Recent increases in the purchasing managers index (PMI) should not be taken as an indication that Britain is entering a strong recovery, one expert has claimed. Vicky Redwood, economist at Capital Economics, said economic recovery will be “sluggish” over the next two years. She made the remarks despite conceding that PMI data released this week [...]
The managing director of economic forecasting agency, Capital Economics, has predicted that mortgage repossessions could rise to 90,000 during 2009. Roger Bootle, a former chief economist of HSBC, made the gloomy forecast earlier this week, when delivering a speech at the Chartered Institute of Housing South East’s Annual Conference and Exhibition, in Brighton. He also [...]
The Office for National Statistics (ONS) have revealed that High Street sales fell by 0.4% last month, taking annual growth to 1.8%, from 3.3% the previous month. However, the September fall was less than analysts expected who had predicted a 0.9% monthly fall. The ONS said demand for new clothes and household goods had slowed [...]
Capital Economics, the independent economic forecasting agency, is predicting that by next autumn, UK house prices will have fallen 35% from their peak, in summer 2007. The collapse will take £65,000 off the average price of a home, which could be worth £120,000 this time next year, down from £186,000 in the market boom. A [...]
Figures from the Office for National Statistics (ONS) have revealed that in the three months to August, unemployment in the UK soared by 164,000 to 1.79 million. The rise marks the fastest for 17 years and many reports suggest that the number of people unemployed could hit the two million mark by Christmas. Capital Economics [...]
City analysts have been predicting interest rate falls to 4.5% by the end of 2008. However, they are now gambling that rates will have to increase from the current level of 5% to manage spiralling inflation. City economists said that at the very best, all hopes of an interest rate cut this year have now [...]
The credit crisis and an economic slowdown could force one in four second homeowners in England to downsize to one property over the next two years. Economic forecasting consultancy, Capital Economics, is predicting that falling house prices and the increased cost involved in running a second home will prompt many to sell. This could mean [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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