A survey by the Halifax has revealed many first-time buyers fear they will not be able to get on the property ladder. The survey of 4,000 non-homeowners found two-thirds believe home ownership is unattainable. Stricter lending criteria, which has resulted in lenders demanding large deposits, is deterring many would-be homebuyers, according to the survey. Almost [...]
There is some good news for the housing market after a Bank of England survey revealed mortgage availability is set to improve in the coming months. The survey comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit. Since the credit [...]
The Federation of Small Businesses (FSB) is calling on banks to return to their “normal lending criteria” next year. The FSB, which represents 215,000 small firms across the UK, said Britain’s five million small businesses will be at the heart of the UK’s move out of recession, but need more help. FSB chairman John Wright [...]
The Pension Quality Mark has been launched in a bid to help potential employees assess the quality of a work-place scheme on offer, as well as making them more attractive and understandable to employees. It also hoped the award will boost the take-up of pension savings - particularly among younger employees. The scheme is being [...]
Abbey has changed its affordability calculations to take into account falling interest rates. The lender has informed mortgage brokers that from today, it will no longer use its standard variable rate (SRV), which is currently 5.44%, to assess affordability but a new figure of 7%. Abbey’s SVR stood at 7.09% in October, prior to November [...]
European equities markets were higher Wednesday as investors speculated that China might buy European bonds even though China’s premier said that nations with debt problems should not expect to be rescued. The FTSE 100 was up 1.02 percent to 5,227.02 in London, while the FTSE 250 added 0.97 percent to 10,107.9. Clothing retailer Next (LSE: [...]
Britons duped into buying “shoe-box” homes
Britons are being duped into buying new homes that are too small to live in comfortably, with house builders and estate agents demonstrating a distinct “lack of transparency” over floor space. According to research from the Royal Institute of British Architects (RIBA), thousands of brand new homes are failing to provide the space families need, [...]
UK unemployment up to 2.51 million
The Office for National Statistics (ONS) has today revealed UK unemployment rose sharply in the three months to July – the biggest rise in almost two years. The ONS said unemployment rose by 80,000 in the three month period to 2.51 million – far higher than the 70,000 expected by economists. The latest figures take [...]
John Lewis reports challenging trading environment
The John Lewis Partnership, which is regarded as a barometer of British retailing, has reported a marginal increase in sales and said trading conditions are “extremely challenging”. The renowned employee-owned chain, which owns the Waitrose supermarket chain, said sales rose 1% on a like-for-like basis in the six month period to 30 July. However, across [...]
European equities markets were higher Tuesday as banks came back from big declines on Monday, helped by a statement from Societe Generale’s (Euronext: GLE) CEO that his bank is healthy. The FTSE 100 was up 0.87 percent to 5,174.25 in London, while the FTSE 250 added 0.27 percent to 10,011, with banks the best performers [...]
Rics: Housing market remains in the doldrums
The Royal Institution of Chartered Surveyors (Rics) has today reported that the UK housing market remained weak in August with house prices falling further. According to the Institution, homeowners remain reluctant to put their properties up for sale, while buyers continue to struggle to secure a mortgage and remain uncertain about the economic climate. The [...]
CML: Mortgage lending edges higher in July
The Council of Mortgage Lenders (CML) has reported the number of loans for house purchase rose in July. According to the Council, there were 48,400 loans advanced for house purchase in the month – up by 1,000 from June’s figure but almost 7,000 lower when compared with July 2010. Commenting on today’s figures, Paul Smee, [...]
UK inflation edges higher in August
The Office for National Statistics (ONS) today announced Consumer Price Inflation (CPI) rose to annual rate of 4.5% last month from July’s rate of 4.4%. However, the figure was in line with analysts’ expectations. Higher inflation continues to be led by rising food costs but the main reason behind last month’s rise was a 5.1% [...]
Fresnillo down on silver prices
European equities markets were lower Monday on the possibility that Greece could default soon and on speculation that Moody’s Investors Service could cut its rating on several big banks with holdings tied to Greece. The FTSE 100 was down 1.63 percent to 5,129.62 in London, while the FTSE 250 dropped 1.65 percent to 9,983.75 as [...]
IFS warns of tough times for UK households
A report by the Institute for Fiscal Studies (IFS) has warned that households will be squeezed for the next decade as they suffer from the harsh spending cuts introduced by the Government. It said households are suffering one of the worst attacks on their finances since the Second World War and that the impact of [...]
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