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  • Ovo Energy to cut hundreds of jobs in cost-saving move

Ovo Energy to cut hundreds of jobs in cost-saving move

Ovo Energy, a major domestic gas and electricity provider in the UK, is gearing up to reduce its workforce in an attempt to demonstrate to regulators that it has a…

Daily Mail owner in talks to acquire Telegraph titles for £500m

The owner of the Daily Mail is in talks to buy the Daily Telegraph and its Sunday sister title for £500m, a deal that would finally end the more-than two-year…

Novelists Fear AI Will Replace Them, Survey Shows

The novel has survived the industrial revolution, radio, television, and the internet. Now it’s facing artificial intelligence – and novelists are worried. Half (51%) fear that they will be replaced…

Why housing developers are concerned about the ‘jaws of death’ in England’s housing market | UK News Housing Secretary Steve Reed has set a goal for Britain to «build, baby, build» towards the government’s target of 1.5 million homes by the next election. However, housebuilding in England has slowed to its lowest level in nine years, with the number of homes built dropping by 6% to 208,600 in the year leading up to March 2025. Rising building costs and declining house prices have made development projects unviable in half of the country and unaffordable in the other half, according to Steve Turner, executive director of the Home Builders Federation (HBF). Balancing affordability with high safety and design standards has led to increased costs. Although the government recognizes that housing delivery has not met the necessary levels, they believe that building will accelerate as their policies take effect. However, only 275,000 homes have been delivered since the election, falling short of the 400,000 needed to be on track for 1.5 million homes. The cost of materials and labor has contributed to the rising cost of building homes, with the price of bricks and clay products increasing by over 26% in the year leading up to August 2023. Additionally, higher interest rates since 2022 have raised the cost of financing development and weakened buyer demand. As a result, the sales value of homes has not kept up with the rising costs, creating a financial trap referred to as the «jaws of death» by housing developers. While the cost of building homes has risen by over 13% on average since September 2022, house prices have only increased by less than 3% on average across Britain. The government is considering emergency measures to boost home construction in London, where the number of new homes starting construction has drastically declined. These measures include a funding package and temporary reductions in affordable housing targets. Property developers in London are facing increased costs due to updated building design standards, fire safety regulations, and additional requirements such as energy efficiency improvements and electric vehicle infrastructure. These added costs are straining the viability of development sites and hindering the supply of new homes in the housing market. Affordable social housing is primarily built by private developers through a cross-subsidy model, which relies on the viability of private housebuilding. While some are advocating for permanent emergency measures in London, others are cautious about compromising on safety standards in a rush to increase housing supply. Developers concerned about ‘jaws of death’ in UK housing market

Housing Secretary Steve Reed is pushing for increased home construction to reach the government’s goal of 1.5 million homes by the next election. However, housebuilding in England has slowed significantly,…

Curve investor challenges £125m sale to Lloyds in court

The primary external investor in Curve, a digital wallet provider, has taken legal action to challenge the £125m sale to Lloyds Banking Group. IDC Ventures, the investor, has lodged a…

Government borrowing high in October as consumers cut spending – official data

Official figures show that government borrowing was higher than expected, and consumers spent less than anticipated, tightening their belts. According to the Office for National Statistics (ONS), government borrowing in…

Energy minister warns of no quick fix for reducing bills as Ofgem prepares new price cap announcement

The article discusses the challenges facing households and businesses in reducing energy bills, highlighting the complexities involved in transitioning to clean power sources. Energy Minister Michael Shanks acknowledges the difficulty…

Nvidia results ease market concerns but AI bubble fears linger

Global stock markets have rallied as the world’s most valuable company reassured investors of the demand for artificial intelligence (AI) and the returns companies can make. Nvidia’s announcement of another…

Asda sells 24 stores to rent back amid debt struggle

Asda, a supermarket chain, is in the process of selling 24 of its stores and then renting them back in an effort to address its debt issues. The company has…

Britain sets new wind power record, enough to power 22 million homes

A new wind record has been set for Britain, with enough electricity generated from turbines to power 22 million homes, the system operator has said. The mark of 22,711 megawatts…