Some neighbourhoods close to the Olympic Park development have seen sharp rises in house prices since 2005, when the Capital was awarded the Games. According to research from Lloyds TSB, Homerton and Shoreditch have recorded average property price rises of 69% and 53% respectively, well above the Greater London average of 36%. However, only four [...]
Some Clydesdale and Yorkshire Bank customers are facing increased mortgage costs because of a systems error. According to reports, around 18,000 variable rate borrowers can expect their repayments to rise by between just few pounds and hundreds of pounds a month. However, for half of those affected the monthly penalty should be below £25. Clydesdale’s [...]
New research from financial analyst, Defaqto, shows that the number of mortgages on offer in the UK has increased to 2,948, up from 1,686 in July 2009. However, there is a snag because lenders are restricting over 25% of their home loans to existing customers. Some offerings exclude all but existing mortgage borrowers while others [...]
House prices increased by 1% month-on-month in April, according to Nationwide’s latest house price index. The annual rate of inflation moved into double digits for the first time since June 2007, to 10.5% (up from 9% in March), taking the value of the average home to £167,802 or 10% below its October 2007 peak. However, [...]
House sellers increased the average asking price for a home by 2.6%, or £5,898, in the month to the 10th April, to £235,512. New figures from Rightmove.co.uk show this month’s rise taking prices 6% higher than a year earlier, having built on a 0.1% increase in March. However, with over 25,000 properties put up for [...]
The UK property market experienced a seasonal bounce last month, with estate agents reporting more properties for sale alongside a rise in the number of house-hunters. According to the National Association of Estate agents (NAEA), the stock of homes for sale in March was at its highest for six months, and although first-time buyer interest [...]
The latest global economic research by Baring Asset Management’s (Barings) suggests that of the major global economies, the UK looks most vulnerable to a renewed dip into recession. According to Barings, there is a slightly higher risk of the UK falling back into recession than there was a few weeks ago. However, should the UK [...]
Home buyers with a zero to 40% deposit currently have 1,798 mortgage deals to choose from, according to Moneyfacts.co.uk. Researchers at the financial website have registered a 6% rise in the number of home loans on offer in the past month, taking the total up 68% year-on-year. While those with 5% or less to put [...]
Last year saw a steep rise in reported mortgage fraud, new research from BDO has revealed. During 2009 mortgage fraud accounted for 18% of all reported fraud and 27% of fraud in the UK finance and insurance sector. The accounting firm’s spokesman, Simon Bevan, comments: “It may have become more difficult for the person on [...]
Car insurance premiums increased 3.5% over the past three months, research by the AA has discovered. The typical quote for annual comprehensive insurance cover now stands at £778.13, according to the AA British Insurance Premium Index. This is 11% more than 12 months ago. Home insurance premiums also increased in the second quarter, up 2.5% [...]
Latest figures from Moneyfacts.co.uk show a sharp rise in the cost of a two-year fixed-rate mortgage during the past week. According to the financial website, the average cost of a two-year fixed-rate deal increased by 0.16% between Monday and Friday, to 4.90%. Meanwhile, five-year fixes increased by an average 0.21% over the same period, to [...]
The latest Property Tracker Index from the Building Societies Association demonstrates that Britons have become cautiously optimistic about the UK property market. In a survey of 2,242 adults conducted between 4th and 8th June 2009, the average prediction for house price changes in the coming year was for a rise of 1.4%. The result compares [...]
The much forecast rise in fixed rates is well underway with Abbey announcing that it has put up the cost of its fixed-rate mortgages by between 0.25% and 0.5%. Lloyds banking group has also increased the cost of some fixed-rate deals via its Cheltenham & Gloucester and Halifax brands. The lenders are following a trend [...]
Latest figures from the Bank of England show that banks and building societies are raising the cost of their variable-rate mortgage deals. The news is disappointing, given that the base rate was held at an all-time low of 0.5%, in June and three month Libor, the rate at which most lenders borrow to fund their [...]
M&S Money launches 3% cash ISA
M&S Money has launched an Advantage Cash ISA paying 3 per cent, and which allows transfers in from other ISAs. It can be opened with a minimum deposit of £100 lump sum followed by minimum monthly deposits of £25. The 3% rate is variable, but there is no short-term bonus so the return won’t plummet [...]
Google suspends UK Compare Mortgages site
Google has closed its UK mortgage comparison site which it launched in July last year, after it proved to be less popular than expected. Mortgage comparison sites are designed to allow visitors to compare mortgages quickly and easily without having to visit each lender’s individual site. Google was competing with several well-established comparison sites, including [...]
AA launches ‘black-box’ policy for young drivers
The AA is launching an innovative car insurance policy called Drivesafe which could help younger drivers save up to £850 a year. Younger drivers already pay substantially higher premiums than other motorists and these costs are increasing. A new study by Confused.com suggests insurance costs for younger driver have gone up by 5.7 per cent [...]
ATOL scheme updated to protect online bookers
ATOL, a financial protection scheme managed by the Civil Aviation Authority, is being extended to protect up to six million more holidays a year. The scheme ensures that holiday makers do not lose out financially if a travel company collapses, and that they are not stranded abroad. An increase in the number of holidays booked [...]
Home repossessions lowest for four years
The number of UK homes repossessed fell to 36,200 in 2011, significantly below the Council of Mortgage Lenders’ forecast of 40,000, and lower than 2010 when 37,100 homes were repossessed. With interest rates remaining low and lenders adopting a sympathetic attitude to customers in financial difficulty, repossessions fell to their lowest level since 2007. However, [...]
Monthly pay lasting just 17 days
Workers are running out of money just 17 days after receiving their monthly pay, according to new research by the Halifax bank. This means that the average UK worker spends half the month worrying about money. The study, based on the responses of more than 2,000 adults, found that 10 per cent of workers start [...]
Women disadvantaged by auto-enrolment changes
Government proposals to increase the auto-enrolment threshold to £10,000 could put 1.8 million women at risk of missing out on a pension, the TUC has warned. Under the auto-enrolment scheme, which will be phased in from October, private sector employers will automatically enrol workers between the age of 22 years and the state pension age, [...]
Emergency household repairs company Homeserve is taking longer than expected to get back on track after its operations were suspended last October. The company expected customer numbers to fall by 5% this year but it has increased this estimate to 8% and announced the loss of 200 jobs. It estimates that renewal revenue in 2013 [...]
Sale rumoured for Yorkshire and Clydesdale banks
There is growing speculation that National Australia Bank (NAB) may sell Yorkshire Bank and Clydesdale Bank after the Australian parent company announced a strategic review of the two banks’ operations. The Australian economy is performing well and NAB reported strong profits for the final quarter of 2011 but with the UK economy at a virtual [...]
More women experiencing debt difficulties
Women in Debt, which offers female-focused debt advice, has warned that the number of UK women facing serious debt has grown significantly over recent years. The organisation believes that more women will need advice on solving debt problems in the future because they are building up an unsustainable level of indebtedness. Women in Debt’s director, [...]
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