Saudi media alhadath: The Iranian Foreign Minister will travel to Baghdad tomorrow.

High Mortgage Rates Force First-time Buyers to Rent, According to Rightmove

Aria Thomas

Nov 25, 2022 14:27

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The property website Rightmove (OTC:RTMVY) said on Friday that the demand for rental homes in the United Kingdom surged in October as prospective first-time buyers postponed their purchases owing to rising mortgage rates.


However, the total number of renters and purchasers on the market declined by 1% compared to the same period previous year.


In recent months, mortgage rates in the United Kingdom have risen beyond 6%, increasing after the "mini-budget" of former prime minister Liz Truss on September 23 rattled financial markets.


Since then, rates have fallen due to Jeremy Hunt's Autumn Statement, which guaranteed stamp duty reductions through March 31, 2025.


According to Britain's largest property marketplace, first-time buyers have been significantly impacted by the hike, prompting them to consider renting in the near future while they await the inevitable stability of mortgage rates.


Tim Bannister, a property expert at Rightmove, commented, "It is very understandable why some buyers, especially first-time buyers, are waiting for better financial stability."


Now that there are indicators that mortgage rates are stabilizing, it is probable that they will settle at a higher level than buyers in the past have experienced.


42% of prospective first-time buyers who intend to enter the property market over the next several years have already amassed their entire down payment while awaiting a reduction in interest rates. 43% more were engaged in savings.


Tenants are already facing a large increase in expenses owing to the rising costs of electricity, fuel, food, and council tax, which are reflected in the statistics.


As a result of the highest rate of inflation in 41 years, real wages are decreasing, placing incomes under the most severe pressure in decades.

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