UK house prices rose by an average 0.2% in April (compared with 0.3% a month earlier), as instructions for house sales outstripped new enquiries from potential buyers. According to Hometrack, the number of new buyers registering with agents rose by 1%, the smallest increase so far this year, while growth in new instructions stood at [...]
The UK’s official rate of inflation rose to 3.4% in March, up from 3% in February and again exceeding the Government’s target of 2%. The rate, which is based on the Consumer Prices Index (CPI) and therefore excludes housing costs, was on the wrong side of expectations as it nudged towards the 14-month high of [...]
Applications for home loans have bounced back to February 2008 levels, according to Countrywide. The mortgage broker has reported a 20% increase in applications during March (compared to February) marking the third consecutive monthly rise. Looking back over the first quarter of 2010, volumes were up 9% year-on-year indicating that property buyers have a renewed [...]
As the Labour Government’s general election campaign continues, its latest pledge is to increase the basic state pension in accordance with earnings from 2012 – provided the party is re-elected. The pensions-earnings link was scrapped by Margaret Thatcher thirty years ago and replaced with the retail price inflation index (RPI). However, with pensions being linked [...]
Halifax has reported that house prices rose by 1.1% in March, compared to a month earlier. The increase partly offsets February’s 1.6% fall and takes the average value of a home to £168,521. According to the lender, price rises have been recorded for eight of the past nine months, producing an annual gain of 5.2%. [...]
Britons appear to have regained their confidence in the UK housing market with new research claiming that four out five people expect house prices to continue rising during the next six months. According to property website, Zoopla.co.uk, optimism is at a two-and-a-half year high, with the average increase predicted at 5.7%. The firm’s commercial director, [...]
In yesterday’s Budget, Chancellor Alistair Darling unveiled plans for rescued banks, Royal Bank of Scotland (RBS) and Lloyds Banking Group, to lend more to businesses. In a legally binding agreement, RBS and Lloyds, which are 84% and 41% owned by the taxpayer respectively, were rescued at the height of the financial crisis but there have [...]
Bailed out banks Royal Bank of Scotland (RBS) and Lloyds Banking Group are to increase the amount they lend to businesses. RBS and Lloyds, which are 84% and 41% owned by the taxpayer, respectively, were rescued at the height of the financial crisis but there have been concerns that the bailed out banks have not [...]
The full extent of UK mortgage fraud in the lead up to the credit crisis is probably as yet unknown and signs of economic recovery have prompted the National Fraud Authority (NFA) to remind lenders that they must continue to combat the crime. According to the NFA, almost £144 billion was loaned in mortgages in [...]
Agency Express has reported a surge in house sales between January and February, with three regions reporting their highest monthly sales since the market peak in 2007. According to the firm, which claims to be the UK’s largest “For Sale” board management contractor, every region except Central England saw substantial month-on-month increases, with star performers [...]
Skipton Building Society’s decision to raise its standard variable rate (SVR) has resulted in an unexpected challenge from law firm, Leon Kaye. In January, Skipton announced its intention to increase its SVR from 3.5% to 4.95% from 1st March 2010, despite the base rate remaining to an all-time low of 0.5%. The lender evoked “exceptional [...]
A study by the Chartered Management Institute (CMI) has found that a growing number of managers resigned from their jobs in the past year, citing insecurity and restructuring as the reason for their departure. According to the CMI, resignations grew to 4.7% from 4.5% of the workforce with 225,600 managers quitting their jobs in the [...]
Latest UK house price statistics from the Department for Communities and Local Government (DCLG) show the value of a typical home up 2.9% in December, compared to a year earlier. The month saw a 0.8% increase on November, taking the average house price to £200,307 and completing a 2.9% gain for the final quarter of [...]
Halifax has announced a 0.6% rise in UK house prices in January, compared to a month earlier. The seventh successive monthly increase was more modest than the 1.1% average for the previous six months but nonetheless takes the price of a typical home to £169,777, or 3.6% more than at the start of 2009. The [...]
The UK’s mortgage market looks set to continue its recovery into 2010, with a 20% rise in the number of home loans available since the beginning of the year. According to Moneyfacts.co.uk, the surge has led to a 26% increase in deals offering up to 90% loan-to-value and therefore requiring the size of deposit accessible [...]
The Centre for Economics and Business Research (CEBR) has revised its figure for house prices rises in 2010 and is now predicting an annual gain of over 6%. Furthermore, the independent consultancy is expecting a 20% increase in the value of the average home by the end of 2013. The forecast is based on continued [...]
In the first of the 2010 house price surveys, Nationwide has announced that the average price of a home rose by 1.2% in January, compared with a month earlier. The ninth consecutive monthly increase puts the average value of a UK home at £163,481, showing a year-on-year gain of 8.6% (up from 5.9% in December [...]
The International Monetary Fund (IMF) has raised its forecast for the global economy in its latest World Economic Outlook report. The IMF believes the global economy will grow by 3.9% in 2010, up from the 3.1% forecast it published late last year. The increase in its projection comes as it emerged that the UK exited [...]
Nationwide Building Society has increased the rates on a number of its Fixed Rate Bonds and e-Bonds. These include: Three year Fixed Rate Bond and e-Bond paying up to 4.70% gross p.a./AER for balances over £25,000. Two year Fixed Rate Bond and e-Bond paying up to 4.10% gross p.a./AER for balances over £25,000. 18 month [...]
Halifax has been looking back over the past 50 years to find that the average cost of a UK home has increased by 237% (in real terms) since 1959. The typical yearly rate of return of 2.7% exceeded the average rise in real earnings over the period, although house prices recorded their biggest increase in [...]
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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