Property website, Rightmove, has today reported a further rise in asking prices for the month of October. According to Rightmove, asking prices for residential property in England and Wales surged 2.8% in October on a monthly basis and were 1.2% higher compared with this time last year. This compares with a 0.7% monthly increase and [...]
According to the Land Registry, house prices fell by 0.3% in August after a 1.3% rise in July. The latest fall takes the average cost of a home to £162,347 in England and Wales. On an annual basis, meanwhile, the Registry said prices are 2.6% lower. It must be noted that the Land Registry compiles [...]
A survey by LSL Property Services has revealed rents in England and Wales continue to surge, with the average rent hitting a further record high last month. August represented the seventh consecutive month that the average rental cost rose. Lenders’ deposit requirements, together with unaffordable house prices has meant the rented sector has been in [...]
A survey by LSL Property Services has revealed rents in England and Wales continue to surge, with the average rent hitting a record high last month. July represented the sixth consecutive month that the average rental cost rose. According to LSL, the average rent stands at £705 – an all-time high. However, rental costs vary [...]
The British Retail Consortium (BRC) has warned that the riots will cause significant harm to British businesses as they count the costs of stolen and damaged goods. The weekend riots in London have already spread to other parts of the UK and the BRC warned that retailers of all sizes had suffered damage. Prime Minister [...]
According to research from property website Zoopla, around 80% of properties acquired since 2006 are now worth less than their purchase price. However, 89% of homes bought since the housing market peaked in 2007 are also worth less than homeowners paid for them with the problem particularly bad in the North East. In the North [...]
According to Knight Frank LLP, 59% of new-build property in London has been acquired by Asian buyers in the six month period to April. This is up from 48% a year earlier as buyers seek alternatives from rocketing property prices in China and Singapore. The estate agent said Asian buyers are taking advantage of the [...]
The Royal Institution of Chartered Surveyors (Rics) has today revealed the UK housing market remained weak last month. The Institution’s March monthly survey revealed sales and prices were flat, while interest from prospective buyers was waning. However, London appears to be bucking the trend with house prices in the capital rising for a second consecutive [...]
According to the Land Registry, house prices fell by 0.8% in February compared with January, putting the average cost of a home at £162,215 in England and Wales. However, on an annual basis, the Registry said prices fell by 1.7% in February. It must be noted that the Land Registry compiles its data from completed [...]
The Royal Institution of Chartered Surveyors (Rics) has today revealed the UK housing market remains weak. However, it appears house price falls are easing. While prices in England and Wales continued to fall last month, it was at the slowest pace since last summer. The Rics revealed 26% more surveyors reported house price falls than [...]
US banking giant JP Morgan has acquired the former Lehman Brothers building in London’s Canary Wharf and it is set to become the bank’s new European headquarters. The 1.1m square feet tower, located at 25 Bank Street, has been bought by JP Morgan for £495 million, and will put an end to speculation that the [...]
Chancellor George Osborne has had a rethink with regard to bankers’ bonuses, suggesting he may abandon the requirement for British banks to disclose the number of employees earning more than £1 million. The requirement for banks to disclose bonuses and salary payments over £1 million was brought in by former Chancellor Alistair Darling last year. [...]
It has emerged this evening that thousands of London firefighters will strike on Bonfire Night in a dispute over new contracts, their union has announced. The strike, which will take place from 10am on November 5 to 9am on November 7, incorporates Bonfire Night – the fire service’s busiest period. The Fire Brigades Union (FBU) [...]
The group, Lloyds Action Now, has been holding protest meetings after the group claims their savings were wiped out following the Lloyds Banking Group’s merger with HBOS. Lloyds TSB’s controversial takeover of HBOS took place at the height of the financial crisis and the group was renamed Lloyds Banking Group. The shareholder group, which was [...]
Stock markets throughout the world improved during September with Wall Street experiencing its biggest September recovery since the start of the Second World War – more than seven decades ago. The S&P 500 was up almost 9% during the month, while the Dow Jones gained 7.7%. Increases like this have not been seen since September [...]
Despite speculation that banking giant HSBC would consider moving its UK headquarters, outgoing chairman, Stephen Green, has confirmed the bank will stay in London. The bank, which is Europe’s biggest, has a significant presence in Asia, which has led many to believe the bank would one day move its headquarters to Hong Kong. “Our policy [...]
The Land Registry’s latest house price index shows the average cost of a home in England and Wales rising by 0.3% in August. Having seen the fifth consecutive monthly increase, the value of the average home stood at £167,423, although on an annual basis the typical house price gain fell slightly compared with July, to [...]
A report by property firm Cushman & Wakefield has revealed New Bond Street in London is Europe’s most expensive retail location with rates soaring by 19.4% on year. Store rents grew to £536 per square foot per year, higher than those on Paris’ Avenue des Champs-Elysees. New Bond Street is home to exclusive brands such [...]
The Land Registry has reported that house prices in England and Wales increased by 0.4% in July, with growth at its strongest since the start of the year. The rise took the average value of a home to £166,798 but left annual growth at 6.7%, down from 8.4% in June. Data for London show monthly [...]
Leeds Building Society has launched a new instant access account paying interest at 2.55%. The headline rate includes a 0.5% bonus until August 2011. The account, known as the London Instant Access Account, is only available through the building society’s London branch. Savers can open the account with a minimum investment of £100, and are [...]
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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