Barratt Developments has announced a tie-up with Hitachi Capital (UK) that will allow parents to borrow money to help their children onto the property ladder. The developer claims the scheme is unique in the market, having been specifically designed to address current mortgage restrictions on loan-to-value ratios. Barratt sold 4,832 homes during the second half [...]
China has said it is prepared to support the euro zone, a spokesperson for the Chinese Foreign said today. Foreign ministry spokeswoman Jiang Yu said: “We are ready to support the euro zone to overcome the financial crisis and realise economic recovery” and suggested the country will buy more euros in the future. China has [...]
Three-quarters of mortgage holders don’t know how an interest rate rise of 1% would affect their monthly outgoings, according to new research from the Consumer Financial Education Body (CFEB). The study also found that over half of home owners questioned expect rates to change in the next nine months, although one in seven had no [...]
Approval has been given by the Obama administration to help areas affected by the housing bust, as part of a $1.5 billion programme. According to Treasury sources, plans for Arizona, California, Florida, Michigan and Nevada have received approval. Under the scheme, more than 90,000 homeowners are set to benefit broken down as follows:- California will [...]
There are renewed fears over the Greek debt crisis after a hammering of bond prices by investors took the yield on short-term Greek debt up to 8% yesterday - almost 3% higher than in October 2009. There is now speculation that Greece will be seeking a bailout sooner rather than later with one analyst suggesting [...]
The euro tumbled again today after Greek Prime Minister, George Papandreou, warned that Greece might have to seek help from the International Monetary Fund (IMF). The currency fell to 1.3648 dollars, before recovering to 1.3692 dollars, however it was still down from 1.3735 dollars late in New York yesterday. Today, Mr Papandreou told the EU [...]
Barclaycard’s claim to be lending a helping hand to customers in financial difficulties are little more than a sham to boost the company’s coffers, a financial expert has claimed. The credit card provider has launched a new advice line targeting customers who are close to their credit limit or who are failing to clear their [...]
Homeowners struggling with mortgage repayments can be shy in talking about their difficulties, despite pleas from lenders and debt charities to seek help and advice early. According to research from the Financial Services Consumer Panel (FSCP), 41% of those having difficulty paying their home loans struggle on unaided, even though seven out of eight borrowers [...]
Figures released today by the Society of Motor Manufacturers and Traders (SMMT) have revealed further bad news for the UK car industry. According to the organisation, new registrations fell 21.9% in February, compared with the same month last year. The industry has been hit badly as the economic downturn has meant that consumers have cut [...]
The Government is improving the help available for homeowners facing mortgage arrears, and ultimately repossession, because they have lost their jobs. Changes to Support for Mortgage Interest (SMI) were outlined last year and due to take effect from April 2009 but the worsening of the credit crisis and rising unemployment have prompted ministers to bring [...]
In its most recent attempt to revive the UK housing market, the Government has pledged an extra £100 million to help first-time buyers. Housing Minister, Margaret Beckett, is increasing the budget of the HomeBuy Direct scheme (which was set up in September) from £300 million to £400 million. To date, over 130 developers have signed [...]
Global shares have received a boost this morning after reports of a proposal by the US Government to deal with the financial crisis. Henry Paulson, US Treasury Secretary, and Ben Bernanke, chairman of the Federal Reserve, are investigating the possibility of setting up a repository for bad bank, according to a report by CNBC. CNBC [...]
The Government is today unveiling a number of measures to help kick-start the UK housing market by offering relief to homeowners in financial difficulties and first-time buyers. Households in England earning less than £60,000 per annum will be helped into home ownership with a loan of up to 30% of a property’s value. The loan [...]
One year on from last summer’s devastating floods, the Department for Environment, Food and Rural Affairs (Defra) is proposing to assist homeowners and businesses to better protect their premises from the affects of flooding. Defra is to commit £125,000 to setting up a website and phone line together with the Environment Agency. The aim is [...]
The Council of Mortgage Lenders (CML) has written to the Chancellor of the Exchequer, Alistair Darling, outlining the ways in which lenders are acting to minimise the financial problems of borrowers, particularly those coming off low-rate deals. The Council expects the number of mortgage arrears cases and repossessions to remain low during 2008 and points [...]
Chancellor of the Exchequer, Alistair Darling, is meeting with mortgage lenders later today in efforts to extract the maximum benefit for homeowners of the Bank of England’s bold move to ease credit conditions with a £50 billion injection of cash. Mr Darling’s agenda will include help for borrowers whose fixed-rate mortgages are coming to an [...]
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 [...]
ICB final report recommends ring-fencing
The Independent Commission on Banking’s (ICB) final report has been published today and is recommending that UK banks should ring-fence their retail banking operations. According to the report, ring-fencing would protect banks from riskier investment banking divisions and would “make it easier and less costly to resolve banks that get into trouble”. The ICB, which [...]
Tullow Oil leads 100 in London
European equities markets were significantly lower Friday on an increased possibility that Greece could default on its debt as soon as this weekend, raising the concern level over the European region’s debt problems and ratcheting up worries that the economic recovery is faltering. Additionally, markets reacted to the resignation of European Central Bank board member [...]
SMMT: UK car sales rise in August
The Society of Motor Manufacturers and Traders (SMMT) have revealed UK car sales saw their first rise in 14 months in August. According to the trade body, car sales rose by 7.3% in August compared with the same month in 2010, with sales of smaller cars rising by more than 30%. The Ford Fiesta remained [...]
Factory gate inflation higher than expected in August
The Office for National Statistics (ONS) has today revealed UK producer output prices held steady in August – remaining at the highest annual rate since October 2008. According to the ONS, output prices (factory gate) annual inflation for all manufactured products held steady at July’s upwardly revised reading of 6.1% in August. The figures were [...]
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