The official record of the collapse of the housing market in England and Wales has been updated by latest figures from the Land Registry. In November, the Registry noted a 1.9% fall in the average cost of a home, taking the annual decline to 12.2%. The pace of decline accelerated in October when prices fell [...]
Official figures from the Department of Communities and Local Government (DCLG) show that in October, the average cost of a UK home had fallen 7.4% from a year earlier. The monthly fall stood at 2.5% taking the average cost of a property to £203,539; London remained the UK’s most expensive city with an average house [...]
Halifax has reported a further 2.6% fall in the average price of a UK home, in November. The annual rate of decline now stands at 14.9% (compared with 13.7% in October), with the average cost of a property at £163,605, roughly the same as in July 2005 and down £31,485 over the past 12 months. [...]
Latest figures from the Land Registry show house prices in England and Wales falling by an annual 10.1%, in October. The average value of a home declined 1.5% during the month, to £165,529, a figure last seen in mid-2006. The Registry compiles its data from completed transactions and therefore lags behind other monitors of the [...]
The Land Registry has published its house price index for August, showing a 4.6% annual fall in the average cost of a home, to £174,439. The monthly decline stood at 1.9%, which compares with a monthly fall of 0.6% in July. The average house price in England and Wales has now returned to the level [...]
Monthly residential property statistics published by the Government will not be appearing in August because errors have come to light. Under stamp duty requirements, HM Revenue & Customs (HMRC) is advised of completed UK property transactions where values are £40,000 and above. The latest update on house sales was scheduled to be published on 21st [...]
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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