A survey by LSL Property Services has revealed rents in England and Wales continue to rise, with the average rent hitting almost £700 last month. May represented the fourth consecutive month that the average rental cost rose. According to LSL, the average rent stands at £696 – 4.4% higher than this time last year. However, [...]
The Royal Institution of Chartered Surveyors (Rics) has today reported that the traditional spring selling season has been hit by a lack of mortgage finance and economic uncertainty. This time of year is traditionally busy for the housing market but securing a mortgage remains difficult for many potential buyers – particularly first-time buyers. Furthermore, the [...]
The Bank of England has today revealed mortgage approvals fell in April. According to the Bank, there were 45,166 loans approved in the month – 4% down on March’s figure and 9% lower than in April 2010. Not only was the figure less than expected, it represented the lowest figure for April since records began [...]
The Council of Mortgage Lenders (CML) today reported a fall in mortgage lending for the month of April. According to the Council, mortgage lending fell to £9.8 billion last month, down 14% from £11.4 billion the previous month and 5% lower than the £10.3 billion a year earlier. The CML attributed the fall to the [...]
The Royal Institution of Chartered Surveyors (Rics) has today reported a pick up in the number of house viewings in April, as a result of the warm weather. This time of year is traditionally busy for the housing market but securing a mortgage remains difficult for many potential buyers – particularly first-time buyers. Furthermore, the [...]
The British Bankers’ Association (BBA) has today revealed a slight rise in the number of new mortgages approved by the major banks in March. According to the BBA, the number of new mortgages approved in the month stood at 31,660 – marginally better than February’s level of 30,178. However, mortgage approvals were down 10% on [...]
The Bank of England has today revealed mortgage approvals rose in March. According to the Bank, there were 44,000 loans approved in the month, up from February’s 43,000. However, the figure remains well below the 51,000 approved in the same month a year ago. The figures come a day after the Council of Mortgage Lenders [...]
The Council of Mortgage Lenders (CML) has today said mortgage lending continues to remain weak, suggesting the housing market will remain subdued this year. According to the Council, gross mortgage lending for March was 2% lower in March on an annual basis. However, on a monthly basis, gross lending rose 21% to £11.3 billion, compared [...]
Homeowners appear to be taking advantage of low interest rates after Bank of England figures showed borrowers paid a record £24 billion last year. According to the Bank, homeowners paid back more than £24 billion to lenders last year – the highest since records began in 1970. Meanwhile, £7 billion was paid back in the [...]
The Bank of England has today revealed mortgage approvals rose in February. According to the Bank, there were 46,967 loans approved in the month, up from January’s 46,152. The level of approvals was broadly in line with analysts forecasts of a level of 46,800. In the meantime, the number of remortgaging loans approved totalled 35,725 [...]
The British Bankers’ Association (BBA) has today revealed a slight rise in the number of new mortgages approved by the major banks in February. According to the BBA, the number of new mortgages approved in the month stood at 29,923 – marginally better than January’s level of 29,159, albeit lower than economists forecast of 29,350. [...]
The Council of Mortgage Lenders (CML) has today said mortgage lending continues to hover at low levels as the housing market remains subdued. According to the Council, gross mortgage lending for February totalled £9.5 billion – relatively unchanged from January’s figure. The CML said the housing market remained “stuck in a rut” and is likely [...]
Five local authorities are piloting a scheme which is set to help first-time buyers get on the property ladder. Since the credit crunch more than three years ago, first-time buyers have been struggling to secure a mortgage unless they have a substantial deposit. It is hoped that the scheme, called Local Lend a Hand, will [...]
Housebuilder Bovis Homes issued a positive statement today after saying 2011 had started well for the company and it will resume dividend payments. According to the company, pre-tax profits for 2010 were £18.5 million – more than double the £7.5 million it reported for the 2009 year. Revenues were up 6% at £298.6 million and [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending plunged in January. Mortgage lending fell by 29% in January on a monthly basis, while lending was also 12% down on the year. There were just 28,500 approvals during the month – the lowest level since February 2009. The Council highlights that traditionally December [...]
The Bank of England has today revealed mortgage approvals rose in January. According to the Bank, there were 45,723 loans approved in the month, up from December’s 42,719 – a month when the country was hit by the coldest weather in more than a century. The level of approvals easily beat analysts forecasts of a [...]
Crisis-torn lender, Northern Rock, is understood to be launching a series of mortgage products which require just a 10% deposit (90% loan-to-value). The announcement, revealed by the Financial Times, comes as mortgage lending continues to remain subdued as first-time buyers, in particular, struggle to obtain a mortgage unless they have a substantial deposit. Since the [...]
The British Bankers’ Association (BBA) has today revealed a further fall in the number of new mortgages approved by the major banks in January. According to the BBA, the number of new mortgages approved in the month stood at 28,932 – marginally better than December’s levels but 29% lower compared with January 2010. The figures [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in January. Mortgage lending fell by 13% in January compared with December to £9.2 billion – the lowest level for a year, according to the CML. However, it was a 5% rise on January 2010 levels – the first year-on-year increase since [...]
The Council of Mortgage Lenders (CML) has today reported mortgage lending remained weak in December. However, the month is traditionally a quiet one as prospective buyers opt to wait until the New Year to purchase a home. The number of loans approved for those buying a new home stood at 39,000 during the month – [...]
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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