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BMW has announced it will build the all-new electric MINI in Cowley, Oxford. Great news for UK workers and the nation’s manufacturing prowess. But how strong are MINI’s British roots? Will they survive globalisation – and Brexit? The Mini Cooper of the 1960s quickly became an icon of British design. The diminutive car proved that great things could come in small packages, and, along with other classics like the Beetle, showed that small cars could be very, very cool.
Owning one’s own home is increasingly difficult. But what’s to blame? Brexit, an undersupply of homes, stagnant wages – or avocadoes on toast? New research suggests the traditional bachelor pad may soon be a thing of the past, as young men are no longer able to afford a place of their own. As far as many males are concerned, buying with a partner now seems to be the only way to afford a property.
New motorcycle registrations have fallen for the seventh month in a row, while year-on-year sales have dropped by 12.8 per cent. July saw 8,992 new motorcycle registrations, down from 10,261 in July of last year. The latest figures, released by the Motorcycle Industry Association (MCIA), also revealed that 62,129 motorcycles have been registered so far this year, compared to 71,623 by the end of July of 2016.
House prices increased by an average of £10,000 over the last 12 months, a key factor in subduing property sales, say industry figures. According to the ONS, the average property price in June stood at £223,357, up from £214,000 the previous year. House price increases slowed slightly overall, but growth across 2017 remained roughly flat at 5 per cent, according to ONS data.
Car finance is on the increase in the UK, with approximately 86 per cent of private new car purchases using a credit facility in the year up to June. The use of dealership finance is around double what it was in 2009, equating to a 20 per cent rise each year since then. As a result, the Bank of England has become increasingly concerned over a new credit bubble driven by cheap motor finance. But are we facing a 'car loan time bomb' as a recent Sun headline suggested?
Ford has announced it will discount £2,000 from some of its new models if the buyer agrees to scrap their old car. The deal will apply to cars of any brand built before 2010, and will include petrol engine as well as diesel cars. Incentives by rivals such as BMW and Mercedes have only included diesel cars, meaning this offer might be taken up by many more car owners.