New figures out this morning suggest more pressure is coming for renters, with around a sixth of British landlords planning to sell their rental properties.
According to a survey from advisory firm Cornerstone Tax, 15pc of people who own a rental property are looking to sell. London is expected to be hit hardest by an exodus of landlords.
5 things to start your day
1) Amazon earns biggest profit since lockdown shopping boom | Online retailer enjoys revival as shoppers spend more
2) Michael Gove threatens to sanction councils who endorse four-day week | New guidance comes as shorter working weeks fail to deliver ‘value for money’
3) Unilever to tone down social purpose after ‘virtue-signalling’ backlash | Dove and Hellmann’s maker says it will no longer seek to ‘force-fit’ brands with a cause
4) Britain risks becoming dependent on oil and gas imports as North Sea production dries up | Fossil fuel output will dwindle to near zero over the next two to three decades
5) Heathrow eyes revival of third runway as it cuts losses | Controversial expansion will be at ‘top of the list’ for new chief executive
What happened overnight
Wall Street stocks ended lower on Thursday after blue-chip companies warned economic uncertainty could hit profits.
The S&P 500 fell 49.54 to 4,137.23 after touching its lowest level in five months.
The Dow Jones Industrial Average dropped 251.63 to 32,784.30, and the Nasdaq Composite sank 225.62 to 12,595.61.
The yield on the 10-year Treasury fell to 4.84pc from 4.96pc late Wednesday.
Cautious optimism that solid post-market US tech earnings are set to spur a rebound on Wall Street cause Asian equities to rise.
Shares traded higher in Hong Kong, while Australian, Japanese and South Korean stocks were also in the green. Mainland Chinese shares fluctuated after data on industrial companies’ profit showed growth, though slightly softer than in the prior period.
Contracts on the Nasdaq 100 climbed in the Asian session after the underlying benchmark fell 1.9pc on Thursday.
In currencies, the yen was steady after Tokyo inflation, an indicator of Japanese consumer cost pressures, unexpectedly accelerated for the first time in four months.
The Australian dollar rose 0.1pc to $0.6330 while the yuan was little changed at 7.3235 per dollar.
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