The National Institute of Economic and Social Research (NIESR) has concluded that the outlook for the UK economy is deteriorating. Official figures show that the UK economy contracted by 1.5% in the final quarter of 2008 – representing the worst performance for 28 years. The figures come after the Office for National Statistics revealed on [...]
Estate agency, Connells, is selling its 17% stake in Rightmove. The decision by the UK’s second-largest residential property agent is a further ill wind for the housing market, particularly as Connells’ 21 million shares in the website are being offered at a discount on the market price. Connells was instrumental in setting up Rightmove eight [...]
Figures from the National Association of Estate Agents (NAEA) have revealed that the number of properties changing hands rose slightly in October, for the second consecutive month. The NAEA’s survey found that the average estate agent sold seven properties in October, up from six the previous month. The slight rise is attributed to the fact [...]
According to a report by property search website, Rightmove, homeowners are slashing their asking prices by £6,500 in a bid to sell their home. In the four weeks to November 8, the average asking price of a home in England and Wales was £223,000 – a 2.9% decrease on the previous month and the largest [...]
According to the National Bureau of Statistics, China’s Gross Domestic Product (GDP) expanded by 9% in the third quarter of the year, down from 10.1% in the second quarter. While this is still regarded as strong compared with other leading economies, the figure is below analysts expectations and is the first time GDP growth has [...]
Hometrack has reported that house prices fell 1.2% in July, declining for the tenth consecutive month. According to the property intelligence firm, the price of the average home now stands at £168,500 or £2,000 less than one month ago. This marks an annual decline of 4.4% that has taken £7,800 off the average house price. [...]
The National Association of Estate Agents (NAEA) is urging prospective house purchasers into action, as a record number of homes languish on estate agents’ books. Last month, property website Rightmove calculated that there were over one million homes for sale in England and Wales and the NAEA is pointing out that buyers can no longer [...]
A survey conducted for the Tonight programme screened by ITV paints a picture of long-term gloom for the UK housing market. In a poll of 225 members of the Society of Business Economists (SBE), two-thirds of those questioned believed it could take more than four years for property values to rise above their 2007 peak. [...]
Phone fraudsters stealing bank card pins
Fraudsters using a phone scam to trick bank card holders into revealing their pin numbers stole £750,000 in the first four months of this year. This is the same amount stolen through this scam in the whole of last year. The fraudster telephones a bank customer, often someone elderly or vulnerable, telling them that their [...]
FSA rules out ban on interest-only mortgages
Speculation that the Financial Services Authority would ban interest-only mortgages as part of its Mortgage Market Review has proved to be unfounded. However, lenders will be required to monitor the performance of the investment product taken out by the customer to repay the mortgage at the end of its term. Investments are performing poorly because [...]
Bank of England may end free in-credit banking
A director of the Bank of England has warned that official intervention could be considered to end the ‘dangerous myth of free in-credit banking’. Andrew Bailey has already spoken out against free banking in relation to the mis-selling of financial products. In a speech made available to media, he reiterated his concern, saying that it [...]
Bank of England votes against more economic stimulus
The Bank of England voted against a further round of quantitative easing, at its latest Monetary Policy Committee (MPC) meeting. Just one member, David Miles, voted for further asset purchase to encourage growth in the UK economy, while the other eight members voted to keep the Bank’s quantitative easing programme steady at £325bn. The minutes [...]
Catalogue debt growing says helpline
Calls from people concerned about their debts with mail order catalogues accounted for more than 12 per cent of all calls received by National Debtline last year, compared with just 8 per cent in 2007. More people were concerned about catalogue debt than about payday loans, mortgage or rent, according to the Money Advice Trust [...]
Homeserve faces mis-selling investigation
HomeServe, which provides emergency insurance cover and domestic repairs to households in the UK, is to be investigated by the Financial Services Authority (FSA). Issues over the possible mis-selling of household emergency policies were uncovered last October during an internal review at the Walsall-based company. Homeserve’s call centre staff were found to be selling ‘Complete [...]
OFT warns Wonga over debt collection methods
Payday loan company Wonga used aggressive and misleading methods to collect debts from customers, the Office of Fair Trading (OFT) has found. Wonga sent letter and emails to certain customers suggesting they had committed fraud and threatening to report them to the police if they did not act in the way Wonga suggested. The company [...]
NS&I re-launches investment account
National Savings & Investments (NS&I) has re-launched its Investment Account at a higher interest rate than it previously offered. The account now offers 0.75 per cent before tax, compared with between 0.2 and 0.3 per cent previously, depending on the account balance. Deposits and withdrawals on the account can no longer be made at Post [...]
Rightmove reports property downsizing trend
Two in five property owners planning to sell in the next year are planning to ‘trade down’, compared with one in four who plan to ‘trade up’. A survey by property website Rightmove found that moving to a smaller home is the main reason for moving in nine out of the ten regions in the [...]
More people failing to save for retirement
The proportion of people with no pension savings has grown from 20 per cent to 22 per cent over the past year, according to Scottish Widows’ latest survey. The pension provider surveyed 5,200 adults in the UK, aged 30 or over, and earning at least £10,000 a year, for its annual review of pensions. Ian [...]
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