Eurostat today announced that consumer prices fell in the euro zone in September by a faster rate than they had in the previous month. Furthermore, prices fell further than had been expected by economists after Eurostat said the inflation rate fell to -0.3% in the 12 months to September, from -0.2% in the year to [...]
A new report from Fathom Consulting shows that the average selling price of houses at auction has fallen to 70% of the open market value, compared to 90% three months ago. According to the economic and financial market analyst, the data suggests that UK property prices may dip again this autumn. The research is based [...]
The cost of goods leaving UK factories declined at the sharpest rate since November 2001, according to figures from the Office for National Statistics (ONS). The ONS said prices in July were down 1.3% compared with this time last year, however, they were up 0.3% compared with June. Meanwhile, input prices (the price of materials [...]
The National Housing Federation (NHF) has produced an alarming forecast for the housing market in England. The body, which represents not-for-profit housing associations, is predicting “substantial” price falls in 2009 and 2010 followed by a rise of 20% by 2014. According to research undertaken by Oxford Economics for NHF, house prices in England will fall [...]
The Royal Institution of Chartered Surveyors (Rics) has reported a positive change in house price expectations for the first time since May 2007. In its June survey of members, the net balance of surveyors reporting falling rather than rising prices improved from -43.8 in May to –18.1. The Institution points out that although the balance [...]
The Consumer Prices Index (CPI), a key measure of inflation, has dipped below the Bank of England’s target of 2%. The Office for National Statistics (ONS) has revealed that the CPI fell to an annual rate of 1.8% in June from 2.2% the previous month. The CPI hit 5.2% in September last year (a 16-year [...]
The National Association of Estate Agents (NAEA) has reported that the average difference between asking and selling prices fell to 1.9% in June, down from 6.3% in May. The Association’s members also reported “continued strong sales”, although falling stocks resulted in “slightly fewer people” searching for a new home. Agent had 64 properties for sale [...]
The Office for National Statistics has today revealed that the cost of goods leaving UK factories fell at the sharpest pace in 8 years in June due to a slump in demand. Output prices fell by a larger than expected 1.2%, quadruple the 0.3% decline recorded in the year to May and puts further downward [...]
The National Association of Estate Agents (NAEA) has reported a surge in the number of potential house purchasers registering with its members. NAEA firms reported an average 299 househunters signing up in May, the highest level since September 2007. However, last month the number of properties on estate agents’ books fell to an average of [...]
The Royal Institution of Chartered Surveyors (Rics) has reported that buyer interest increased in May, for the seventh consecutive month. A poll of members revealed that the net balance of surveyors seeing a rise, rather than a fall, in buyer interest rose to its best level since August 1999. The trend was most marked in [...]
Housing intelligence firm, Hometrack, has reported that house prices in England and Wales stabilised in May, following a 20 month period of decline. The result follows a 0.3% fall in April and leaves the average cost of a home at £155,600, down 9.6% on a year ago. Last month only 13% of postcode districts recorded [...]
Lloyds TSB Scotland has published its latest review of the region’s housing market, in which it concludes that while Scottish house prices continue to fall, sales are beginning to rise. In the three months to the end of April, the cost of the average home fell 4.3% to £148,990. The rate of decline is ahead [...]
According to the Standard & Poor’s/Case-Shiller Home Price index, house prices in the US continued to fall in February, albeit the rate of decline is slowing. The Index shows that for the month, the price of single-family homes in 20 of the largest cities in the US fell 18.6% compared with a year ago and [...]
German wholesale prices in March have fallen by the greatest margin in over 22 years, as both energy prices and agricultural prices have fallen since inflation in Germany is at a 10-year low. In the midst of the worst recession since the Second World War, prices have fallen by 8 percent form last year and [...]
US consumer prices have fallen by 0.1 percent last month, whilst the Federal Reserve forecasts indicate that inflation will continue to fall, as the consumer price index (CPI) decreased 0.1 percent compared with the 0.1 percent increase forecast by analysts. In the 12 months between March 2008 and March 2009 prices have fallen by 0.4 [...]
There is bad news for Britain’s motorists today as, with immediate effect, the government has increased duty on fuel, adding 2.12p a litre for their petrol and diesel, which will increase the annual tax bill for the average family by £54, according to AA estimates. The AA has been actively campaigning against the increase and [...]
After continued fear of the threat of the global economic downturn spreading to Asia, as well as the car industry across the world, has pushed oil prices below $50. Energy analysts have not found a reason to suggest that oil prices will rebound like they did at the end of last month, from $40 per [...]
In its latest survey or members, the Royal Institution of Chartered Surveyors (Rics) found that in February, new buyer enquiries increase at their fastest pace since August 2006. The Rics attributes the rise to sharp cuts in interest rates and falling house prices, both of which have improved affordability. However, the ratio of Rics members [...]
Motor insurance premiums dropped 3.1% in the six months to 31 December 2008, according to figures from Sainsbury’s Bank. The supermarket insurance provider said annual car insurance premiums fell to an average of £498.22 in December 2008, compared to £514.16 in June 2008. However, the bank warned that premiums are likely to rise again this [...]
The latest report from the Royal Institution of Chartered Surveyors (Rics) shows UK house sales continuing to fall in January despite a rise in buyer interest. The average number of sales per estate agency declined to 9.9 compared with 10 a month earlier, establishing another record low for the survey since it began in 1978. [...]
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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