Less than half of those contributing to the Building Societies Association’s (BSA) June Property Tracker survey think that now is a good time to buy a home. The confidence level slipped to 45%, down from 49% in March, possibly reflecting concerns about the state of the economy and the various austerity warnings issued by the [...]
Figures published today show that people in the UK continue to repay debt as the incentive to save remains low in the current historically low interest rate environment. According to the Building Societies Association (BSA), its members withdrew more money than they saved for the ninth consecutive month in November. The BSA said there was [...]
Figures from the Bank of England show the value of mortgages approved for house purchases rising for the 11th consecutive month in October, to £8 billion. The total is up from £7.6 billion a month earlier and compares with a previous six month average of £6.7 billion. Volumes increased to 57,345, up from 56,205 in [...]
Figures from the Building Societies Association (BSA) have revealed that consumers are opting to repay debt rather than save amid the historically low interest rate environment. According to the BSA, savings balances held by building societies fell by £-929 million in October compared to an increase of £545 million a year ago, when interest rates [...]
The Building Societies Association (BSA) is urging the Government to return Northern Rock to the mutual sector, arguing that mutuals take less risk than banks owned by shareholders. Mutual building societies are owned by their members, not by shareholders, and are run for the benefit of those members. The BSA said a new report points [...]
Research from the Building Societies Association (BSA) claims that over the last two years, the majority of borrowers who have fallen into arrears with their mortgage repayments have either caught up, or are in the process of catching up. According to the BSA, 97% of borrowers in financial difficulties have avoided repossession with thirty-three per [...]
The Building Societies Association (BSA) has expressed its concern over new regulations, proposed by the Financial Services Authority (FSA), saying they will disadvantage the industry. Proposals from the City watchdog include plans to restrict riskier types of lending by building societies, which according to the BSA, would have a “discriminatory and anti-competitive effect in the [...]
The Government announced earlier this year it was planning to split nationalised Northern Rock into two divisions – a deposit bank and a mortgage platform. However, the proposals have met with criticism from the Building Societies Association (BSA) saying that the split would put building societies at a big disadvantage. Northern Rock collapsed at the [...]
The outlook for the UK property market remains positive with the Bank of England reporting a rise in new mortgage approvals during May. The number of loans approved for house purchases increased to 43,414, up from 43,191 in April and marking the fourth consecutive monthly rise. However, in value terms net lending for house purchases [...]
Following the collapse of the Dunfermline building society and the rescue of other societies last year, the Financial Services Authority (FSA) is proposing to stop building societies expanding into risky types of lending and borrowing. The move comes after a senior FSA official accused some societies of taking far too many risks with their lending [...]
Figures published by the Building Societies Association (BSA) revealed a record in net receipts for February after savers sought a safe haven for their cash. The BSA said net receipts into building societies were £1.6 billion in February 2009 – which represents an increase of 18% compared with February 2008. Brian Morris, Head of Savings [...]
Last week’s base rate cut to 0.5% was a ‘kick in the teeth’ to savers, the Building Societies Association (BSA) said. Savers “will see their already diminished interest payments fall even further,” said Adrian Coles, BSA director-general. The Bank of England cut rates to a new record low of 0.5% on Thursday in an effort [...]
Further cuts to the Bank of England’s base rate (BBR) would be an ‘assault’ on both savers and borrowers, the Building Societies Association (BSA) said this week. The BBR is already at an all time low of 1%, and analysts widely expect the central bank to announce additional cuts later this week. However, the BSA [...]
According to the Building Societies Association (BSA), over one million people opened a new building society savings account last year. Building societies have benefited since the collapse of Icelandic banks, Icesave and Kaupthing Edge, and the near collapse of Northern Rock, Bradford & Bingley, RBS, HBOS/Lloyds. The BSA said an additional 1.2 million accounts (net [...]
The Bank of England has been cutting the base rate aggressively since the autumn of last year and homeowners on tracker rates are becoming used to an almost monthly drop in the cost of their mortgage repayments. The Bank’s Monetary Policy Committee meets again this week amid speculation that the base rate could fall to [...]
The Building Societies Association (BSA) has published the results of its latest Property Tracker survey, which indicate that more people believe that now is a good time to buy a home. Forty-six per cent of those surveyed were, to some extent, positive about making a purchase, compared with 34% in September and 27% in July. [...]
The Building Societies Association (BSA) has been investigating levels of confidence in the UK residential property market. Predictions for falls in house prices continue to grab the headlines but according to the BSA’s Property Tracker survey, 27% of Britons are convinced that now is a good time to buy. A more cautious 51% do not [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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