Here’s a round-up of the financial news and investment stories that caught our eye this month, including fallout from the new Chancellor’s Mini Budget and the impact it’s had on the property and luxury markets. There’s also news on young drivers and an out-of-this-world sale at auction…
Mini Budget mayhem
As a result of Kwasi Kwarteng’s Mini Budget, the UK’s borrowing costs skyrocketed and investors around the world dumped British assets on a scale not seen in more than 35 years. According to this FT analyst, it was just about the worst outcome the new Chancellor could have imagined.
US property buyers taking advantage of weaker pound
In the wake of the Mini Budget, London estate agents have reported a surge of interest from overseas buyers — most notably from the US. These investors are looking to take advantage of the weakened pound and splurge on properties in some of the capital’s most prestigious postcodes, including Mayfair, South Kensington and Notting Hill.
Luxury market surges
Foreign investors aren’t only piling in on the British property market — dollar transactions are also on the rise in the luxury sector. Advice from the British luxury trade association: businesses should redirect their marketing budget to the US.
Luxury cars get Gen Z hearts racing
A survey by Heritage Car Insurance has found that Generation Z is more likely to buy a luxury car than any other generation. Incredibly, of those young adults surveyed, 39% said that they have already purchased a high-end model and almost one in six had a BMW as their first car. Whatever happened to starting with a clapped-out Fiesta?
Starman song lyrics sell for an astronomical price
Could this be the most expensive sheet of notepaper ever? On 27 September, an A4 sheet containing David Bowie’s handwritten lyrics to the 1972 song Starman sold for more than £200,000 at auction. That certainly caused some bank balance ch-ch-ch-ch-changes.
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