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August 11th - According to meteorological forecasts, over the next three days, under the combined influence of Typhoon Dolphin and cold air, heavy rain or torrential rain is expected in central and southern Beijing, Tianjin, and other areas. The National Meteorological Center continued to issue an orange alert for heavy rain at 6:00 AM on August 11th. In accordance with the "National Flood and Drought Relief Emergency Plan" and relevant regulations, the State Flood Control and Drought Relief Headquarters and the Ministry of Emergency Management decided to activate a Level IV flood control emergency response for Beijing and Tianjin at 9:00 AM on August 11th.On August 11th, data released by the China Index Academy showed that from January to July, the number of foreclosed residential properties listed for auction nationwide reached 245,000 units, an increase of 23.1% year-on-year; 89,000 units were sold, an increase of 42.7% year-on-year; the clearance rate was 36.2%, an increase of 4.97 percentage points compared to the previous year; and the total transaction amount reached 96.975 billion yuan, an increase of 21.04% year-on-year. The average transaction price of foreclosed residential properties from January to July was 8,081 yuan/㎡, a decrease of 9.1% year-on-year.Hong Kong stocks in the new consumption sector fluctuated and weakened, with Shanghai Auntie (02589.HK) falling more than 3%, Laopu Gold (06181.HK) falling more than 2%, and Guming (01364.HK) and Mingming Very Busy (01768.HK) following suit.August 11th - According to Jiji Press, citing sources, the Bank of Japan (BOJ) may consider raising interest rates again at its next policy meeting on September 17-18, following its June rate hike, to address rising inflation risks. Japanese prices are likely to rise further due to rapid growth in demand related to artificial intelligence, a sharp depreciation of the yen, and rising oil prices. Previously, many financial market participants expected the BOJ to raise interest rates approximately every six months. However, according to the meeting summary released on Monday, some policy board members at the BOJs latest policy-making meeting held on July 30-31 indicated that the pace of rate hikes should be accelerated. One member stated that "the pace of policy rate increases may exceed market expectations," while another member stated that the BOJ needs to "accelerate the pace of adjustment in the degree of monetary easing."On August 11th, the highest 7-day annualized yield of Tencent Wealth Managements "Current Account +" was 1.0510%, and the lowest was 0.7030%. The highest 7-day annualized yield of WeChat Pays "Lingqian Tong" was 1.0030%, and the lowest was 0.9030%. The highest 7-day annualized yield of Alipays "Yuebao" was 1.0650%, and the lowest was 0.9000%.

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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