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January 23, 2008
by Gill Montia
Figures from Halifax for the fourth-quarter of 2007 show a 5.2% rise in house prices, on the same period of 2006.
Taking the UK as a whole, average house prices in the fourth-quarter were slightly lower than in the third-quarter, down -0.8%.
Prices rose in four regions: Scotland 2.4%; West Midlands 2.1%; Wales 0.9%; and North West 0.6%.
The largrest ...
by Kay Murchie
According to financial comparison website Uswitch, UK spending continues to spiral out of control as 4.8 million adults spend more than their income on a monthly basis.
Uswitch research established that a further 20% have no spare money left at the end of the month while the average person has £157 left in their bank account when all other bills have ...
by Kay Murchie
The turmoil on the stock market continued for a second day yesterday resulting in a certainty that interest rates will be cut next month.
Howard Archer, chief UK & European economist of Global Insight, said with equity markets suffering sharp losses, there is a developing case for an interest rate reduction.
On Monday, a whopping £77 billion was wiped off the FTSE-100.
The ...
January 22, 2008
by Brian Turner
Technology stocks continue to take a beating while other major sectors slowly but surely recover themselves on the New York Stock Exchange (NYSE).
Google (GOOG), Apple (AAPL), and Yahoo! (YHOO) shares are all down significantly relative the rest of the NYSE, at between 3.5% to 4.0%.
Meanwhile, the Dow Jones industrial average is currently lower by 1.6% and the Nasdaq down ...
by Brian Turner
The Dow Jones industrial average saw a steep decline at the opening of trade, plummeting 416 points within the first 10 minutes.
The fall saw the DJ drop from 12,099 points, to 11,682.
However, a shock interest rate cut was announced by the Fed only 30 minutes before the opening of the NYSE.
Seen as a panic move intended to help reassure investors, ...
by Brian Turner
The US Federal Reserve has made a shock and unscheduled announcement of a three-quarter cut in interest rates, reducing them to 3.5%.
The move is seen as a panic reaction to a continuing collapse in world stock markets, which threatens to create a crash on Wall St.
The announcement was made only 30 minutes before the New York stock exchange was due to open, ...
by Kay Murchie
Investment firm Olivant, run by former Abbey chief executive Luqman Arnold, has announced that it will submit a proposal for crisis-torn Northern Rock by the February 4 deadline.
The Government has outlined plans to turn the £25 billion lent to Northern Rock by the Bank of England into bonds guaranteed by the government.
The bonds will be sold to ...
by Brian Turner
Wall St is expected to crash the moment it opens within a couple of hours, continuing the global trend that has wiped hundreds of billions worth of dollars from share values across the world over the past two days.
Trading at the end of European trading saw futures in US markets plummet more than 500 points, promising a rout on the New ...
by Gill Montia
Mortgage broker, John Charcol, has broken ranks with housing market pessimists and announced that those looking to move house or to get a foot on the property ladder may be able to take advantage of falling house prices and lower mortgage rates.
The broker can confirm that fixed-rate mortgage products are costing less, while latest figures from Rightmove show that property prices have fallen ...
by Brian Turner
Stock crashes in Asian and European markets yesterday, accelerating a freefall on world share prices, are set to open Wall St to panic today.
Trading in US shares escaped the 5-15% losses that hit stock exchanges around the world yesterday, due to being closed for Martin Luther King day.
However, as volatility continues, and the realisation that the US is ...
by Gill Montia
Latest figures from the Council of Mortgage lenders show a sharp decrease in mortgage lending for December, which was at its lowest level for two-and-a-half years.
A lack of confidence in the property market and tighter lending criteria have been blamed for a 21% year-on-year drop in the figure, which stood at £22.6 billion, 21% less than in November.
During 2007, mortgage lending totalled ...
by Kay Murchie
According to research from consumer group, Which?, Britons are wasting money by paying for insurance policies that they do not need.
The study showed that consumers often purchase overpriced insurance policies that are unnecessary, hard to claim and are rarely paid out.
For example, some policies offer cover against identity fraud but this can be unnecessary as losses may be paid ...
by Kay Murchie
Investment bank UBS, one of the biggest casualties of the sub-prime crisis, has confirmed it is to close its Switzerland-based private banking services to US clients.
At least 60 private bankers in Zurich, Geneva and Lugano are affected. It is believed that some may transfer to UBS Swiss Financial Advisers, a Zurich subsidiary created specially to meet US regulatory requirements.
Private banking ...
by Kay Murchie
Equity release gives people access to the value they have built up in their home for their own use and is a choice for many looking to maintain or create a better lifestyle or to meet an unexpected financial need.
Research shows that an increasing amount of older people are using equity release to raise money to pay off ...
January 21, 2008
by Elaine Frei
Europe’s markets were significantly lower Monday, with the FTSE Eurofirst 300 down 5.33 percent to 1,286.14. The Paris CAC-40 fell 6.83 percent to 4,744.45 and the Dax was 7.16 percent lower to 6,790.19 while the IBEX dropped 7.36 percent to 12,650.5. London’s markets also lost ground. The FTSE 100 fell 323 points for a 5.48 percent loss to ...
by Gill Montia
Latest figures from Rightmove, the property website, show annual house price inflation in England and Wales falling to its lowest level since December 2005.
The average asking price for a home fell 0.8% in January, giving an annual rate of increase of 3.4%, down from 4.8% in December.
January saw the third consecutive monthly fall in property prices, although the figures are ...
by Kay Murchie
Research by Engage Mutual has revealed that January has proved the most popular month for parents to open up a Child Trust Fund (CTF) with nearly 12% of the total figure for 2007, compared to November which saw figures halved.
A spokesperson for Engage Mutual said that January is usually a time when many people attempt to sort out their ...
by Kay Murchie
Private equity group, JC Flowers, is believed to be building a secret stake in Friends Provident, indicating that the group could launch a £4 billion takeover bid for the insurer.
Over the last 7 days, it is believed that Flowers has acquired a stake of 1.7% and comes just 2 weeks before Friends is due to reveal the results ...
by Kay Murchie
The world's fifth largest insurance group, Aviva, threatens its reputation as it warns that it is to abandon the distribution of the £5 billion surplus from its Norwich Union with-profits funds.
The insurer said it may mothball the scheme for several years, abandon it altogether or bypass policyholder advocate Clare Spottiswoode and present offers direct to policyholders.
Aviva said it still hopes ...
by Kay Murchie
Chancellor Alistair Darling has unveiled details of a scheme to aid the sale of crisis-torn bank Northern Rock while avoiding nationalisation.
The Government has outlined plans to turn the £25 billion lent to Northern Rock by the Bank of England into bonds guaranteed by the government.
The bonds will be sold to private investors under the plans, drawn up ...
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Figures from Halifax for the fourth-quarter of 2007 show a 5.2% rise in house prices, on the same period of 2006.
Taking the UK as a whole, average house prices in the fourth-quarter were slightly lower than in the third-quarter, down -0.8%.
Prices rose in four regions: Scotland 2.4%; West Midlands 2.1%; Wales 0.9%; and North West 0.6%.
The largrest ...
Technology stocks continue to take a beating while other major sectors slowly but surely recover themselves on the New York Stock Exchange (NYSE).
Google (GOOG), Apple (AAPL), and Yahoo! (YHOO) shares are all down significantly relative the rest of the NYSE, at between 3.5% to 4.0%.
Meanwhile, the Dow Jones industrial average is currently lower by 1.6% and the Nasdaq down ...
Europe’s markets were significantly lower Monday, with the FTSE Eurofirst 300 down 5.33 percent to 1,286.14. The Paris CAC-40 fell 6.83 percent to 4,744.45 and the Dax was 7.16 percent lower to 6,790.19 while the IBEX dropped 7.36 percent to 12,650.5. London’s markets also lost ground. The FTSE 100 fell 323 points for a 5.48 percent loss to ...
