TBA’s latest news – 26th of January 2024

1. Oxford Street sweeter – with fewer shops empty or selling candy
2. Gas’s future looks cloudy as demand and prices tumble
3. More than half of UK retailers affected by Houthi disruption, survey shows
4. UK middle classes ‘struggling despite incomes of up to ￡60,000 a year
5. UK lender trials ban on new holiday let mortgages for tourist hotspots

Oxford Street recovery picks up ?

The famed shopping district of Oxford Street has seen a substantial 40% decrease in the number of vacant premises, and nearly one-fifth of candy and souvenir shops have closed.? The revival of the district has been driven by developments such as the full reopening of Tottenham Court Road station, the introduction of the Elizabeth line and a rebound in tourist numbers.

Several stores have also expanded their presence in the area, with HMV re-opening and returning to its original location last November.?? Ikea’s new store is also due to replace the former Topshop building near Oxford Circus.??

The future of natural gas looks uncertain

Leaders in the energy industry have gathered in London for the International Energy Week conference, where they are set to discuss the future of natural gas. European natural gas prices have dropped to their lowest levels since 2022, and the current trading price of €23 per megawatt-hour is a significant decrease from the peak of €319 in August 2022.

Milder winters combined with warmer weather, and the restoration of French nuclear power plants has further reduced natural gas demand. Last week, the UK energy regulator Ofgem also confirmed that the decline in wholesale prices will be translated into household bills.

Over half of British retailers affected by the ongoing conflict in Yemen

Research conducted by the British Chambers of Commerce suggests that shipping container prices from Europe to Asia have risen by 300% for some business, combined with logistics delays adding an extra three to four weeks in delivery times. Both have been directly linked to recent attacks on cargo shipping by Houthi rebels in Yemen.

The new middle-class: struggling on ￡60,000 a year

Research conducted by the abrdn Financial Fairness Trust suggests that employment uncertainty means that many middle-class earners may not be able to sustain a decent standard of living.

Instability in the employment market compounded by high housing costs mean that even a ￡60,000 household income may no longer be sufficient, even when compared with ‘the minimum level often associated with lower income groups’.

Trial ban on holiday let mortgages

Leeds Building Society is piloting a ban on holiday let mortgages for some popular holiday destinations, in an attempt to improve the housing market for local residents in parts of Norfolk and Yorkshire.

Holiday let mortgages are typically used to purchase properties for short-term rentals of usually 31 days or under, compared to buy-to-let mortgages for long-term leases.

The government has also indicated that it plans to further regulate short-term holiday lets over concerns that the practice has priced local residents out of their communities. Future short-term rentals will require planning permission from local authorities, and a mandatory national register is due to be created.

TBA Global can assist you in navigating the requirements to ensure your business remains compliant. You can reach out to us via email at [email protected] or WhatsApp for a free one-to-one consultation.