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March 31, 2008
by Elaine Frei
Europe’s equities markets were mixed on Monday. The FTSE Eurofirst 300 dropped 0.4 percent to 1,260.39. The Dax was down 0.38 percent to 6,534.97 while the IBEX fell 1.29 percent to 13,269. The exception was the Paris CAC-40, which added 0.24 percent to 4,707.07 on the session. London‘s markets saw gains on the session. ...
by Gill Montia
Hometrack, the housing intelligence specialist, has reported that UK house prices fell for the sixth month in succession in March, by 0.2%. The decline brings the annual rate of growth to 0.4%.
Price falls were at their strongest in London and the South East, where values have been at their highest.
In terms of underlying market conditions the East Midlands, ...
by Gill Montia
Alliance & Leicester is withdrawing its two-year fixed-rate mortgage because demand has outstripped supply.
Richard Taylor, head of mortgages at the bank, says: "Over the past few days we have seen a high demand for our 4.99% two-year fixed-rate product and therefore we have taken the decision to remove it from the range."
According to financial website, MoneyFacts.co.uk, the number of mortgage products available across ...
by Kay Murchie
Crisis-torn Northern Rock is set to reveal huge write-downs when it announces its 2007 results later today, months later than originally planned.
Interest payments to the Bank of England and provisions against its mortgage book wiped out its profits last year.
Back in September, Northern Rock said it was on target to make profits of over £500 million but increasing charges have ...
by Gill Montia
A slowing housing market has led some vendors to look into the benefits of part-exchange, also known as PX among the UK's housebuilders.
In recent years, tens of thousands of buyers have opted for part exchange - that is, trading in their homes to the seller of their new properties, in part payment.
The system allows greater certainty for buyers ...
by Gill Montia
The cost of an average mortgage is rising fast as the continued turmoil in the financial markets forces banks and building societies to review their rates on a daily basis.
According to research undertaken for The Daily Telegraph, the average rate on a two-year fixed-rate mortgage has risen from 6.15% to 6.29% in the space of 10 days.
The higher rate adds £156 a year ...
by Gill Montia
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The latest house price index from Nationwide shows that the cost of the average UK home has declined almost £7,000 since October of last year.
In March, the index fell for the fifth consecutive month, by 0.6%, or just over £1,000.
The slide in prices over the past six months totals just less than 3% and has reduced the annual pace ...
by Kay Murchie
Bear Stearns chairman, James Cayne, has sold his entire stake in the bank for $61 million (£31 million).
Following the news, Bear's share price was down by about 5%.
According to analysts, Mr Cayne offloading all his shares is an indication that investors cannot expect a higher price for their stake.
Bear Stearns is the most high-profile US casualty of ...
by Kay Murchie
There is a 35% chance of the UK going into a recession over the next 2 years as the credit crunch surrounds the UK’s property market and broader economy, according to investment bank Lehman Brothers.
The report states that the global financial turmoil is increasing mortgage rates and, as a result, will reduce consumer spending. The Bank of England ...
by Kay Murchie
Shares in Lloyds TSB fell over 2% last Friday after it was revealed one of its star executives is moving back to the USA.
Californian Terri Dial joined Lloyds’ board in 2005 and was credited with overseeing a revival in Lloyds' retail banking. The 58-year old has been branded the human cyclone because of her feisty manner.
However, she has ...
by Kay Murchie
Research from comparison site MoneyExpert has revealed that households are slashing spending and dipping into their savings because money is so tight.
The report shows over 26.3 million adults are planning to cut their spending this year as fears about the credit squeeze hit home.
Sean Gardner of MoneyExpert said the credit squeeze is moving on from being something ...
March 28, 2008
by Elaine Frei
Equities markets declined in Europe on Friday. The FTSE Eurofirst 300 was 0.54 percent lower to 1,264.68. The Dax was down 0.28 percent to 6,559.9 while the CAC-40 fell 4,695.92 and the IBEX dropped 0.71 percent to 13,442.4. London’s markets were also lower on the session. The FTSE 100 fell 0.43 percent to 5,692.9 while the FTSE 250 ...
by Gill Montia
Nationwide, the UK's largest building society, has published house price figures for March showing that the cost of a home is now just 1.1% higher than a year ago.
House prices fell 0.6% between during the month to a UK average of £179,110, although for London the average price is close to £300,000.
In March, the annual figure for property inflation ...
by Gill Montia
Mortgage broker, John Charcol, has been warned by its auditor that it faces a "material uncertainty" about its ability to continue operating.
According to its auditors, John Charcol's liabilities exceeded its total assets by £532,000.
The firm, which has deferred loans of £820,000, is insisting that it is not in trouble and will be deciding whether to accept a takeover offer or ...
by Kay Murchie
Research from Direct Line Pet Insurance has established that routine trips to the vet are costing pet owners as much as £1.5 billion each year.
Treatments such as vaccinations can result in huge annual costs and without these vaccinations, dogs and cats are at risk of illnesses such as canine flu and kennel cough.
However, in spite of this, Direct Line ...
by Gill Montia
Songbird Estates, the commercial property firm that owns over half of London's Canary Wharf, has reported that the value of its property fell by 4.3% in the second half of 2007.
The company expects further write downs in the value of its portfolio in the first-half of this year, as the global financial crisis continues to impact on the UK commercial property ...
by Gill Montia
Price comparison website, mform.co.uk, is offering encouragement to those seeking a home loan in a mortgage market that has been described as in "melt down".
The online brokerage believes the panic in the mortgage market has been "overdone" and that borrowers can still secure competitive deals.
Research from mform shows that the interest rate gap for customers with 90% loan-to-value (LTV), compared to ...
by Gill Montia
Nationwide, the UK's biggest building society, has increased interest rates in a move aimed at discouraging borrowers.
The lender's two-year tracker rates have risen by 0.57% for new borrowers, while its fixed-rate mortgages will rise by an average of 0.2%.
The building society says it is focusing on quality of business rather than quantity.
Matthew Carter, Nationwide's director of mortgages, comments: ...
March 27, 2008
by Gill Montia
Financial website, Moneyfacts, has reported that nearly 10,000 mortgage products have been withdrawn by banks and building societies since the advent of the credit squeeze last summer.
Last July a total of 15,599 deals were available to homebuyers, the number has since diminished to 5,785.
The collapse in the number of mortgages available has not only hit the "sub-prime" sector; ...
by Gill Montia
A report from the British Bankers' Association (BBA) highlights a crisis in confidence in the UK property market.
In February, 33% fewer loans were approved by its members for house purchases than in the same month of 2007.
The figure was down to just 43,870 mortgages (worth £7 billion) and compares with the six-month average of 47,402 (£7.4 billion).
As the credit squeeze continues, banks cannot secure ...
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Europe’s equities markets were mixed on Monday. The FTSE Eurofirst 300 dropped 0.4 percent to 1,260.39. The Dax was down 0.38 percent to 6,534.97 while the IBEX fell 1.29 percent to 13,269. The exception was the Paris CAC-40, which added 0.24 percent to 4,707.07 on the session. London‘s markets saw gains on the session. ...
Equities markets declined in Europe on Friday. The FTSE Eurofirst 300 was 0.54 percent lower to 1,264.68. The Dax was down 0.28 percent to 6,559.9 while the CAC-40 fell 4,695.92 and the IBEX dropped 0.71 percent to 13,442.4. London’s markets were also lower on the session. The FTSE 100 fell 0.43 percent to 5,692.9 while the FTSE 250 ...
