The Leader | Evening Standard daily
Interest rate hikes hit mortgage loans & rents
Thousands of London households are being hit with a fresh property squeeze as lenders hike interest rates again.
Now, according to financial data firm Moneyfacts, the average two-year fixed-rate mortgage deal costs £35 more per month than it did a couple of weeks ago, following successive Bank of England base rate rises.
It comes after TSB withdrew its ten-year fixed-rate, while Coventry Building Society is set to increase prices for two, three and five-year deals.
The hikes are being fuelled by inflation figures stuck stubbornly at 8.7 per cent.
Meanwhile, a record fifth of first-time buyers signed up to 35-year mortgages - so will be paying off property debt past retirement and into their 70s.
The Leader podcast’s joined by Dr Jeevun Sandher, who's head of economics at the New Economics Foundation and Labour’s prospective parliamentary candidate for Loughborough.
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London’s ‘seven-star’ hotels building boom10:50Despite the grim economic outlook, London’s enjoying an unprecedented boom in luxury hotel launches that will see thousands of lavish new rooms opening over the next two years.The Standard’s front page reports at least 13 high-end hotels are scheduled to open by 2025, many from world-renowned operators launching in the capital for the first time, while others get major refurbishments to tempt elite customers from their cash.It comes as the £1.1 billion Peninsula London near Hyde Park Corner prepares to open its doors, with the starting price at £1,300-a-night - but does that include breakfast?The Peninsula will be followed by the £1.5 billion Raffles London, which has been built in Whitehall’s cavernous former War Office building, rebranded Raffles London at The Owo, The Leader podcast is joined by Evening Standard business editor Jonathan Prynn and John O’Ceallaigh, founder of luxury travel consultancy Lute.