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July 31, 2008
by Elaine Frei
European equities markets were mixed Thursday after new US data showed that the economy grew more slowly than expected in the second quarter and the highest number of new unemployment claims were filed last week in over five years.
In London, the FTSE 100 dropped 0.16 percent to 5,411.9 while the FTSE 250 was down 0.33 percent to 8,856.7 in volatile ...
by Kay Murchie
As a result of growing life expectancy, a pensions guru is predicting that millions of men and women will have to stay in employment until they are 70.
Lord Turner, who 2 years ago said the retirement age would rise to 68 by 2046, believes the state pension age will have to increase further.
On August 1, 1908, the ...
by Gill Montia
Nationwide has reported that house prices have fallen by 8.1% in the past year.
The UK's largest building society says that values are declining at their sharpest rate since its records began, in 1991, with July showing a 1.7% fall, following a loss of 0.8% in June.
Based on these figures, the average cost of a home has fallen to £169,316 ...
by Gill Montia
Standard & Poor's (S&P) is predicting that one in seven UK homeowners will face negative equity over the coming 12 months.
Figures from Halifax and Nationwide in April show a 9% year-on-year decline in UK house prices and the credit rating agency expects a further slide of 17%, over the coming year.
Research by CACI shows that around 70,000 ...
by Gill Montia
The Department for Environment, Food and Rural Affairs (DEFRA) has outlined plans to contribute at least £5 million to support households in England that are at particularly high risk of flooding.
The scheme is aimed at properties which are not protected by traditional community level defences and will be in addition to help already provided by local authorities, the insurance industry ...
by Kay Murchie
A survey has revealed that consumer confidence is at its lowest level since 1974 as soaring food and fuel prices sparks concern for the economy and personal finances.
The GfK NOP barometer of UK consumer confidence scored -39 in July, this represents the lowest level recorded since the survey commenced in 1974 and down from -34 in June.
The survey reveals the extent ...
by Kay Murchie
The credit crisis and weakening economy has led to HBOS posting a huge slump in profits.
HBOS said pre-tax profit fell from £2.99 billion in the first half of 2007 to £848 million compared with the same period a year ago. Bad debts increased 36% to £1.31 billion as customers defaulted on loans.
Furthermore, HBOS said its underlying profits before tax, including ...
July 30, 2008
by Elaine Frei
Gains in European equities markets Wednesday were led by the steel sector as ArcelorMittal (Euronext: MT; NYSE: MT; BMAD: MTS; LuxSE: MT), the world’s largest steel company, added 8.27 percent on the CAC-40 after it reported better-than-expected profits in the second quarter, while at the same time ThyssenKrupp (FWB: TKA; LSE: THK) was up 7.82 percent on Frankfurt’s Dax/
The FTSE Eurofirst 300 ...
by Kay Murchie
Northern Rock has announced that it is to cut fewer jobs than originally anticipated as part of its ongoing cost-cutting measures.
The nationalised bank has said it now plans to make 1,300 people redundant compared with original plans to axe 2,000 jobs. The lender said 500 staff will leave voluntarily.
The crisis-torn bank was hit by a shortage of funds ...
by Gill Montia
The Government wants to improve Home Information Packs (HIPs) to reduce the likelihood of problems emerging well into the sales process.
Under the proposals, HIPS could include a property information questionnaire that would relate to such issues as building work carried out, energy and utility suppliers, parking arrangements and Council Tax banding.
A consultation has been launched to establish what changes are needed to make the buying ...
by Gill Montia
Lloyds TSB and its mortgage subsidiary, Cheltenham & Gloucester (C&G), are cutting interest rates on two-year fixed-rate and tracker loans.
The lenders' full-term tracker mortgages will see the maximum benefit, with rates reducing by 0.38%, to 5.95%. The maximum loan-to-value (LTV) ratio on these deals is 20%.
Interest on two-year fixed-rate loans with a maximum 90% LTV come down to ...
July 29, 2008
by Elaine Frei
Most European equities markets saw gains Tuesday on reports that consumer confidence was up in July in the United States as well as on more declines in oil prices.
In London, the FTSE 100 added 0.12 percent to 5,319.2 while the FTSE 250 gained 0.17 percent to 8,731.4 as gains by miners outweighed continuing concerns about the banking sector.
British Airways (LSE: BAY; ...
by Kay Murchie
Sales on the High Street have slumped to their lowest level for a quarter of a century.
Figures from the CBI show that 61% of businesses said activity was lower in July compared with a year earlier while just 25% said it was higher.
The CBI said the resulting balance of minus 36 points was the weakest since its distributive ...
by Gill Montia
Latest figures from the Bank of England show that in June, new mortgage approvals fell to their lowest level since the Bank's records began, in 1993.
During the month, home loans approved for house purchases fell to 36,000, representing a 69% decline on June 2007 and 12% down on May.
Approvals for remortgages also fell, down to 84,000, compared with 90,000 ...
by Gill Montia
A government initiated report into the UK mortgage market has been published today.
The work has been prepared by Sir James Crosby, a former chairman of Halifax, who is heading a review into improving wholesale mortgage funding.
Final recommendations will be published in the autumn but in the meantime the report predicts that current funding difficulties will take two years to ...
July 28, 2008
by Kay Murchie
In its latest global financial stability report, the International Monetary Fund (IMF), said the global credit crunch is showing no signs of abating.
Credit is being hit by falling house prices and slowing economic growth, according to the report. The IMF warned that banks are experiencing renewed stress, as well as further cutbacks in bank lending which could deepen the ...
by Elaine Frei
European equities markets Monday were lower Monday on concerns that there will be more losses for banks in the credit crisis and that the global economy will continue to slow because of those losses.
The 100 was down 0.75 percent to 5,312.6 while the FTSE 250 dropped 1.7 percent to 8,716.7 as most in the mining and oil sectors saw gains but ...
by Kay Murchie
Tesco is to compete with High Street banks after it has bought out Royal Bank of Scotland’s (RBS) 50% share in Tesco Personal Finance (TPF) in a deal worth £950 million.
TPF, which was launched in 1997 as a joint venture between Tesco and RBS, sells general insurance, credit cards, personal loans, savings products, and has an online insurance ...
by Gill Montia
The week has begun with a flurry of news on UK house prices.
Housing intelligence firm, Hometrack, has reported a 4.4% drop in prices in July and the National Housing Federation, which represents housing associations in England, is forecasting that a shortage of supply will push prices up 25% by 2013, although the turnaround will not occur this year or next.
In ...
by Gill Montia
LV= (formerly Liverpool Victoria) has launched a new equity release product.
The friendly society's Flexible Lifetime Mortgage allows homeowners to draw on the equity in their homes, as needs arise.
It also provides a 15-year guarantee on the maximum amount that can be withdrawn, which will be honoured regardless of future trends in UK property prices and interest rates.
The plan is open to homeowners aged ...
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European equities markets were mixed Thursday after new US data showed that the economy grew more slowly than expected in the second quarter and the highest number of new unemployment claims were filed last week in over five years.
In London, the FTSE 100 dropped 0.16 percent to 5,411.9 while the FTSE 250 was down 0.33 percent to 8,856.7 in volatile ...
Gains in European equities markets Wednesday were led by the steel sector as ArcelorMittal (Euronext: MT; NYSE: MT; BMAD: MTS; LuxSE: MT), the world’s largest steel company, added 8.27 percent on the CAC-40 after it reported better-than-expected profits in the second quarter, while at the same time ThyssenKrupp (FWB: TKA; LSE: THK) was up 7.82 percent on Frankfurt’s Dax/
The FTSE Eurofirst 300 ...
Most European equities markets saw gains Tuesday on reports that consumer confidence was up in July in the United States as well as on more declines in oil prices.
In London, the FTSE 100 added 0.12 percent to 5,319.2 while the FTSE 250 gained 0.17 percent to 8,731.4 as gains by miners outweighed continuing concerns about the banking sector.
British Airways (LSE: BAY; ...
