ECONOMY

10 Things To Know About Applying For Housing In The UK

Published

1 year ago

10 Things To Know About Applying For Housing In The UK

One of the challenging aspects of moving to the UK is finding suitable housing. You will need to select whether you need a furnished or unfurnished apartment or house, depending on the length of your stay, the number of people living with you, and your budget. If you remain long enough, you might even consider purchasing a home. There are many distinct types of homes in the UK, including cottages, detached homes, end-of-terrace homes, apartments, semi-detached homes, and terraced homes. Prices will vary according to the city, neighbourhood, and house type you choose.

In this article, find all the details you require for apartments and houses for rent and sale in the UK.

Short-Term Rentals

You can find short-term rentals on websites like Airbnb, Homeaway, VRBO, TripAdvisor, Homestay, or Booking. Short-term lease apartments are much easier to find and typically come equipped. If you still need to wait for your delivered items to arrive or if you want to take your time to locate the finest permanent housing option for your needs, you could want to turn to this alternative.

These rentals are also available in less formal marketplaces like Gumtree or Facebook groups. Still, a risk is involved because many people are unlawfully subleasing homes in these places. For instance, even if their lease agreement prohibits it, renters frequently temporarily sublet their residences when they leave on vacation.

What Is The Average Price Of A Short-Term Rental In The UK?

A short-term tenancy is typically for less than six months, on average. Any rental agreement more extended than a year is a long-term lease. Typically, medium-term rentals are those given for six months to a year.

Even though short-term rentals are typically more expensive than their longer-term equivalents, they are often advantageous. For instance, you might require lodging while finishing a real estate deal or wish to rent temporarily while looking for something permanent. These furnished properties are available for short-term or monthly rentals. To give you an idea of the price variations, the Residential Landlords Association (RLA) reports that the typical cost for one night in a London residence listed on Airbnb is 137 GBP. While the median price for long-term rentals in the city is 1700 GBP, the average nightly cost is 56 GBP.

What Document Do You Need To Rent On A Short-Term Basis?

Broadly, a government-issued ID is a primary document required to achieve this, with a verified account on the platforms.

Understanding House/Apartment Rent

It’s crucial to understand how to rent a home or apartment in the UK. You may learn everything you need to know right here to ensure that you get to live in the UK home of your dreams. Despite the abundance of rental houses, prices on the market vary greatly and are primarily influenced by location. For instance, homes in a desirable area in London may cost multiple folds as much as homes of the same type in the north of England.

Renting In The UK As A Foreigner

The length of your stay in the country, the kinds of homes you are interested in, your budget, your commute, the cost, whether you want a furnished or unfurnished space, an apartment or a house, etc., are all things you will likely not be familiar with the system and will need to take into account when choosing where to live. If you want to rent, you will be free to try out several locations if you don’t immediately find something that suits you. The process will go much more smoothly if you are flexible. You might begin your search by travelling abroad and exploring the websites where properties are listed, along with their costs and availability.

However, Leatherback can ease some stress while planning for your relocation as you can pay in your local currency for an apartment of your choice in the UK.

How To Rent A House Or Apartment In The UK

The most excellent alternative for you will be a rental if you only intend to relocate temporarily to the UK. Renting a home is quicker than buying one, and the landlord takes care of most maintenance. They are required by law to ensure that the rental property is maintained to a certain quality since they owe a duty of care to the tenants. They are primarily in charge of repairs to:

drains, gutters and external pipes;

the structure and exterior of the property;

sinks, basins, baths, and toilets;

electric wiring; and

Gas appliances.

It also has the advantage of letting you explore various neighbourhoods to see which one best suits you. Renting first will help you better understand your new area if you later choose to buy real estate. You will better understand how everything operates once you have lived there for a few months, which will help you make a more informed choice when buying property.

What Is The Average Rent In The UK?

Depending on the area, rent costs per month can be very different. For instance, Greater London has a rate of approximately 1,700 GBP (2,200 USD), significantly more than the GBP 1,000 national average (USD 1,300 USD). The average monthly rent for a similar-sized house in London is around GBP 1,000 (USD 1,300), while a place at the upper end of the range will run you about 13,000 GBP (17,000 USD). A furnished apartment might cost up to 20% more than an empty apartment.

What Are The Rental Procedure And Rules?

Signing a rental agreement is the next step after finding a place you like. The majority of contracts last for a semester or a year, after which you have the option of extending your stay. Carefully read your agreement. A security deposit (often equal to one month’s rent) will be required of you. The following conditions and documentation may also be necessary for renting:

Proof of ID

Proof of earnings

Proof of legal work permit/visa

Copy of employment contract

Letter of confirmation of employment from your employer

References from previous landlords

Rental Contract And Deposit

The following information must be on your rental contract:

Your (and your landlord’s) name and contact details;

address of the rental property;

date of start and end of the rental contract;

dates and frequency of rental review;

rental fees with payment dates;

extra fees, if any;

security deposit and conditions for getting it back;

Subletting rules.

Please list everything in the house and note its condition before you move in. By doing this, you can guarantee that when you vacate, your deposit will be returned.

You will have obligations and rights as a tenant. When you rent privately, you have the right to a safe, private home and protection from eviction and unfair rent. Your job is to maintain the property and make the agreed-upon rent payments.

In addition to having a tenant who takes care of their property and pays for any damage done to it, your landlord has the right to verify your visa and other documentation. However, they also must provide proper contracts and keep the property up to code. You can familiarise yourself with the laws governing the rights and obligations of renters and landlords to be fully informed of your rights.

Tips On How To Pass Tenant Referencing In The UK

Be proactive towards letting your landlord know everything that might interest them about you.

Get your paperwork ready, including references for renting (both employer and previous/current landlords), bank statements, and passport and visa, where necessary.

Inform your referees of possible contact from your letting agent or landlord to prevent them from being misguided about the information they will divulge about you.

Answer all correspondence promptly. You’ll have a better chance of passing the tenant screening process and obtaining the desired rental if you complete them immediately.

Secure a guarantor before starting the tenant referencing process.

Get your finances in order because you must have all the required deposits and fees ready to pay at a moment’s notice to ensure a smooth transition to moving into your preferred property. However, you can achieve this using the Leatherback virtual card, which allows you to deposit and pay for your housing finances in the UK from other parts of the world.

Conclusion

The advent of technology, which has opened the window of financial operations to the world, has enabled the seamless application for housing in the UK before relocation. As such, it is important to entrust your money transfers in this regard with a credible platform like Leatherback to make your transactions simple, easy, and convenient.

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ECONOMY

Economic Commission for Africa (ECA) Releases Report to Propel Africa’s Progress Towards Agenda 2030 and 2063 Goals

Published

2 months ago

Christopher

The report is a response to the call by World Leaders in January 2020 for a “Decade of Action” to accelerate the implementation of the Sustainable Development Goals (SDGs) by 2030

A report, “Towards Africa’s Prosperity: Creating Conditions for Socially Inclusive, Environmentally Sustainable and Well-Governed Continent”, to assist African countries to accelerate and ensure the successful implementation of Agenda 2030 and Agenda 2063 on the continent has been published by the United Nations Economic Commission for Africa (ECA).

The report is a response to the call by World Leaders in January 2020 for a “Decade of Action” to accelerate the implementation of the Sustainable Development Goals (SDGs) by 2030. UN Secretary-General António Guterres further emphasised this by launching ‘Our Common Agenda’, which focuses on foresight analysis and involves looking ahead and examining how significant change can be achieved.

These calls for action came amid worsening global economic problems caused by the disruptive effects of COVID-19, the crisis triggered by Russia’s invasion of Ukraine, and the escalating climate crisis. These issues have led to global hunger, limited access to essential health services, poor educational quality, gender inequality, violent conflicts, vulnerability to natural disasters, and climate change.

Africa is the worst-affected region, posing a threat to the achievement of the Sustainable Development Goals (SDGs) established in 2015. The SDGs are designed to enhance global shared prosperity and improve people’s lives by 2030.

Therefore, the Report aims to help African countries address these challenges and accelerate the desired implementation of Agenda 2030, which aligns with the goals of Agenda 2063 of the African Union(AU).

The report assessed four major themes: Africa’s economic and social conditions, a comprehensive definition of prosperity, scenario casting through a macroeconomic model on options for achieving prosperity in Africa by 2030, accelerators of Africa’s development, and the role of governance institutions in economic transformation.

The report identifies the critical ‘game changers’ that could accelerate Africa’s development process in achieving the key goals of Agenda 2063 and Agenda 2030. Some of these include the urgent and imperative need for an agricultural revolution that would harness the continent’s green resources to feed itself and become a net exporter of agricultural products and processed agricultural goods.

Others include “Developing human capital,” “Expanding and upgrading infrastructure and logistics,” “Unleashing entrepreneurship and private sector development,” “Ensuring gender equality and equal opportunities,” “Harnessing the urban advantage,” “Acceleration of regional integration and trade,” “Mobilising financial resources,” and “Ensuring environmental sustainability as a foundation for prosperity.”

The report suggests pathways to accelerate progress towards achieving prosperity in Africa by 2030, aligning with Agenda 2063’s vision. It includes promoting inclusive political and economic governance, improving the capacity, autonomy and accountability of economic and political institutions, addressing disparities between the rich and poor, applying fiscal and monetary policies judiciously, creating incentives for enterprises, modernising technology and infrastructure, prioritising investing in technology and accessing global knowledge, and leveraging the African Continental Free Trade Area (AfCFTA).

The report highlights that governance institutions—economic and political—are essential for sustainable development and socio-economic transformation in Africa. Key political institutions include the judiciary, human rights bodies, and participatory entities like Parliament. Economic institutions encompass national planning, resource management, and accountability frameworks.

Mr. Claver Gatete, Executive Secretary of ECA, described the report as a significant effort that would significantly contribute to achieving a stable, democratic, and prosperous Africa.

He commended Vera Songwe, the former Executive Secretary of ECA, for her leadership and initiative on the project, the task team that planned, supervised, and coordinated the production of the report led by Said Adejumobi, Director of Strategic Planning, Oversight, and Results Division at ECA, and the consultants who worked with the Task Team in producing the report.

To obtain a copy of the report, please visit: https://www.uneca.org/towards-africa%27s-prosperity

Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).

ECONOMY

Boosting Economic Growth: The Urgent Need for Enhanced Research and Innovation Funding in Central and Eastern Africa

Published

2 months ago

Christopher

Most African countries, including those in Central Africa and East Africa, have Research and Development (R&D) spending of less than 0.5% of GDP, which is well below the global average of 2.5% of GDP

For the third time, about 150 decision-makers and economic experts attended the session of the Intergovernmental Committee of Senior Officials and Experts (ICSOE) organised by the UN Economic Commission for Africa (ECA) in Central and Eastern Africa.

This year, the meeting was organised in partnership with the government of Cameroon to spark discussions and policy options on trade-related measures and innovation solutions that can help drive both the AfCFTA and economic diversification in the region.

The meeting was held from 15 to 18 October in Yaoundé and brought together policymakers and experts from 21 African countries.

“Innovation is an essential determinant of productivity growth, especially during this era of the Fourth Industrial Revolution. Its significance is reflected in the United Nations Sustainable Development Goal (SDG) 9 which aims to “build resilient infrastructure, promote inclusive and sustainable industrialization and foster innovation”. ECA Deputy Executive Secretary Hanan Morsy said at the opening of the meeting.

“However, when research and innovation figures are considered, most African countries, including those in Central Africa and East Africa, have Research and Development (R&D) spending of less than 0.5% of GDP, which is well below the global average of 2.5% of GDP,” she added.

“Modern economic growth is encapsulated in a continuous process of technological innovations” stressed Mr Alamine Ousmane Mey, Minister of Economy, Planning and Regional Development of Cameroon.

He emphasizes the need for sustained support to African states to establish an ecosystem conducive to innovation. “This support is crucial to address urgent needs such as promoting blue and green economies, as well as inclusive industrialization and economic diversification”.

Macroeconomic Resilience in the Face of Adversity: Central and East Africa’s Growth

Participants at the meeting also discussed a detailed comparative analysis of the macroeconomic situation in Central and Eastern Africa from both an economic and social perspective, taking stock of the challenges posed by high debt levels, post-pandemic inflationary pressures, and climate change impacts.

Despite these hurdles, ECA estimates a robust regional growth performance in 2023, with Eastern Africa achieving a remarkable 6.3% increase and Central Africa a 3.3% rise, outpacing the global economic growth rate of 2.7%.

In 2024, both sub-regions demonstrated exceptional economic resilience, with East Africa leading with a 5.8% growth in real GDP, compared to Central Africa’s 3.5%. Central and East Africa still face challenges in generating more growth and ensuring that growth leads to sustainable economic and social transformation.

ICSOE: A platform for solutions

While the ICSOE meeting focused on the importance of accelerating economic diversification, particularly on the special focus on the issue of Research and Innovation, it was also a platform to discuss critical economic development agendas of the region.

Participants discussed how the African Continental Free Trade Area (AfCFTA) could spur sustainable and inclusive growth on the continent if stronger support measures targeting women, young traders and small businesses are implemented,

Participants discussed increased liquidity for African countries which can be achieved by implementing innovative financing instruments such as debt-for-nature swaps, green and blue bonds or advancing carbon markets to establish a fair carbon price.

About ECA in Central and East Africa

The Subregional Office for Central Africa of ECA is located in Yaoundé, Cameroon, The office covers seven countries: Cameroon, the Central African Republic, Chad, Congo, Equatorial Guinea, Gabon and Sao Tome and Principe)with an extension of its services to the rest of ECCAS member states.

The Subregional Office for Eastern Africa is located in Kigali (Rwanda). The office covers 14 countries: Burundi, Comoros, Democratic Republic of Congo, Djibouti, Ethiopia, Eritrea, Kenya, Madagascar, Rwanda, Seychelles, Somalia, South Sudan, Tanzania and Uganda.

Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).

BANKING

Financial Analysis: A Comprehensive Study of The Well-Being of A Country

Published

1 year ago

softchris4ol

Financial Analysis: A Comprehensive Study of The Well-Being of A Country

Understanding the financial stability of a country requires a thorough understanding of financial analysis. In order to offer insights into the overall financial stability and overall wellness of the country, it entails evaluating a range of economic indicators, financial performance, and market movements.

In this article, we will delve into the fundamentals and importance of financial analysis in evaluating a country’s economic situation.

Financial Analysis: A Comprehensive Study of The Well-Being of A Country

THE HISTORY ABOUT FINANCIAL ANALYSIS

Ancient Beginnings:

The roots of financial analysis can be traced back thousands of years. The ancient Mesopotamians, Egyptians, and Greeks were among the pioneers of documenting financial transactions, creating basic records of assets and liabilities. These early attempts laid the groundwork for the concept of financial analysis through the study of financial statements and ledgers.

Medieval Europe:

During the Middle Ages, Europe witnessed the rise of merchant guilds and the emergence of double-entry bookkeeping. Italian mathematician and Franciscan friar, Luca Pacioli, is often credited with formalizing double-entry bookkeeping, publishing his seminal work “Summa de arithmetica, geometria, proportioni et proportionalita” in 1494. The concept of balancing debits and credits within financial records formed the basis for modern financial analysis techniques.

Industrial Revolution:

The Industrial Revolution in the 18th and 19th centuries revolutionized business and the need for financial analysis grew rapidly. As companies expanded and diversified, investors began demanding more comprehensive financial reports to assess the potential risks and returns of their investments. The birth of limited liability companies further accelerated the need for financial analysis, as shareholders sought transparency in the performance of their investments.

Modern Era:

The 20th century witnessed significant advancements in financial analysis techniques. The advent of electronic computing in the mid-1900s enabled the processing and analysis of vast amounts of financial data, leading to the development of sophisticated financial models and ratios.

The Great Depression of the 1930s laid the groundwork for modern financial analysis as regulators sought effective ways to prevent future economic crises. The establishment of the U.S. Securities and Exchange Commission (SEC) in 1934 brought about standardized reporting requirements, including the filing of audited financial statements. This increased transparency and standardized financial reporting provided analysts with a more accurate and consistent basis for their analysis.

The Rise of Quantitative Analysis:

In the latter half of the 20th century, the growth of computing power and the availability of large data sets propelled financial analysis into new territory. Quantitative analysis, utilizing statistical models and mathematical algorithms, started gaining prominence. Financial analysts began incorporating complex mathematical methods to assess investment opportunities, risk management, and portfolio optimization.

Modern Financial Tools:

With the advent of the internet and the digital age, financial analysis has become even more accessible and data-driven. Sophisticated software programs, data analytics tools, and artificial intelligence have revolutionized the way financial data is analyzed and interpreted. In recent years, technologies like machine learning have been leveraged to develop predictive models that can assess future trends and make accurate financial forecasts.

MEANING

Financial analysis is the process of evaluating businesses, projects, budgets, and other finance-related transactions to determine their performance and suitability. Typically, financial analysis is used to analyze whether an entity is stable, solvent, liquid, or profitable enough to warrant a monetary investment.

Financial analysis is a fundamental tool that allows organizations and individuals to assess the past, present, and future financial health of a business or investment. Through a systematic examination and interpretation of financial statements, ratios, and other key indicators, financial analysis helps in making informed decisions, optimizing resources, and improving overall financial performance. In this article, we will delve into the meaning of financial analysis, its prominent components, and its significance across various sectors.

Financial analysis involves scrutinizing financial data to evaluate the performance and profitability of an entity. It assists in quantifying the effectiveness of financial decisions, identifying trends, predicting future outcomes, and benchmarking against industry standards. By analyzing financial statements, investors, analysts, and other stakeholders gain valuable insights into the financial position, liquidity, solvency, and operational efficiency of an organization.

FUNDAMENTALS OF FINANCIAL ANALYSIS IN A COUNTRY

Gross Domestic Product (GDP): GDP is a primary indicator used to gauge the economic performance of a nation. Financial analysts analyze GDP growth rates and its components, such as consumer spending, government expenditure, investments, and net exports. This analysis helps in determining the overall strength of the economy and identifying areas of potential growth.
Trade and Balance of Payments: Trade analysis focuses on a country’s imports, exports, and balance of payments. Evaluating trade patterns helps identify sectors driving the country’s economic growth, trade imbalances, and potential risks to the economy from external factors such as changes in global demand or disruptions in supply chains.
Inflation and Interest Rates: Analyzing inflation rates and interest rates provides insights into the stability of a country’s economy. High inflation erodes purchasing power, while high-interest rates can impact borrowing costs, affect consumer spending, and investment behavior. Financial analysts assess the impact of inflation and interest rates on an economy’s overall competitiveness and economic growth potential.
Government Debt and Fiscal Policy: Analyzing a country’s government debt levels and fiscal policy is crucial in understanding its financial sustainability. A high level of government debt may lead to increased borrowing costs, reduced investor confidence, and potential risks to economic stability. Evaluating fiscal policies helps determine whether a country is managing its finances effectively and implementing sustainable economic growth strategies.
Stock Market Performance: The stock market reflects investor sentiment and provides valuable insights into a country’s economic outlook. Analysts evaluate key stock market indices, such as the country’s primary exchange, sector-specific indices, and market capitalization trends. Monitoring stock market performance allows for an understanding of investor confidence, economic growth expectations, and potential risks to the financial system.
Banking Sector and Financial Institutions: A robust banking sector is essential for economic stability. Financial analysts assess the health of the banking system by evaluating indicators such as non-performing loans, capital adequacy ratios, and the overall stability and soundness of financial institutions. Understanding the well-being of financial institutions helps gauge the potential risks to the overall economy, including credit availability, liquidity, and financial contagion.
Regulatory Environment and Governance: The regulatory environment and governance play a critical role in attracting investment and fostering economic growth. Financial analysts assess the effectiveness of regulatory frameworks, transparency in financial transactions, and the overall credibility and efficiency of institutions responsible for enforcing regulations. Evaluating the regulatory environment aids in understanding potential risks and opportunities for sustainable economic development.

SIGNIFICANCE OF FINANCIAL ANALYSIS IN A COUNTRY

Financial analysis plays a vital role across various sectors, serving the following purposes:

Evaluating Financial Performance: By conducting a comprehensive financial analysis, companies can assess their performance, profitability, and financial stability. This, in turn, helps in identifying areas for improvement, developing strategic plans, and making sound financial decisions.
Assessing Investment Viability: Investors rely on financial analysis to evaluate the profitability and risks associated with potential investments. Through detailed scrutiny of financial data, investors can determine the financial health and growth prospects of a company, aiding in making informed investment decisions.
Facilitating Lending Decisions: Financial institutions utilize financial analysis to assess the creditworthiness of loan applicants. By analyzing financial statements, evaluating ratios, and assessing the risk profile, lenders can ascertain the borrower’s ability to repay loans and make sound lending decisions.
Supporting Strategic Decision-Making: Financial analysis aids in strategic decision-making, such as expansion, diversification, or mergers and acquisitions. Understanding a company’s financial position and performance provides a foundation for evaluating the feasibility and potential outcomes of such decisions.

CONCLUSION

Conducting a comprehensive financial analysis provides valuable insights into the economic landscape of a country. By evaluating indicators such as GDP, trade patterns, inflation rates, government debt, stock market performance, banking sector health, and regulatory environment, financial analysts can gauge the overall financial health, identify potential risks, and recommend strategies for sustainable economic growth. Accurate and timely financial analysis acts as a compass, guiding policymakers, investors, and businesses to make informed decisions and contribute to the overall prosperity of the nation.