Monday newspaper round-up: Rents,.Manufacturers, BAE Systems

Residential rents across Britain are rising at their fastest on record as high interest rates shut would-be buyers out of the property market. Monthly rental costs are on average 12 per cent higher than they were this time last year, up £140 to breach £1,300 for the first time, according to the estate agent Hamptons. Separate research from the property website Rightmove suggests that more than a third of homes for sale have had their asking prices reduced as vendors try to drum up demand. - The Times

Britain’s manufacturers are “battening down the hatches” amid a sharp drop in activity, according to the latest quarterly data from Make UK, which represents manufacturers, and the business advisory firm BDO.Their manufacturing outlook survey shows that factory recruitment plans are weakening significantly for first time since the EU referendum in 2016, due to a slowdown in orders from domestic and overseas customers. Make UK has cut its forecast for 2023, predicting output will fall by 0.5% this year. - Guardian

The boss of defence contractor BAE Systems has opened the door to Saudi Arabia becoming involved in the UK’s flagship fighter jet programme. Charles Woodburn, BAE’s chief executive, said the kingdom can ‘offer a lot’ and had a talented workforce that could boost the project. Woodburn was speaking after it emerged that the Saudi government is pushing to become a full partner in the international global combat air programme. - Daily Mail

Home sellers are cutting asking prices at the highest rate in 12 years as mortgage rates hit buyer demand, new data shows. More than a third of homes had prices cut at least once in the four weeks to September 9, according to property website Rightmove, which was the largest share since January 2011. Those making reductions typically wiped £22,700 off their initial prices, a discount of 6.2pc. - Daily Telegraph