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Government vetoes project bank account proposal

Construction Enquirer

The Government has blocked an attempt to amend the planned Procurement Bill to include mandatory project bank accounts for all jobs valued at over £2m. Abrahams MP said: “Small businesses are the backbone of the economy. ”

Banking 115
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How the Silicon Valley Bank Failure Could Affect the Housing Market

Pro Builder

How the Silicon Valley Bank Failure Could Affect the Housing Market ldeakins Thu, 03/16/2023 - 11:02 The collapse of Silicon Valley Bank last Friday led to two other bank closings that rattled the tech industry and the cryptocurrency market. Could panic in the financial markets affect the real estate sector?

Banking 52
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Home Prices Could Continue to Rise Into 2023, Says Bank of America

Pro Builder

Home Prices Could Continue to Rise Into 2023, Says Bank of America. The Federal Reserve is preparing to increase mortgage rates to tame elevated inflation, but higher rates still won’t be enough to stop another year of strong price growth in the housing market, Fortune says. Bank of America predicts that home prices across the U.S.

Banking 98
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Mortgage Banks Reported Negative Profits for the First Time Ever in 2022

Pro Builder

Negative profits in 2022 are likely a result of slower housing activity caused by higher financing costs coupled with elevated home prices, leading to lower purchase and refinance volume. The 2022 deficit represents a 113% decrease from the previous year's average income of $2,339 per mortgage.

Banking 52
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Persimmon invests in modular house builder TopHat

Construction Enquirer

Modular house builder TopHat has raised £70m from new and existing shareholders as it prepares to open Europe’s largest modular housing factory to manufacture up to 4,000 ultra low-carbon homes a year. House builder Persimmon and institutional investor Aviva have each made a substantial investment in volumetric modular house builder.

Housing 102
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Has the Housing Market Bottomed Out? Prices Rise for First Time in 7 Months

Pro Builder

Has the Housing Market Bottomed Out? Prices Rise for First Time in 7 Months ldeakins Wed, 04/12/2023 - 11:40 After months of price corrections in the nation's most popular housing markets, U.S. rise in home prices from January to February and a 4.4% annual increase in U.S. home prices. annual increase in U.S. home prices.

Housing 98
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Housing slump sees construction output fall

Construction Enquirer

Housing work (index at 39.6) Aside from the lockdown-related fall in house building, the rate of contraction was the fastest since April 2009. Survey respondents widely commented on weaker demand due to rising borrowing costs and a subdued outlook for the housing market. decreased at the steepest pace since May 2020.

Housing 103